# Federal Register #2026-20772

SEC Notice on Employee Investment Fund Exemption Application

**Buyer:** Securities and Exchange Commission
**Posted:** October 09, 2026
**Respond By:** November 02, 2026
**Identifier:** 2026-20772

The Securities and Exchange Commission issued a regulatory notice about an application for employee investment fund exemptions; this is not a procurement opportunity.
- Government buyer and office: Securities and Exchange Commission (SEC), Division of Investment Management.
- Applicants named: DPP Investors 2025 LP and DLA Piper LLP (US), including certain affiliates.
- Requested action: An order exempting certain investment funds formed for eligible employees of DLA Piper LLP (US) and its affiliates from specified Investment Company Act provisions, so the funds may qualify as employees securities companies.
- Procurement items: No products, services, part numbers, quantities, or contract value are identified.

### Description

DPP Investors 2025 LP and DLA Piper LLP (US) have applied to the Securities and Exchange Commission for an order under sections 6(b) and 6(e) of the Investment Company Act of 1940. The application seeks to exempt certain investment funds formed for eligible employees of DLA Piper LLP (US) and its affiliates from specified provisions of the Act. Each fund would be an employees securities company under the Act. The application was filed on February 28, 2025, and amended on February 26 and September 30, 2026.

[View original listing](https://www.federalregister.gov/documents/2026/10/09/2026-20772/dpp-investors-2025-lp-and-dla-piper-llp-us)