Disclosure Requirements, Sanctions, Investment Advisers Act of 1940

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

Jones Day on 4/9/2025

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

Recalls of Loaned Securities by Insurance Dedicated Funds

Carlton Fields on 7/6/2018

In March, the SEC sanctioned the investment advisers of two funds supporting variable insurance contracts for inadequate disclosure about the funds’ recalls of loaned portfolio securities in advance of the securities’...more

Investment Management Update

Ballard Spahr LLP on 10/27/2016

Investment Adviser AXA Wins Excessive Fee Trial - A federal judge in New Jersey has ruled in favor of AXA Equitable Life Insurance Company (AXA Equitable) and its wholly owned subsidiary, AXA Equitable Funds Management...more

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on 11/2/2015

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

"Disclosure and Collateral Consequences of Enforcement Actions for Regulated Financial Services Firms"

Skadden, Arps, Slate, Meagher & Flom LLP on 10/2/2014

Financial services firms facing enforcement proceedings at the hands of the U.S. Securities and Exchange Commission (SEC) or any other financial industry regulator must consider disclosure obligations in the context of the...more

Barclays Is Sanctioned By The FCA and The SEC

Dorsey & Whitney LLP on 9/24/2014

Barclays took a double hit from regulators yesterday. First the Financial Conduct Authority in the UK fined Barclays Bank Plc, about £38 million for putting £16.5 billion of client assets at risk. Then the SEC imposed a $15...more