Good morning. The Securities and Exchange Commission’s new chairman signaled Monday he is open to letting fund managers sell private-investment products to a broader swath of investors.

The details: SEC Chairman Paul Atkins said at an annual regulatory conference that he would direct the agency’s staff to reconsider guidance that inhibits how much closed-end funds can invest in private funds, such as hedge funds and private-equity funds.

Currently, closed-end funds that invest 15% or more of their assets in private funds must restrict sales to investors who satisfy what is known as the accredited investor standard. A minimum investment requirement of $25,000 is also required. Closed-end funds are typically marketed to affluent investors and issue a fixed number of shares.

The context: Private funds have grown dramatically in the last decade to $30.8 trillion from $11.6 trillion, according to Atkins, who was sworn in as SEC chairman last month.

“Allowing this option could increase investment opportunities for retail investors seeking to diversify their investment allocation in line with their investment time horizon and risk tolerance,” he said at the conference in Washington.

Fake SEC bitcoin ETF poster gets 14 months in prison.

An Alabama man who hacked the Securities and Exchange Commission’s X account as part of a bitcoin market manipulation scheme received 14 months in prison.

Eric Council Jr., a 26-year-old who was sentenced in a Washington, D.C., federal court on Friday, pleaded guilty in February. He admitted to using a fake driver’s license as part of a so-called “SIM swap” scheme that allowed his co-conspirators to gain access to the SEC’s X account and falsely announce in early January 2024 that the agency had approved Bitcoin exchange-traded funds.

• Crypto Billionaire Accused of Defrauding Creditors, Propelling Industry’s 2022 Collapse

• Hong Kong’s government has strongly condemned a bill introduced by U.S. senators that would allow potential sanctions against dozens of Hong Kong judges and prosecutors.
   
• The European Parliament’s International Trade Committee has approved new tariffs on Russian and Belarusian agricultural goods, a move aimed at reducing EU dependency on imports from the two countries.
   
• The race to replace Jamie Dimon was on full display Monday. Top executives at JPMorgan Chase with shareholders for the bank’s annual investor day. But Monday’s confab was also an effective audition for the biggest job on Wall Street.
   
• CBS News Chief Executive Wendy McMahon is exiting the company, the latest high-ranking departure from a network embroiled in a lawsuit with President Trump over how a “60 Minutes” interview with Kamala Harris was edited.
   
• European Commission President Ursula von der Leyen said the EU is working on yet more sanctions to force Russia into peace with Ukraine.
   
• Switzerland’s State Secretariat for Economic Affairs has published a comprehensive guide to help financial institutions and businesses navigate the complex implementation of sanctions against Russia and Belarus.

Jamie Dimon says tariffs might inflict more economic pain than investors realize.

JPMorgan CEO Jamie Dimon said Monday he didn’t think the full impact of tariffs had passed through to the broader economy and warned that the stock market could slump as companies reckoned with the new costs for goods and supplies.

Dimon made the remarks during the bank’s investor day in New York, where he said the risks of an economic slowdown were underappreciated and said even the scaled-back level of President Trump’s tariffs were “pretty extreme.”

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U.K. and EU strike trade, security deal years after Brexit.

Britain and the European Union signed a deal to ease trade and bolster security cooperation, taking the biggest step to improve their relationship since the U.K. quit the bloc five years ago.

The deal includes a new security pact that will give U.K. defense firms access to a 150 billion-euro EU defense fund, equivalent to $167 billion, pending a final procurement agreement including a U.K. financial contribution. There was also an agreement to harmonize food regulations and slash border checks on food exports heading from the U.K. to the EU. Officials said that there are still details to be worked out on the agreement.

• Russian President Vladimir Putin refused to agree to an immediate cease-fire with Ukraine in a two-hour call Monday with President Trump, who said afterward that Moscow and Kyiv would resume direct talks on an agreement to halt the fighting.
   
• President Trump has made no secret of his disdain for renewable energy. Just as challenging for the industry is fighting policy battles in parts of the U.S. where business has flourished.
   
• The U.S. and the Democratic Republic of the Congo are in talks over a possible minerals deal that would see the former providing security assistance to the latter in exchange for some of the country’s natural resources. But charities are warning that any investment in the DRC comes with the risk of encouraging forced labor and child mining in the country.
   
• China mines some 70% of the world’s rare earths, the 17 metallic elements primarily used in magnets needed for civilian and military technologies. But its 90% share of processing for rare earths mined around the world is what really concerns officials from other countries working to secure their supply.
   
• China’s benchmark lending rates were lowered by 10 basis points, after the nation’s central bank cut its policy rate to stimulate domestic demand.
   
• Australia’s central bank on Tuesday cut interest rates for a second time, citing easing inflation risks while warning of ongoing shocks to the global economy from the Trump administration’s trade policies and a deteriorating geopolitical environment.
   
• Israeli Prime Minister Benjamin Netanyahu said the country’s forces would take control of the entire Gaza Strip, after his government agreed to end a monthslong blockade by allowing limited aid to enter the enclave.

• The Supreme Court allowed the Trump administration to strip temporary legal protections from thousands of Venezuelans living in the U.S. for now, in a win for its mass deportation efforts.
   
• The president has pledged to bring more factory work back to the U.S., but many manufacturing jobs are already going unfilled.
   
• Commerce Secretary Howard Lutnick is handing ownership of the Wall Street firm he ran for over three decades to his children and selling his stakes in other parts of his empire for over $360 million.
   
• New York’s most bitter political feud has taken a high-stakes turn.

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