News & Analysis as of

Securities and Exchange Commission (SEC) Broker-Dealer Investors

Sheppard Mullin Richter & Hampton LLP

SEC Revisits ‘Finder’ Exemption: Potential Impacts for Small Businesses and the Capital Markets

The U.S. Securities and Exchange Commission (SEC) is once again considering a proposal that could exempt certain individuals—known as “finders”—from broker registration requirements when helping small businesses raise...more

Woodruff Sawyer

Looking Into the SEC Future for Financial Services Companies

Woodruff Sawyer on

As new Chair Paul Atkins begins to make his mark on the Securities and Exchange Commission, the news cycle has been heavily focused on crypto regulation. The SEC, however, is more than just a crypto regulator....more

Lowenstein Sandler LLP

SEC Clarifies Accredited Investor Verification for Rule 506(c) Offerings

Lowenstein Sandler LLP on

The Securities Act of 1933, as amended (Securities Act), requires that any offer or sale of securities in the United States must either be registered with the SEC or qualify for an exemption to registration thereunder....more

Faegre Drinker Biddle & Reath LLP

Things I Worry About (10): FINRA Enforcement and Senior Investors (2)

Key Takeaways - FINRA’s 2025 Annual Regulatory Oversight Report 2025-annual-regulatory-oversight-report.pdf included a focus on issues related to retirees and senior investors. - The Report provides guidance to...more

Wilson Sonsini Goodrich & Rosati

No Commission Without Permission: SEC Reinforces Focus on Sales Activities and Transaction-Based Compensation as Hallmarks of...

Several recent enforcement actions from the U.S. Securities and Exchange Commission (SEC or Commission) reaffirm that “finders” involved in soliciting investors on behalf of private companies are, in the SEC’s view, required...more

WilmerHale

Opportunities Await: Engaging with the SEC’s Crypto Task Force

WilmerHale on

On February 4, 2025, Commissioner Hester Peirce offered a first glimpse at the Securities and Exchange Commission’s (“SEC”) roadmap for establishing a regulatory framework for crypto. Tasked with leading the SEC’s...more

Herbert Smith Freehills Kramer

SEC Announces Two Charges for Anti-Money-Laundering Violations

Last week, the Securities and Exchange Commission (SEC) announced two enforcement actions related to the failed implementation of anti-money-laundering (AML) procedures. These charges reflect the SEC’s continued focus on...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for November 2024

Morrison & Foerster LLP on

Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, SEC Chair Gary Gensler announced his imminent departure in January 2025...more

Katten Muchin Rosenman LLP

Not-So-New News Flash? Change in Administration Ushers Back a Deregulatory Agenda – Implications for Investment Advisers

While most industry observers agree that the transition to the new presidential administration will bring with it a deregulatory agenda, members of Katten’s asset management regulatory team compiled their Top-5 Holiday Wish...more

Cozen O'Connor

Summarizing the SEC’s 2025 Examination Priorities Report, Part 2

Cozen O'Connor on

In the second part of this legal update series, we summarize the key takeaways from the Division of Examinations’ (Division) 2025 priorities report released on October 21, 2024. The Division remains focused on mainstays like...more

Seward & Kissel LLP

Financial Services Firm Affiliates Settle Five SEC Enforcement Actions for Allegedly Misleading Customers and Failing to Act in...

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies; Registered Investment Advisers; Broker Dealers; Compliance Officers; Boards of Directors - Quick Take: The SEC recently settled five separate enforcement proceedings...more

Paul Hastings LLP

SEC Examination Priorities Signal Capital Markets Enforcement

Paul Hastings LLP on

The Securities and Exchange Commission’s Division of Examinations recently released its 2025 priorities. These identify several new or emerging areas of focus that could be precursors to enforcement actions, such as the use...more

Carlton Fields

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

Carlton Fields on

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

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for August 2024

More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more

Alston & Bird

SEC Orders Investment Adviser to Pay for Inadequate Disclosure of Fees from Clearing Broker

Alston & Bird on

Our Investment Funds Group examines why the Securities and Exchange Commission penalized a registered investment adviser for inadequate disclosure of fees it received....more

Goodwin

Stablecoins Unlikely to Be Subject to the SEC’s Jurisdiction

Goodwin on

The recent decision in Securities and Exchange Commission v. Binance Holdings Limited et al (Binance) has cast further doubt on the Securities and Exchange Commission’s (SEC’s) pursuit of jurisdiction over stablecoins....more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Mayer Brown Free Writings + Perspectives

SEC Investor Advocate Report on Objectives

The Securities and Exchange Commission’s Office of the Investor Advocate recently issued its fiscal year 2025 Report on Objectives. The Report is one of two annual reports required to be filed by the Investor Advocate with...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for June 2024

Private Fund Rules Cancelled, Survey Says Marketing Rule is a Lot of Work and the Intersection of Regulation BI and Investment Adviser’s Fiduciary Duty - Welcome to our June Regulatory Roundup, where we provide you with a...more

Orrick, Herrington & Sutcliffe LLP

Fifth Circuit Vacates SEC’s Private Fund Advisers Rule

The Fifth Circuit Court of Appeals has vacated a Securities and Exchange Commission rule that represented one of the most significant changes to regulating private funds and private fund advisers since 2010....more

WilmerHale

SEC Modernizes Data Protection Rules for Safeguarding Customer Information

WilmerHale on

Last month, the Securities and Exchange Commission (the SEC or the Commission) unanimously voted to adopt amendments to Regulation S-P (Reg S-P), which is the SEC’s regulation governing the treatment and safeguarding of...more

SEC Compliance Consultants, Inc. (SEC³)

What Advisers Need to Know Now About Giving Rollover Advice after September 23, 2024

This article was originally published on Kitces.com, on May 15, 2024, and is available at at DoL’s Retirement Security Rule & PTE 2020-02 Amendment: What Advisers Need to Know Now about Giving Rollover Advice After September...more

Seward & Kissel LLP

SEC Shortening of Securities Transaction Settlement Cycle to Take Effect

Seward & Kissel LLP on

On February 15, 2023, the Securities and Exchange Commission (the “Commission”) adopted final rule amendments to shorten the standard settlement cycle for securities broker-dealer transactions from two business days after the...more

A&O Shearman

SEC adopts amendments to Regulation S-P to address risks associated with the expanded use of technology

A&O Shearman on

On May 16, 2024, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments to Regulation S-P (“Reg S-P”) that are intended to help protect investors’ privacy from the “expanded use of technology and corresponding...more

Robinson Bradshaw

Fund Sponsors and Placement Agents – Navigating Broker-Dealer Issues

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Fund sponsors often engage investment banking or placement firms to help raise capital or generate deal flow for their funds. In exchange, the sponsor may offer a cash fee, a piece of the sponsor’s carried interest, equity in...more

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