Senior Counsel
Norton Rose Fulbright US LLP
Liliana Martin is an experienced compliance and regulatory lawyer with a strong background in the Investment Advisers Act of 1940, the Investment Company Act of 1940 and the Employee Retirement Income Security Act of 1974 (ERISA). She is adept at conducting complex investigations and exams of RIAs, RICs and employee benefit plans. Her experience also includes legal research and writing, risk assessment, regulatory analysis and investigative procedures.
Recent Articles & Comments
The SEC’s open‑door engagement with the industry creates a healthy foundation for expanding retail access to private markets. To make that expansion work, valuations need to follow consistent, well‑supervised methods that can be clearly explained to retail investors. Liquidity terms should match the natural timing of private‑asset exits, relying on tools like notice periods and structured redemption programs to keep expectations realistic. Full and fair disclosure about pricing, liquidity…
The SEC’s emphasis on "responsible retailization" marks a shift from private‑market access as an institutional privilege to an allocation increasingly structured for 401(k) plan‑eligible vehicles. For asset managers, this intensifies pressure to replace bespoke valuation, liquidity, and governance practices with standardized, auditable frameworks suitable for public‑facing products. It also requires fluency in ERISA’s fiduciary and prohibited‑transaction rules. Retailization ultimately…
The SEC’s proposal offers a practical revision of Form N‑PORT obligations, easing operational strain while maintaining access to timely portfolio data.
Extending the filing deadline to 45 days and reverting to quarterly public disclosure should reduce error risk and lessen concerns about strategy exposure or "front running." Streamlining, by removing certain Names Rule‑related items, while adding requirements such as separate ETF‑class reporting and standardized representative‑class…