Ransomware is a Serious and Growing Problem -
In recent years, Ransomware has evolved from merely encrypting files/disabling networks in solicitation of ransom, to sophisticated attacks that often involve actual data...more
12/15/2020
/ Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Disclosure Requirements ,
Hackers ,
Office of Foreign Assets Control (OFAC) ,
Popular ,
Ransomware ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Strict Liability
On August 18, 2020, the Financial Crimes Enforcement Network (FinCEN), which is the primary regulator and administrator of the Bank Secrecy Act (BSA), issued a statement on enforcement of the BSA. The requirements of the BSA...more
9/17/2020
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Compliance ,
Corruption ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Enforcement Guidance ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
National Security ,
Warning Letters
On July 13, 2020, Proskauer filed an amicus brief on behalf of 15 educational institutions in support of a preliminary injunction sought by Harvard University and MIT in the District of Massachusetts against enforcement of a...more
7/14/2020
/ Amicus Briefs ,
Coronavirus/COVID-19 ,
Customs ,
Educational Institutions ,
F-1 Visa ,
Foreign Students ,
Harvard University ,
Immigration and Customs Enforcement (ICE) ,
Immigration Enforcement ,
Massachusetts Institutie of Technology (MIT) ,
Pro Bono
The SEC has been active in the private equity space recently after being relatively quiet for some time. A recent enforcement action serves as a reminder for fund sponsors that regulators are continuing to look at fund...more
Last year, we highlighted the risks of filing a Section 220 books and records request post-litigation, citing a case where the Delaware Chancery Court found that such use was an improper attempt to “sue first, ask questions...more
The private fund industry is more in the public eye than ever before. Private capital and private markets have experienced massive growth over the last two decades, substantially outpacing the growth of public equity. We have...more
2/19/2020
/ Anti-Money Laundering ,
Capital Markets ,
CFTC ,
Cryptocurrency ,
Global Economy ,
Initial Public Offering (IPO) ,
Investment Banks ,
OCIE ,
Private Equity ,
Private Funds ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Venture Capital
Under rule 206(4)-2 of the Advisers Act, otherwise known as the Custody Rule, it is a fraudulent practice for a registered investment adviser to have custody of client funds or securities, unless the adviser takes certain...more
12/12/2019
/ Auditor Independence ,
Compliance ,
Custody Rule ,
Enforcement Actions ,
Financial Statements ,
Form ADV ,
GAAP ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
PCAOB ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Willful Violations
Every year, a staggering number of bright minds do not attend college as a result of their family’s financial circumstances. Minds Matter confronts this issue head on by offering a comprehensive and highly successful...more
As a further indication of the SEC’s focus on the asset management industry, on November 1, 2019 the Commission formally established an Asset Management Advisory Committee. This follows the SEC’s recent announcement of its...more
The Third Circuit recently issued an important decision for private fund advisors who serve on corporate boards. In a precedential decision on a matter of first impression, the Third Circuit distinguished the role of...more
The SEC, in conjunction with the Colorado Bar Association and Colorado Society of Certified Public Accountants, recently sponsored the 51st Annual Rocky Mountain Securities Conference featuring SEC officials and corporate...more
6/11/2019
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Advisors Act ,
Appointments Clause ,
Corporate Fines ,
Enforcement Actions ,
Internal Investigations ,
Kokesh v SEC ,
Lucia v SEC ,
Professional Conferences ,
Restitution ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Share Classes ,
Statute of Limitations
There’s a new unicorn in town, and this time, it isn’t just another tech company. Rent the Runway, also known as RTR, is now officially valued at over $1 billion after its most recent funding round which raised $125 million....more
A recent decision by the Delaware Chancery Court suggests that a litigant might forego the ability to file a books and records request if it waits to do so until after the lawsuit is filed. Last month the Delaware Chancery...more
An increasingly sophisticated and active OCIE division, innovative market disruptors, a maturing credit cycle, and a philosophical change in how the private fund industry views and utilizes litigation are likely to lead to...more
2/21/2019
/ Cryptocurrency ,
Cybersecurity ,
Enforcement Actions ,
Fund Managers ,
Initial Coin Offering (ICOs) ,
Investment Adviser ,
Litigation Funding ,
OCIE ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Token Sales