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Disclosure Requirements › Disgorgement › Investment Adviser

Foley & Lardner LLP

First Circuit’s Reversal of Summary Judgment Clarifies Materiality Standard for Advisory Conflicts

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A recent ruling may raise the bar for the Securities and Exchange Commission (SEC) in charging registered investment advisers for omissions of potential conflicts and seeking disgorgement, giving the defense bar additional...more

Eversheds Sutherland (US) LLP

SEC v. Commonwealth: a win for the securities industry

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On April 1, 2025, the First Circuit Court of Appeals vacated a nearly $95 million judgment against our client Commonwealth Financial Network related to the sufficiency of Commonwealth’s revenue-sharing disclosures. The First...more

Ropes & Gray LLP

First Circuit Vacates Summary Judgment Award and $93 Million Order in Revenue Sharing Case

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On April 1, 2025, the United States Court of Appeals for the First Circuit overturned a $93 million judgment issued against Commonwealth Financial Network (“Commonwealth”) nearly one year ago in a case by the Securities and...more

Jones Day

First Circuit Reverses SEC Win in $93 Million Investment Adviser Disclosure Case

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The court rejects the SEC's per se materiality argument and requires proof of a causal connection between the defendant's allegedly inadequate disclosures and purported unlawful profits....more

Cornerstone Research

SEC Enforcement Actions Against Public Companies and Subsidiaries Jump in FY 2023

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Total monetary value of settlements fell to lowest level in last eight fiscal years. The U.S. Securities and Exchange Commission (SEC) filed 91 enforcement actions against public companies and subsidiaries in fiscal year...more

Seward & Kissel LLP

SEC Settles Charges Against Investment Advisers for Alleged Breaches of Fiduciary Duties

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Who may be interested: Registered Investment Advisers, Mutual Funds, Compliance Officers - Quick Take: The SEC settled charges against two affiliated registered investment advisers, alleging that the advisers failed to...more

Faegre Drinker Biddle & Reath LLP

The SEC Files Another Litigated Disclosure Case – With More Violations

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On August 29, 2019, the SEC filed a complaint against a registered investment adviser alleging failures to disclose four categories of conflicts of interest and seeking disgorgement of $10 million in undisclosed compensation....more

Herbert Smith Freehills Kramer

SEC Sues Investment Adviser for Nondisclosure of Revenue Sharing Agreement Details

Herbert Smith Freehills Kramer on

On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more

Proskauer - The Capital Commitment

Proskauer Launches Private Equity SEC Enforcement Database

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Today, we are launching a proprietary database tracking all SEC enforcement actions involving private equity advisers. The database contains key information from the actions, including summaries of key issues, settlement...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

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Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

Dorsey & Whitney LLP

SEC Sanctions Adviser For Not Fully Disclosing Fee Arrangements

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The Commission has brought a series of cases focused on undisclosed conflicts of regulated entities. A number of those cases centered on undisclosed fee and compensation arrangements. In its most recent case the agency went...more

King & Spalding

SEC Steps Up Scrutiny On Private Fund Fee Allocation Practices

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In two recent cases, the Securities and Exchange Commission (the SEC) has made clear that it has increased its focus on private funds and their allocation of fees and expenses. In the most recent, the SEC entered an order on...more

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