News & Analysis as of

Fiduciary Duty Securities and Exchange Commission (SEC) Enforcement

Proskauer - The Capital Commitment

End of (Fund) Life Issues

Amid a challenging environment for exits, especially in the wake of the recent market volatility, private fund managers continue to pursue alternative strategies, such as term extensions and liquidity solutions, to ride out...more

Cozen O'Connor

Navigating the Future: Key Takeaways & Insights from the 2024 Securities Enforcement Forum Central

Cozen O'Connor on

One of the concerns following the Supreme Court’s ruling in SEC v. Jarkesy was that other agencies may face similar collateral attacks to its administrative proceedings. While the full impact of Jarkesy remains an open...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for March 2024

Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The Fifth Circuit’s stay of the SEC’s recent adoption of...more

Proskauer - The Capital Commitment

Not Off the Hook: The SEC Addresses its Position on Exculpation And Indemnification For Private Fund Advisers

In its final Private Fund Adviser Rules adopted last year, the SEC dropped one of the more controversial proposed rules—the proposal to prohibit contractual exculpation or indemnification provisions that would shield or...more

Freiberger Haber LLP

Enforcement News: Misappropriation of Client Funds and Stock Manipulation

Freiberger Haber LLP on

It should come as no surprise that one of the goals of an investment fraud is the theft of customer funds for the scammer’s personal benefit. In legal parlance, this aspect of a fraudulent investment scheme is called...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 3: Deciphering a Private Fund Manager’s Fiduciary Duty

Lowenstein Sandler LLP on

On August 23, 2023, the Securities and Exchange Commission (SEC) adopted new rules and amendments under the Investment Advisers Act of 1940, as amended (the Advisers Act), that are expected to have a wide-ranging impact on...more

Mintz

The SJC Shocks Financial Services Industry by Taking Victory Away from Robinhood and Giving it to the Secretary of State

Mintz on

In a widely anticipated decision, the Massachusetts Supreme Judicial Court unanimously upheld the Massachusetts Fiduciary Duty Rule, which imposes a fiduciary duty standard on Massachusetts broker-dealers. The high Court’s...more

Mintz

SEC Highlights ESG Enforcement Activity in Annual Report

Mintz on

The SEC recently announced its yearly summary of enforcement activity. Among the items it chose to highlight were its efforts to enforce ESG-related issues. ESG was one of only a handful of subject matter areas that the SEC...more

Proskauer on Privacy

SolarWinds: A Lesson on How Companies Victimized by Data Breaches Can Quickly Become the Target of Litigation and Regulatory...

Proskauer on Privacy on

In 2020, SolarWinds Corp., a company that provided information technology software to private and government entities, was the victim of a cybersecurity breach. Russian hackers are believed to have slipped malicious code...more

Katten Muchin Rosenman LLP

Corporate & Financial Weekly Digest, Featuring Articles SEC Approvals of Changes to "Accredited Investor" and "Qualified...

SEC/CORPORATE - SEC Amends the Definitions of “Accredited Investor” and “Qualified Institutional Buyer” - On August 26, the Securities and Exchange Commission adopted amendments to the definitions of “accredited...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - Form PF — What Purpose? SEC registered investment advisers with at least $150 million of assets under management in private funds are required to periodically file Form PF with the SEC. The...more

Goodwin

Financial Services Weekly News Roundup - April 2015 #5

Goodwin on

Ninth Circuit Denies Rehearing of Northstar v. Schwab. On April 28, the U.S. Court of Appeals for the Ninth Circuit denied the petition of Schwab Investments’ (Schwab) for rehearing and rehearing en banc in the case of...more

Dorsey & Whitney LLP

The SEC Commissioners Speak: Part II

Dorsey & Whitney LLP on

Yesterday’s article reviewed the remarks of SEC Chair Mary Jo White and Commissioner Kara M. Stein at SEC Speaks. The article today reviews the remarks at the conference of Commissioners Michael S. Piwowar and Daniel M....more

Dorsey & Whitney LLP

This Week In Securities Litigation

Dorsey & Whitney LLP on

The Second Circuit upheld SEC Rule 10b-5-2 which defines certain types of relationships as the predicate for insider trading. In reaching its conclusion the Court rejected an argument that an insider trading claim must be...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside The Courts - May 2014 | Volume 6 | Issue 2

In This Issue: - AUDITOR LIABILITY: ..Athale v. Sinotech Energy Ltd., No. 11 Civ. 05831(AJN) (S.D.N.Y. Feb. 21, 2014) - BYLAWS: ..ATP Tour, Inc. v. Deutscher Tennis Bund (German Tennis...more

Morrison & Foerster LLP

SEC Accuses Fund Directors of Breaching Their Valuation Duties

In a case involving fair valuation of structured notes, the SEC signaled that when investment company fund boards delegate the responsibility to fair value portfolio securities, they must provide “meaningful substantive...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions - December 28, 2012

Foley & Lardner LLP on

In This Issue: Non-Enforcement Matters: - New SEC Registrants Under Dodd-Frank to Be Focus of SEC Examination Program - FINRA Rule 5123 Revisited Enforcement Matters: - SEC Accuses...more

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