News & Analysis as of

Investment Advisers Act of 1940 Supreme Court of the United States

Ropes & Gray LLP

Supreme Court to Consider Closing a Back Door to Fund Litigation Claims Under the Investment Company Act

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On June 30, the U.S. Supreme Court agreed to hear a case that will determine whether Section 47(b) of the Investment Company Act of 1940 (ICA) creates a private right of action for shareholders of registered investment...more

Troutman Pepper Locke

Supreme Court Denies Certiorari in SEC Disgorgement Case

Troutman Pepper Locke on

On June 6, the U.S. Supreme Court denied the petition for certiorari in the case of Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC). This decision effectively upholds the lower courts’ rulings,...more

Troutman Pepper Locke

SEC Briefs Disgorgement and Investor Harm in Navellier v. SEC

Troutman Pepper Locke on

In the recent Supreme Court case, Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC), the petitioners sought a writ of certiorari challenging the decisions of the lower courts regarding the scope of...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

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

Paul Hastings LLP

Public Company Watch: July 2024

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In the July edition of our Public Company Watch, we cover key issues impacting public companies, including the new Compliance and Disclosure Interpretations related to the cybersecurity disclosure rules and the recent SEC...more

Mintz - Intellectual Property Viewpoints

Assessing the Impact of Recent Supreme Court Decisions on Section 337 Practice – Less than Meets the Eye?

Late last month, the Supreme Court issued two opinions which seemingly shook up the field of administrative law.  As explained in this article, however, while both decisions bear significantly on certain administrative...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for June 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 Supreme Court’s Jarkesy decision and its impact on the...more

K&L Gates LLP

Jarkesy's Impact on Agency Enforcement Proceedings: Potential Implications for the SEC and Beyond

K&L Gates LLP on

On 27 June 2024, in a ruling much-anticipated by the securities industry and other similarly regulated industries, the Supreme Court (the Court) held in SEC v. Jarkesy that when the Securities and Exchange Commission (SEC)...more

ArentFox Schiff

Fifth Circuit Vacates SEC Private Fund Advisers Rule

ArentFox Schiff on

On June 5, the US Court of Appeals for the Fifth Circuit vacated a US Securities and Exchange Commission (SEC) Rule designed to provide investors in private funds — such as private equity, private credit, hedge funds, venture...more

Bennett Jones LLP

U.S. Private Fund Adviser Rules Struck Down

Bennett Jones LLP on

After much anticipation from the private funds market, earlier this week on June 5, 2024, the U.S. Court of Appeals for the Fifth Circuit (the Court) reached a decision in respect of the litigation challenging the Private...more

Proskauer Rose LLP

Fifth Circuit Strikes Down Private Fund Adviser Rules

Proskauer Rose LLP on

In a significant decision released Wednesday morning, a unanimous three-judge panel for the U.S. Court of Appeals for the Fifth Circuit vacated what have come to be known as the Private Fund Adviser Rules, a set of rules and...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for April 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 SEC’s first “Shadow Trading” trial; •SCOTUS’s...more

Jackson Walker

White Collar Docket Check: US Supreme Court to Decide Key Administrative, Whistleblower, and Due Process Cases This Term

Jackson Walker on

The U.S. Supreme Court began its new term this week and is taking cases government enforcement practitioners will want to follow. Specifically, the Court will address issues concerning: the interplay between SEC...more

Faegre Drinker Biddle & Reath LLP

Congress Extending the SEC Statute of Limitations to 10 Years?!!

Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission...more

Ballard Spahr LLP

Investment Management Update - October 2015

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Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...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

Dorsey & Whitney LLP

Sixth Circuit Concludes Morrison Does Not Apply To Advisers Act

Dorsey & Whitney LLP on

In Morrison v. National Australia Bank, Ltd., 561 U.S. 247 (2010) the Supreme Court held that the reach of Exchange Act Section 10(b) is the water’s edge of the United States. Specifically, the court held that the Section...more

Ballard Spahr LLP

Investment Management Update

Ballard Spahr LLP on

In July 2014, the SEC settled the previously reported proceeding involving Chariot Advisors, and its former owner, Elliott Shifman, concerning charges of violating and aiding and abetting the violation of Section 15(c) of the...more

Sheppard Mullin Richter & Hampton LLP

United States Supreme Court Declines to Apply the "Discovery Rule" to Extend the Five-Year Statute of Limitations for SEC Punitive...

In Gabelli v. Securities & Exchange Commission, No. 11-1274, 2013 WL 691002 (U.S. Feb. 27, 2013), the United States Supreme Court, in a unanimous opinion by Chief Justice Roberts, held that the five-year statute of...more

Cadwalader, Wickersham & Taft LLP

Supreme Court Rejects SEC's Position Concerning Statute of Limitations in Securities Fraud Actions

On February 27, 2013, the Supreme Court of the United States issued its decision in Gabelli v. SEC, holding that, in an action by the government for civil penalties, the five-year statute of limitations provided by 28 U.S.C....more

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