The SEC’s Division of Examinations (the “Division” or “EXAMS”) recently published its annual examination priorities for 2023. The Examination Priorities memorandum sets out key areas the staff will focus on during its...more
This alert updates a memorandum we published in October 2021 on Environmental, Social, Governance (“ESG”) funds. In that memorandum, we discussed the prevalence of investment companies that claim in their disclosures and...more
SEC Chair Gary Gensler has consistently underscored that crypto assets are among the key capital market trends to which the SEC will devote its resources in 2022. Despite the SEC’s articulated focus on crypto assets,...more
The term “ESG” – Environment, Social, Governance – is everywhere, including its use in the rise of any number of “ESG” targeted investment funds—currently there is an estimated $3.1 trillion in assets under management...more
The well-documented wave of Special Purpose Acquisition Companies (“SPAC” or “SPACs”) that lasted throughout 2020 and the first quarter of 2021 has started to show the first signs of retreat. Two major statements from SEC...more
The SEC’s Office of Compliance Inspections and Examinations (OCIE)—now renamed the Division of Examinations (the “Division” or “Examinations”) recently published its annual list of examination priorities for 2021. While the...more
Sometimes, the important things are in the fine print. That is the lesson to the securities defense bar, when a sweeping change to the SEC’s disgorgement powers is taking effect after being authorized in section 6501,...more
For the first time since its original publication in November 2012, on July 3, 2020, the U.S. Department of Justice (“DOJ”) Criminal Division and the U.S. Securities and Exchange Commission (“SEC”) published substantive...more
On May 26, 2020, the SEC issued an order fining Ares Management LLC $1 million for failing to implement and enforce compliance policies and procedures to prevent the misuse of material, nonpublic information (“MNPI”). The...more
Over the past few years, significant excitement has surrounded the innovative promise associated with the development of blockchain networks and the crypto tokens most often used on them. However, the SEC has sent mixed...more
Competition for investors, deals, and returns has led many private equity firms to modify their fee structures, alter their investment criteria and strategies, and expand their platforms. In some cases, this has led to new...more
In case you missed it during the holidays, the SEC’s Office of Compliance Inspections and Examinations (OCIE) announced its annual list of examination priorities for 2019 in late December. The annual list provides an...more