Vedder is an international business-focused law firm serving sophisticated clients of all sizes and industries from offices across the U.S. and in the UK and Asia.

A Business Focused Law Firm With a Global Reach | Vedder

General

Nathaniel Segal has nearly 20 years of experience working with asset management clients, including U.S. registered investment companies, their directors and advisers on structuring, launching and managing funds and other investment products and vehicles.

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A prolific writer and speaker in the financial services and investment management industries, Nate is a go-to lawyer for sophisticated, novel and high-stakes transactional, regulatory, compliance and governance matters requiring solutions-driven guidance.

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Nate’s comprehensive knowledge of the federal securities laws, including the Investment Company Act of 1940, the Investment Advisers Act of 1940 and the Securities Act of 1933, enables him to help clients in developing innovative fund structures. He advises a wide range of companies in the investment management industry on the structuring, offering and ongoing management of various investment and retirement products such as registered investment companies, mutual funds, ETFs, ETPs, annuities, and various alternative vehicles, such as registered closed-end funds and interval funds.

Boards of directors, officers and other investment management industry professionals rely on Nate’s direction related to fund governance, fiduciary duties, best practices, compliance, policies and procedures and regulatory engagement. He also helps investment advisers and funds manage risk and regulatory issues by drafting compliance policies and procedures and reviewing and negotiating contracts, among other things.

Nate’s diverse and multi-jurisdictional practice also includes asset management transactions. He advises clients on a variety of transactions at both the fund and sponsor levels, including investment adviser acquisitions, fund reorganizations, minority investments and lift-outs, in addition to various types of secondaries, including both GP- and LP-led transactions and liquidity solutions. Nate regularly collaborates with other firm colleagues to shepherd complex transactions from the initial negotiation stage through closing.

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Serves as counsel to the Independent Trustees of a unique registered investment company managed by an asset management firm dedicated to delivering comprehensive outsourced chief investment officer services and private market solutions to endowments, foundations, and other charitable organizations. Regularly advise Trustees on duties, responsibilities and other considerations relating to the engagement of prospective private fund managers as sub-advisers for a portion of the registered fund’s portfolio.

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Serves as counsel to the Independent Trustees of a large U.S. mutual fund complex of a global asset management company that offers financial products to individuals and institutions worldwide. Advise on various strategic initiatives and product developments, such as third-party service provider platform agreements and the formation and registration of a transition fund to facilitate significant in-kind redemptions.

Helped guide Perpetual, one of Australia’s largest wealth managers, through two transformational M&amp;A transactions, facilitating the company’s entry to the U.S. asset management industry with its acquisition of Trillium Asset Management, LLC, followed by Perpetual’s acquisition of a majority interest in Barrow Hanley Global Investors, a leader in valuation-centric investment strategies.

Served as a team member supporting a special committee of the Independent Trustees of BlackRock Capital Investment Corporation (BCIC) on its merger with BlackRock TCP Capital Corp.

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Chicago

Nathaniel Segal to Participate in COMPLY Webinar

Nathaniel Segal to Present During Webinar Co-Sponsored by COMPLY and Investment Adviser Association

Vedder Price Represents Special Committee of Independent Directors of BlackRock Capital Investment Corporation in Merger with BlackRock TCP Capital Corp.

SEC Staff Issues Risk Alert on New Investment Adviser Marketing Rule

Investment Services Regulatory Update October 2023

SEC Issues New Strategic Plan for Diversity, Equity, Inclusion, and Accessibility

SEC Proposes Significant Form and Rule Amendments for the Registration of Index-Linked Annuities

SEC Settles Enforcement Proceedings Against Nine Advisers for Alleged Marketing Rule Violations

SEC Staff Issues Risk Alert Regarding the Selection and Scope of Adviser Examinations

Investment Services Regulatory Update November 2023

SEC Adopts New Short Sale Reporting Requirements for Institutional Investment Managers

SEC Adopts Securities Lending Disclosure Requirement

SEC Adopts Significant Amendments to Beneficial Ownership Reporting Requirements

SEC Staff Issues 2024 Examination Priorities

SEC’s Enforcement Director Comments on CCO Liability, Self-Reporting and Cooperation

Investment Services Regulatory Update February 2023

PCAOB Issues New HFCA Act Determination Report for Chinese and Hong Kong Auditors

Regulatory Agenda Highlights Potential and Pending SEC Rulemaking Topics

SEC Staff Bulletin Cautions Funds and Boards About the Risk of Cross-Subsidization from “Differential Advisory Fee Waivers”

Taking Broad View of Omission Liability, SEC Settles Enforcement Action Against Pricing Service Provider

SEC Staff Issues 2023 Examination Priorities

FINRA Seeks Comment on Liquidity Risk Management Rule for Certain Member Firms

Investment Services Regulatory Update July 2023

SEC Allows Expiration of MiFID II No-Action Relief

SEC Settles Enforcement Proceeding Against a Mutual Fund Adviser for Miscalculating Fee Waiver

SEC Settles Enforcement Proceeding Against a Private Equity Fund Adviser for Overcharging Fees and Failing to Disclose Conflict

SEC Staff’s Latest Risk Alert Highlights Additional Focus Areas for Compliance with the Adviser Marketing Rule

Investment Services Regulatory Update August 2023

SEC Adopts Significant Money Market Fund Reforms and Amended Form PF Reporting Requirements for Private Liquidity Fund Advisers

SEC Proposes Amendments to the Internet Adviser Exemption

SEC Proposes New Requirements to Address Conflicts of Interest in the Use of Artificial Intelligence and Similar Technologies

SEC Staff Issues Risk Alert Regarding Observations from Anti Money Laundering Compliance Examinations of Broker Dealers

Investment Services Regulatory Update February 2024

Pennsylvania District Court Allows Claims Regarding Target Date Funds’ Unexpected Tax Liabilities to Proceed

SEC Approves Exchange Listings for Spot Bitcoin ETPs

SEC Staff Issues Statement Regarding ETFs’ Disclosure of Foreign Currency Holdings

Investment Services Regulatory Update March 2024

PCAOB Reopens Comment Period for NOCLAR Proposal

SEC Adopts New Rules Expanding Definition of Dealers Required to Register with the SEC

SEC and CFTC Adopt Amendments to Form PF for Private Fund Reporting

SEC Announces Departure of William Birdthistle, Director of the Division of Investment Management, and Names Natasha Vij Greiner as New Director

SEC Settles Charges Against Adviser/Broker-Dealer for Alleged Whistleblower Protection Rule Violations

SEC Settles Charges Against Adviser for Alleged Section 15(c) Violations from Failure to Disclose Index License Fee Structure to ETF’s Board

SEC Staff Issues FAQs on Tailored Shareholder Reports

SEC Staff Issues Update to Marketing Rule FAQs

D.C. District Court Overturns SEC Proxy Advisor Rule, Holding Proxy Voting Advice Is Not Solicitation

SEC Adopts Amendments to Narrow the Internet Adviser Exemption

SEC Adopts Rules to Enhance and Standardize Climate-Related Disclosures

SEC Settles Charges Against Advisers for Alleged False and Misleading Statements About Their Use of Artificial Intelligence

SEC Staff Risk Alert Focuses on Preparations for T+1 Settlement

Investment Services Regulatory Update April 2024

Investment Services Regulatory Update May 2024

SEC Settles Enforcement Proceedings Against Adviser for Improperly Splitting Legal Fees with Mutual Fund Client

SEC Settles Enforcement Proceedings Against Adviser Regarding Alleged “Pay-to-Play” Political Contribution

SEC Settles Enforcement Proceedings Against Five Advisers for Alleged Marketing Rule Violations

SEC Staff’s Latest Marketing Rule Risk Alert Highlights Initial Observations from Examinations

U.S. Department of Labor Issues Final Fiduciary Rule

FINRA Proposes Rules Regarding SEC-Mandated Reporting of Securities Lending Transactions

Investment Services Regulatory Update June 2024

SEC Adopts Regulation S-P Amendments to Enhance Protection of Customer Information

SEC and FinCEN Propose Customer Identification Program Requirements for Investment Advisers

SEC Settles Charges Against Dually-Registered Broker-Dealer and Adviser for Alleged Failure to Address Conflicts of Interest

SEC Settles Charges Against Exchange for Alleged Failure to Inform SEC of Cyber Intrusion

Fifth Circuit Court of Appeals Vacates SEC’s 2022 Rescission of Certain 2020 Amendments to Proxy Rules

Investment Services Regulatory Update July 2024

NYSE Proposes to Exempt Registered Closed-End Funds from Annual Shareholder Meeting Requirement

SEC Adopts Significant Form and Rule Amendments for the Registration of RILAs and MVAs

SEC Approves Exchange Listings for Spot Ether ETPs

SEC Settles Enforcement Proceedings Against Adviser for Allegedly Misleading Performance Advertising

SEC Settles Enforcement Proceedings Against Business for Allegedly Insufficient Internal Controls Relating to Cybersecurity Incident

FinCEN Issues Proposed Rule Amendments to Enhance Anti-Money Laundering/Countering the Financing of Terrorism Requirements for Financial Institutions

FTC Rule Banning Non-Competes Held to Be Unlawful Agency Action and Set Aside

Investment Services Regulatory Update August 2024

SEC Settles Enforcement Proceedings Against Adviser for Alleged Marketing Rule Violation

SEC Settles Enforcement Proceedings Against Dually Registered Broker-Dealers and Investment Advisers for Alleged Violations of Regulation Best Interest

Treasury Department and IRS Issue Final Regulations Exempting Regulated Investment Companies and REITs from Filing Stock Repurchase Excise Tax Returns

Two Federal District Courts Stay DOL Fiduciary Rule

District Court Issues Injunction Against Missouri ESG Rules

FDIC Proposes Rule Amendments to Expand Its Role in Reviewing Depository Institution Holding Company Acquisitions

FinCEN Adopts Final Rule Extending Anti-Money Laundering Compliance Program Requirements to Certain Investment Advisers

SEC Amends Form N-PORT and N-CEN Reporting Requirements and Issues Guidance on Open-End Fund Liquidity Risk Management Programs

SEC Settles Enforcement Proceedings Against Adviser for Alleged Whistleblower Protection Rule Violations

SEC Settles Enforcement Proceedings Against Adviser for Allegedly Misleading Investors Regarding Its Investment Strategy

SEC Settles Enforcement Proceedings Against Adviser/Broker-Dealer for Alleged Fiduciary Duty Breaches Related to Receipt of Revenue Sharing Payments from Third-Party Broker-Dealer

Investment Services Regulatory Update November 2024

SEC Settles Enforcement Proceedings Against Adviser and Broker-Dealer for Alleged Regulation Best Interest Violations

Massachusetts Court Rules in Favor of Closed-End Funds Regarding Majority Rule Bylaw Amendment

SEC Settles Enforcement Proceedings Against Adviser for Allegedly Misleading Investors Regarding Certain ETFs’ ESG-Related Investment Strategies

SEC Settles Enforcement Proceedings Against Dually Registered Broker-Dealer and Investment Adviser for Alleged Violations of Regulation Best Interest

SEC Staff Issues 2025 Examination Priorities

District Court Vacates SEC’s New Rules Expanding the Definition of Dealers

Jury Finds Former Mutual Fund Portfolio Manager Liable for Making Untrue Statements Regarding Risk Management

SEC Staff Issues Guidance on Common Tailored Shareholder Reporting Issues

SEC Staff Issues Risk Alert Regarding Deficiencies Observed in Fund Compliance Programs, Disclosures and Filings, and Governance Practices

Nathaniel Segal

Nathaniel Segal

Credentials

Education

Bar Admissions

Affiliations

Recognition

Insights & Events

SEC and Adviser/Broker-Dealer Agree to Settle Charges Alleging Failure to Disclose Conflicts of Interest with Respect to Revenue Sharing

FinCEN Proposes Rule to Reform AML/CFT Compliance Framework

SEC Expands Co-Investment Relief to Open-End Funds and Streamlines Board Approval Process for Affiliated Transactions

SEC Grants Exemptive Relief and No-Action Relief from Exchange Act Requirements to Facilitate the Operation of Dual-Class ETFs

Investment Services Regulatory Update June 2026

Director of SEC’s Division of Enforcement Delivers Remarks Outlining Division Priorities

SEC Approves Intraday Trading and Settlement for Tokenized Money Market Fund

SEC Staff Issues Additional Names Rule FAQs

Nathaniel Segal

Credentials

Education

Bar Admissions

Affiliations

Recognition

Insights & Events

SEC and Adviser/Broker-Dealer Agree to Settle Charges Alleging Failure to Disclose Conflicts of Interest with Respect to Revenue Sharing

FinCEN Proposes Rule to Reform AML/CFT Compliance Framework

SEC Expands Co-Investment Relief to Open-End Funds and Streamlines Board Approval Process for Affiliated Transactions

SEC Grants Exemptive Relief and No-Action Relief from Exchange Act Requirements to Facilitate the Operation of Dual-Class ETFs

Investment Services Regulatory Update June 2026

Director of SEC’s Division of Enforcement Delivers Remarks Outlining Division Priorities

SEC Approves Intraday Trading and Settlement for Tokenized Money Market Fund

SEC Staff Issues Additional Names Rule FAQs

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