Burke McDavid

Burke McDavid is a seasoned attorney with a comprehensive understanding of investment management, compliance and corporate law. Continuing his distinguished career spanning more than two decades, he brings a wealth of experience in both private practice as well as overseeing legal and compliance matters as General Counsel and Chief Compliance Officer for a registered investment adviser...Read More

Follow:

CFTC Letter 25-50: Revival of the QEP Exemption from CPO Registration Offers Reduction in Compliance Burden

By Burke McDavid & Jacob Spicer on May 29, 2026

Posted in General

The U.S. Commodity Futures Trading Commission’s (“CFTC”) Market Participants Division (the “Division”) issued No-Action Letter No. 25-50 (the “No-Action Letter”) on December 19, 2025, effectively temporarily reinstating former CFTC Regulation 4.13(a)(4) (the “QEP Exemption”), which was rescinded by the CFTC in 2012. The No-Action relief is available until the CFTC promulgates rules addressing the reinstatement of the QEP Exemption. This No-Action Letter affords options to reduce compliance burdens for a private fund manager that is a registered investment adviser with the Securities and Exchange Commission (“SEC”) that currently is also either registered as a commodity pool operator (“CPO”) with the CFTC or relies on CFTC Regulation 4.13(a)(3) with respect to its commodity interest trading for private funds.

SEC’s Division of Corporate Finance: 506(c) Interpretative Guidance

By Jarrod Azopardi, Burke McDavid, Andrew Rosell & Jacob Spicer on January 14, 2026

Posted in General

Under Regulation D Rule 506(c) of the Securities Act of 1933, private funds may generally solicit and advertise their offerings, but all purchasers must be verified as accredited investors before being allowed to invest. The requirements for verification go beyond self-certification (such as checking a box in the subscription documents), which is the common practice…

FinCEN’s New AML/CFT Rules for Investment Advisers—Postponed

By Jarrod Azopardi, Burke McDavid, Andrew Rosell & Jacob Spicer on January 8, 2026

Posted in General

Introduction

The Financial Crimes Enforcement Network (“FinCEN”), a bureau of the U.S. Department of the Treasury (the “Treasury”), issued a final rule (the “Final Rule”), adding investment advisers to the definition of “financial institution” under the regulations that implement the Bank Secrecy Act (the “BSA”). The Final…

SEC Division of Examinations Announces 2025 Priorities

By Andrew Rosell, Burke McDavid & Jacob Spicer on November 1, 2024

Posted in General

On October 21, 2024, the Securities and Exchange Commission’s (“SEC”) Division of Examinations (“Division”) released its 2025 Examination Priorities. Below is a summary of the priorities the SEC highlighted.