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Nathan Schuur

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Nathan Schuur is a partner in the firm’s Private Funds Group and a member of the Corporate Department. He counsels clients on regulatory and compliance matters related to fund formation across all asset classes.

Nate’s practice focuses on regulatory issues arising under the Advisers Act and Investment Company Act. He advises on regulations surrounding the structuring and operation of funds, including marketing issues, SEC exams, adviser M&A, GP stake sales, continuation funds and stapled transactions. Nate provides legal advice and guidance on a wide range of matters involving the regulation of investment companies, investment advisers, and related entities such as BDCs and ERAs.

Before joining Proskauer, Nate spent several years at the Securities and Exchange Commission. During his time at the SEC, he served as counsel to a Commissioner, where he provided legal and policy advice on rulemaking, enforcement, litigation, and other matters, with a special focus on investment management issues. He also served as senior counsel in the Division of Investment Management. Prior to his SEC tenure, Nate practiced in the funds and regulatory teams of two top law firms. This combination of experience in private practice and at the senior levels of a regulator provides him with valuable perspective in helping funds and advisers navigate complex regulatory requirements and assess risk.

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Motivated by a rapidly evolving geopolitical climate, governments around the globe have increasingly scrutinized and intervened in transactions under foreign direct investment (FDI) screening regimes in recent years. Rising protectionism, concerns over cybersecurity threats, Covid-19 and the desire to protect critical domestic industries have driven the expansion of FDI regimes beyond purely national security or defense specific industries.

More than 100 jurisdictions now apply FDI screening in some form. The notification triggers and review processes vary significantly between these regimes, and their proliferation has significantly increased complexity for investors planning cross-border investments.

With Paul Atkins as the new SEC Chair, the agency’s priorities have shifted away from many of the aggressive policies of former Chair Gensler. The first four months of the Republican controlled SEC saw a dramatic shift in the approach to crypto with the dismissal or pause of major litigation, the termination of several longstanding investigations, the recission of accounting guidance regarding the safeguarding of crypto assets and the establishment of a new task force to help formulate the regulatory approach to crypto going forward. With the enforcement program under a new SEC undergoing significant changes, there will likely be a return to more traditional enforcement cases with greater emphasis on egregious conduct involving pecuniary gain or investor harm, moving away from “pushing the envelope” cases. Enforcement sweeps involving off-channel communications, late filings and other “broken windows” initiatives are expected to fall by the wayside. Regulation by enforcement could be replaced by increased interaction with the Staff, formal or informal guidance or lighter-touch rulemaking.

Over the past year, regulatory scrutiny of the credit markets has intensified, with the SEC investigating the potential use of material nonpublic information (“MNPI”) relating to credit instruments. The SEC brought a number of enforcement actions against investment advisers involving the failure to maintain and enforce written MNPI policies involving trading in distressed debt and collateralized loan obligations, even in the absence of insider trading claims. We anticipate that these investigations of trading in private credit instruments and related MNPI policies will continue, as SEC enforcement staff has increased their focus on these markets. 

Confession: writing this in May 2025, we cannot predict with confidence what the rest of 2025 will bring. The year has already seen four months of change and upheaval – political, regulatory, and economic. The new US administration has touted a business-friendly regulatory environment, with actual and promised tax cuts and deregulation. However, geopolitical tensions, tariff trade wars and political instability have introduced new risks and created a climate of extreme unpredictability. We should expect 2025 to hold several surprises still, whether that is a breakout of peace or new political themes obtaining prominence in one or more jurisdictions.

The “Liberation Day” tariffs and associated countermeasures have created significant market volatility, prompting renewed scrutiny of private fund managers’ compliance with longstanding SEC focus areas such as valuation, investor communications, liquidity, borrowing and related disclosures. Sponsors should document any changes to valuation practices, maintain transparent and timely communications with investors…

Paul Atkins, the nominee for SEC Chair, recently testified before the Senate Banking Committee in a hearing that covered how he could reshape the agency’s priorities. The alert below examines Atkins’ testimony on issues affecting the funds industry, including the rulemaking agenda, disclosure practices, cryptocurrency, and other key issues. We…