On September 9, 2024, approximately one year since its first flurry of similar Marketing Rule actions, the Securities and Exchange Commission (the SEC) announced settlements with nine SEC-registered investment advisers (the...more
9/17/2024
/ Civil Monetary Penalty ,
Compliance ,
Enforcement Actions ,
Form ADV ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Marketing ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Social Networks ,
Websites
Yesterday, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit vacated the “Private Funds Rules,” which the Securities and Exchange Commission (the “SEC”) adopted on August 23, 2023. The opinion of the...more
As a reminder, the Securities and Exchange Commission (SEC) and the National Association of Private Fund Managers (NAPFM) and the other Petitioners in the Private Funds Rules Litigation1 requested that the three-judge panel...more
5/22/2024
/ Appeals ,
Dodd-Frank ,
Fraud ,
Fund Managers ,
Investment Adviser ,
Private Funds ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Securities Violations
On November 14, 2023, the SEC announced its enforcement results for fiscal year 2023, which ended on September 30, reporting the following key metrics and highlights...more
On November 1, 2023, the industry groups (the Petitioners) challenging the new Private Fund Adviser Rules filed in the US Court of Appeals for the Fifth Circuit their opening brief (the Brief) setting forth their legal...more
11/7/2023
/ Audits ,
Custody Rule ,
Dodd-Frank ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Company Act of 1940 ,
Pay-To-Play ,
Private Funds ,
Registered Investment Advisors ,
Retail Investors ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
On October 16, 2023, the SEC’s Division of Examinations (EXAMS) published its exam priorities for 2024. The timing is notable, with the release coming several months ahead of the typical timeline and only eight months after...more
10/26/2023
/ Broker-Dealer ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
FinTech ,
Form CRS ,
Investment Adviser ,
Private Funds ,
Registered Investment Companies (RICs) ,
Regulation BI ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
The US Securities and Exchange Commission (the SEC) announced on September 11, 2023, that it had settled with nine SEC-registered investment advisers (the Advisers) over alleged violations of Rule 206(4)-1 under the...more
On September 6, 2023, the staff of the US Securities and Exchange Commission’s (the “SEC”) Division of Examinations (the “Division”) issued a risk alert describing how it selects investment advisers for examination and the...more
The U.S. Securities and Exchange Commission (the “SEC”) announced on August 21, 2023 that it has settled with a FinTech registered investment adviser (the “Adviser”) that offers multiple investment strategies, including a...more
8/25/2023
/ Contract Terms ,
Cryptoassets ,
Enforcement Actions ,
Failure To Disclose ,
Fiduciary Duty ,
FinTech ,
Investment Adviser ,
Marketing ,
Misleading Statements ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Settlement
On May 5, 2023, New York Attorney General Letitia James released a bill for consideration by the New York State Legislature that would implement comprehensive and far-reaching regulation of digital asset activities in the...more
5/17/2023
/ Brokers ,
Crypto Exchanges ,
Digital Assets ,
Digital Platforms ,
Disclosure Requirements ,
Financial Regulatory Agencies ,
Influencers ,
Investment Adviser ,
Listing Standards ,
Market Participants ,
NYDFS ,
Proposed Legislation ,
Proprietary Trading ,
Registration Requirement ,
Regulatory Agenda ,
State Attorneys General
The 2023 priorities letter represents only a sliver of the topics firms can expect exam teams to cover this year. In developing the priorities, SEC staff noted their outreach directly to state securities regulators and...more