On February 12, 2025, Texas House Bill 2747 was introduced, requiring health care entities to notify the Texas Attorney General of certain transactions at least 90 days before completion. This bill aims to increase transparency in health care transactions, including mergers, sales or acquisitions, and governance changes, with penalties for non-compliance. If passed, it will significantly impact health care transactions in Texas.

On March 12, 2025, the Securities and Exchange Commission’s Division of Corporation Finance issued a no-action letter clarifying “reasonable steps” issuers can take to verify the accredited investor status of purchasers, as required under Rule 506(c) of Regulation D, a safe harbor promulgated under the U.S. Securities Act of 1933, as amended.

On March 19, 2025, the U.S. Securities and Exchange Commission Division of Investment Management staff published two new questions and responses to Frequently Asked Questions (each, an FAQ) aimed at providing clarity on the “marketing rule” - Rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Generally, the new FAQs permit the use of extracted performance (including for individual investments) and certain performance-related characteristics on a gross basis in advertisements, without the need to include corresponding net-of-fee information, provided specific conditions are met.