Welcome to the February issue of End2End, our newsletter aimed at helping you better understand the overall impact of developments and trends across the investment industry landscape.
The new year begins with strong momentum across the asset management landscape. In this edition of End2End, take a deep dive into important tax issues for retail alternative funds, find the latest in regulatory happenings, catch up on fresh insights designed to help you navigate what’s ahead!
White Paper: The Rise of Private Assets in Retail Funds
A practical tax guide for private market investing through Regulated Investment Companies (RICs)
Authors: Andreana Shengelya and Claire Toraason
Funds have seen an unprecedented demand for retail exposure to private assets. Our new white paper will take you through key tax considerations, qualification risks and structural drivers behind using closed-end funds taxed as RICs to expand access to private investments.
In Case You Missed It: Key Thought Leadership
Proposed Regulations Remove Look-Through Rule for Domestically Controlled REITs
Authors: Asha Shettigar and Agata Orzechowska
Proposed regulations from the U.S. Treasury and IRS could encourage more foreign investment in the U.S. real estate market by removing the domestic C Corporation look-through rule adopted in the 2024 final regulations. REITs, particularly private REITs, with foreign investor participation will want to assess the impact.
CFTC “No-Action” Letter Offers Temporary Registration Relief for Certain Private Fund Managers
Author: Keith Stafford
On December 19, 2025, the Commodity Futures Trading Commission issued “no-action” guidance that may provide an attractive option for eligible Registered Investment Advisers. Learn about the impact of the guidance, who qualifies and what to consider moving forward.
IRS Guidance Permits Investment Trusts to Stake Digital Assets
Author: Cynthia Pedersen
Revenue Procedure 2025-31 creates a safe harbor for trusts that otherwise qualify as investment trusts under IRC Sec. 301.7701-4(c) and as grantor trusts to stake their digital assets without jeopardizing their current tax status for U.S. federal income tax purposes. Existing trusts have nine months, beginning November 10, 2025, to amend their governing instruments to authorize staking in accordance with the safe harbor requirements.
Is an ETF Share Class Right for Your Fund? Regulatory, Operational, Tax and Governance Considerations
Authors: Brett Eichenberger and Jay Laurila
Could an ETF share class be an efficient extension of your existing product line? Four areas will be key: regulatory approval, operational readiness, tax treatment and governance.
Technical Takeaways
Author: Bryan Friedmann
To help you stay up to date on the timing and impact of evolving regulations, read our Investment Industry Wire — where we recap the latest developments at regulatory agencies likely to impact investment industry participants.
Cohen & Co Ranks Among Top Registered Fund Auditors
We are excited to announce our firm has expanded its market presence in the investment space, becoming the third largest registered funds auditor in the U.S., according to January 2026 data obtained from Audit Analytics. We sincerely appreciate all our clients, who choose to place their trust in us year after year!