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Expect Focus - Volume II, May 2025

Builder of Investment Models Deviates From Blueprints Employee’s Rogue Remodeling Costs Builder Plenty - The SEC’s recent order instituting administrative and cease-and-desist proceedings (OIP) against registered...more

Jarkesy May Reshape SEC Enforcement Against Professionals

For decades, the SEC has relied on its in-house administrative proceedings to enforce alleged violations under the federal securities laws, including under its own rules of practice....more

Expect Focus - Volume IlI, September 2024

Gone With the Wind? Closed-End Funds Risk Extinction - Shares of SEC-registered closed-end funds (CEFs) have long held significant potential advantages for some investors. For example, unlike shares of mutual funds...more

SEC Penalties for Off-Channel Communications: Still Blowing in the Wind

The SEC has increased its enforcement efforts against firms that are registered as broker-dealers and/or investment advisers for alleged violations of federal securities laws involving “off-channel communications.” Such...more

Supreme Court Plays Its Cards on Constitutionality of SEC In-House Court Actions

The U.S. Supreme Court’s June 2023 decision to grant certiorari in SEC v. Jarkesy called into question the SEC’s ability to pursue penalties and other legal remedies before the SEC’s in-house administrative law judges. If...more

SEC Now May Consider a Simultaneous Settlement Offer and Waiver Request

Certain “bad actors” who settle with the SEC may be subject to automatic disqualifications or collateral consequences under federal securities laws and regulations. The Commission, however, may grant a settling party’s...more

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