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Enforcement Actions Securities Regulation Investment Funds

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: June 1, 2025

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Maynard Nexsen

When Firms Receive Written Notice of Outside Business Activities

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In the world of outside business activity (OBA) disclosure, many FINRA enforcement actions center on whether a registered person gave, or did not give, prior written notice of those activities to their member firm. These...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for April 2025

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. For the month when Paul Atkins was sworn in as SEC Chairman, we examine: • The SEC’s...more

Gordon Rees Scully Mansukhani

Recent SEC AML Enforcement Against Securities Firms Engaged in Cannabis Sector

The evolving regulatory landscape for marijuana-related businesses poses unique compliance challenges for firms in the securities industry. The Financial Crimes Enforcement Network (“FinCEN”) continues to enforce its 2014...more

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 38

Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more

Carlton Fields

Expect Focus - Volume II, May 2025

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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

Jones Day

Australia's Federal Court imposes significant penalty in latest greenwashing enforcement action to reach hearing.

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The Federal Court of Australia has imposed a $10.5m (AUD) penalty on an Australian superannuation fund, in the latest of the Australian Securities and Investments Commission's greenwashing cases to reach the penalty hearing...more

DLA Piper

SEC Permits Rule 506(c) Accredited Investor Verification with Self-Certification

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The US Securities and Exchange Commission (SEC) has published no-action guidance providing clarity to issuers relying on Rule 506(c) of Regulation D – an exempt offering pathway that permits issuers to publicly advertise an...more

K&L Gates LLP

Asset Management Regulatory Year in Review 2024

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2024 was a year of meaningful regulatory change for asset managers globally. The regulatory activity was wide ranging and without a particular unifying theme. In fact, the wide, and in cases diverging focuses of key global...more

Mayer Brown Free Writings + Perspectives

Managed Funds Association Publishes Letter to SEC Acting Chair Mark Uyeda

The Managed Funds Association (“MFA”) published a letter dated January 20, 2025, to Acting Chair Mark T. Uyeda of the US Securities and Exchange Commission, outlining several policy recommendations for the SEC’s...more

Freiberger Haber LLP

Enforcement News: SEC Brings Enforcement Action Involving an Alleged $70 Million Pre-IPO Fraud Scheme

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Pre-IPO investing involves buying a stake in a company before the company makes its initial public offering of securities. Many stock promoters invite potential investors to invest in a pre-IPO offering by providing an...more

Carlton Fields

SEC Action Builds Pressure for ETFs in Variable Contracts

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On October 31, 2024, the SEC censured a major wirehouse for selling mutual funds to customers when lower-priced exchange-traded fund (ETF) “clones” of those funds were available. The SEC found that when recommending the...more

Morgan Lewis

Current Developments in SEC Enforcement for Private Funds and a Look Ahead 2024–2025

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In 2024, private funds continued to be a major focus for the US Securities and Exchange Commission (SEC), with an active docket of enforcement cases and rulemaking efforts. Although we expect 2025 to include a continued...more

McNees Wallace & Nurick LLC

Navigating Regulatory Risks: Leveraged and Inverse ETFs Targeted by Pennsylvania Department of Banking and Securities 

The Pennsylvania Department of Banking and Securities (Department) has recently targeted registered investment advisers who utilize leveraged and inverse exchange traded funds (ETFs). Advisers should be aware of the...more

Carlton Fields

Can Shareholders Rescind an Investment Company’s Contracts Based on 1940 Act Violations?

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Section 47(b) of the Investment Company Act of 1940 provides that contracts that violate or “whose performance involves, a violation of” the act are not enforceable by “either party.” ...more

Seward & Kissel LLP

SEC Settles with Investment Adviser for Over $100 Million for Misleading Investors About Tax Implications of Retirement Fund...

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Who may be interested: Investment Advisers; Investment Companies; Boards of Directors; Compliance Staff - Quick Take: The SEC announced that an investment adviser (Adviser) agreed to pay over $100 million to settle...more

WilmerHale

Cross-Trading at a Crossroads

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Once upon a time, in 1994, when I was a young lawyer in the SEC’s Division of Investment Management (Division), Office of Chief Counsel, we received a request to modify a previously granted but totally impractical no-action...more

K&L Gates LLP

“Oops, I was a Broker!?” SEC Cracks Down on Investment Adviser Representatives Acting as Unregistered Brokers

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On 14 January 2025, the Securities and Exchange Commission (SEC) announced settled charges against three investment adviser representatives for acting as unregistered brokers in the sale of membership interests in certain...more

Foley & Lardner LLP

SEC Enforcement Action – Failure to File Forms D

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Share on Twitter Print Share by Email Share Back to top On December 20, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it settled charges issued against one registered investment adviser and two...more

White & Case LLP

Section 13 and 16 Developments: Lessons Learned from Recent SEC Enforcement Actions

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Over the past year, the U.S. Securities and Exchange Commission (“SEC”) has intensified its focus on beneficial ownership reporting under Sections 13(d), 13(g) and 16(a) of the Securities Exchange Act of 1934 (“Exchange...more

Seward & Kissel LLP

SEC Settles Charges with Registered Investment Adviser over Valuation Policies and Procedures

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Who may be interested: Registered Investment Advisers, Boards of Directors, Compliance staff - Quick Take: The SEC settled charges against a registered investment adviser (Adviser) for failing to adopt and implement...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: December 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges....more

McDermott Will & Schulte

[Webinar] Hedge Fund Legal & Compliance Roundtable - March 3rd, 4:30 pm - 5:30 pm EST

Join us for a virtual roundtable discussion regarding the changing securities regulatory and enforcement landscape. The election of Joe Biden and his subsequent nomination of Gary Gensler as the next chairman of the US...more

Herbert Smith Freehills Kramer

SEC Accuses Issuer and CEO of Violating Whistleblower Protection Laws to Silence Investor Complaints

On Nov. 4, 2019, the Securities and Exchange Commission (SEC) filed an amended complaint against Collectors Café and its CEO, Mykalai Kontilai, to add charges against defendants for alleged violations of whistleblower...more

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