Earlier this year, the U.S. Court of Appeals for the First Circuit vacated and remanded a $93 million district court judgment entered against a broker-dealer and investment adviser for allegedly inadequate disclosures of...more
7/31/2025
/ Appellate Courts ,
Broker-Dealer ,
Disclosure Requirements ,
Disgorgement ,
Form ADV ,
Investment Advisers Act of 1940 ,
Judicial Review ,
Jury Trial ,
Legal History ,
Materiality ,
Remand ,
Reversal ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Summary Judgment
The SEC's wave of enforcement actions concerning "off-channel" communications did not abate in 2024. In total, the SEC announced more than 70 firms agreed to pay more than a half-billion dollars combined to settle charges for...more
12/20/2024
/ Broker-Dealer ,
CFTC ,
Civil Monetary Penalty ,
Electronic Communications ,
Enforcement Actions ,
Instant Messaging Apps ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Mobile Devices ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
In a series of settlements announced this year, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) penalized several broker-dealers for allegedly failing to file...more
11/9/2023
/ Anti-Money Laundering ,
Banking Sector ,
Broker-Dealer ,
Compliance Monitoring ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
NASD ,
Registered Representatives ,
Regulation SHO ,
Remediation ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Self-Reporting ,
Settlement ,
Suspicious Activity Reports (SARs) ,
Threshold Requirements
Ages ago, hieroglyphics were painstakingly etched into stone. They communicated various types of messages, from fables to business transactions, and lasted thousands of years. Today, we still communicate the same type of...more
5/26/2023
/ Broker-Dealer ,
Compliance ,
Data Preservation ,
Department of Justice (DOJ) ,
Discovery ,
Electronic Communications ,
Enforcement Actions ,
Instant Messaging Apps ,
Mobile Devices ,
New Guidance ,
Recordkeeping Requirements ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
As a piggyback to our prior posts on the U.S. Securities and Exchange Commission's (SEC) proposed amendments to Form PF (Jan. 21 blog and Jan. 26 blog), we now dig deeper into the Division of Examinations' (EXAMS)1 Jan. 27,...more