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Investment Adviser Broker-Dealer Penalties

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for May 2025

On May 14, 2025, Deputy Enforcement Director Antonia Apps told those gathered at an anti‑money laundering conference in Washington, D.C. to expect a more measured approach from SEC Enforcement. That may include, she...more

Whiteford

Client Alert: New York State Attorney General’s Office Announces Focus on Martin Act Investigations and Prosecutions

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In recent media appearances, New York State Attorney General Letitia James announced that her office will “significantly expand” the use of the Martin Act—New York General Business Law article 23-a—to investigate and, where...more

BCLP

The Impact of Flexible SEC Sanctions on Defendants

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U.S. federal law gives the Securities and Exchange Commission (“SEC”) flexibility when seeking sanctions, including remedies that are tailored to specific cases. ...more

A&O Shearman

SEC Enters Into Off-Channel Settlements With Twelve Additional Firms Prior To Leadership Turnover

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On January 13, 2025, one week before Chair Gary Gensler is expected to step down as Chair, the Securities and Exchange Commission (“SEC”) announced settlements with twelve additional regulated entities for alleged...more

Carlton Fields

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

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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

Seward & Kissel LLP

SEC Charges Five Advisers with Violations of the Marketing Rule; SEC Staff Releases Risk Alert on Marketing Rule Compliance

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Who may be interested: Registered Investment Companies, Investment Advisers, Broker-Dealers - Quick Take: The SEC settled charges in separate actions against five investment advisers (Advisers) for violations of Rule...more

Seward & Kissel LLP

SEC Settles Charges with Adviser for Recordkeeping Violations and Staff Lays Out Factors Considered in Determining What Penalties...

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Who may be interested: Investment Advisers, Broker-Dealers - Quick Take: The SEC settled charges against an investment adviser for widespread recordkeeping deficiencies related to the adviser’s failure to obtain, maintain...more

ArentFox Schiff

Investigations Newsletter: Commonwealth Financial Network Must Pay $72 Million in SEC Enforcement Action

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Commonwealth Financial Network Must Pay $72 Million in SEC Enforcement Action - Late last week, a Massachusetts federal judge ordered Commonwealth Financial Network to pay over $72 million due to its “egregious” failure to...more

Guidepost Solutions LLC

Emerging Expectations from the Latest Enforcement Actions Over Off-Channel Communications

Since December 2021, the U.S. Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have levied almost $3.0 billion in penalties for longstanding failures by 39 broker-dealers, swap dealers,...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - September 2023

Editor's Note - The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency,...more

Davis Wright Tremaine LLP

Broker Dealer Regulatory Digest - August 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Seward & Kissel LLP

SEC Enforcement of Off-Channel Communications Continues - New Series of Firms Charged with Penalties Totaling $289 Million

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Summary of the Recent SEC Actions - On August 8, 2023, in yet another set of enforcement actions in the space, the U.S. Securities and Exchange Commission (the “SEC”) settled charges against ten broker-dealers and a dually...more

Seward & Kissel LLP

SEC Charges 11 Firms with Widespread Recordkeeping Failures

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Who may be interested: Registered Investment Advisers, Broker-Dealers, Registered Investment Companies, Boards of Directors - Quick Take: The SEC recently settled charges against ten broker-dealers and one dually...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: March 1, 2023

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

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: April 1, 2023

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

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: May 1, 2023

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

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: July 1, 2023

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

Seward & Kissel LLP

SEC Charges Sixteen Firms for Recordkeeping Failures Related to Employee Use of Personal Devices

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On September 27, 2022, the Securities and Exchange Commission (“Commission”) entered into a series of settled orders (“Orders”) against 15 broker-dealers and one affiliated investment adviser for widespread failures by the...more

Winstead PC

SEC Brings “Naked Short Selling” Case

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“Naked short selling” is often claimed by struggling public companies to be the source of their woes. But there have been relatively few cases addressing naked short selling. Recently, however, on May 19, 2021, the SEC...more

Foley Hoag LLP

SEC Brings First Enforcement Action Against Issuer for Disclosures About Financial Effects of COVID-19

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On December 4, 2020, the SEC brought its first case charging a public company, The Cheesecake Factory, with making misleading disclosures about the effects of COVID-19 on its business operations and financial condition. The...more

Vedder Price

Investment Services Regulatory Update - February 2018

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New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Vedder Price

Investment Services Regulatory Update - October 2017

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New Rules, Propsed Rules, Guidance and Alerts - SEC STAFF GUIDANCE AND ALERTS - SEC Staff Extends No-Action Relief on Auditor Independence and the “Loan Provision” - On September 22, 2017, the staff of the SEC’s...more

Jackson Walker

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

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The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Proskauer Rose LLP

The ERISA Litigation Newsletter - August 2016

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Editor's Overview - This month’s newsletter features an article on the DOL’s recently published interim final rule that increases penalties for notice and disclosure violations, which generally became effective on...more

K&L Gates LLP

Thirteen Observations About the SEC’s Enforcement Program

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Over the last two months, the SEC issued two reports that provide useful perspectives on its enforcement program. In February, it issued the combined 136-page “FY 2017 Congressional Justification & FY 2015 Annual Performance...more

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