Securities Exchange Act, Conflicts of Interest, Securities and Exchange Commission (SEC)

SEC Staff Offers Guidance on Disclosure Requirements for Crypto Asset Exchange-Traded Products

Morrison & Foerster LLP on 7/31/2025

On July 1, 2025, the Staff of the Division of Corporation Finance (the “Staff”) of the U.S. Securities and Exchange Commission (SEC) released new guidance on disclosure requirements for offerings and registrations of...more

Nutter Securities Enforcement Update: Oct. 1 Quarterly Review

Nutter McClennen & Fish LLP on 10/14/2024

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

SEC Rulemaking Returns After Quiet Stretch: Assessing the SEC “Reg. Flex” Agenda for BDs and Exchanges

Goodwin on 10/3/2024

Despite the SEC’s already prolific rulemaking under Chair Gensler, the agency still has a few dozen additional rulemaking initiatives in the queue. Broker-dealers, exchanges, and other trading and markets participants can...more

SEC Settles Charges Against Dually-Registered Broker-Dealer and Adviser for Alleged Failure to Address Conflicts of Interest

Vedder Price on 6/12/2024

On May 21, 2024, the SEC announced the settlement of administrative proceedings brought against a dually-registered broker-dealer and investment adviser for its alleged failure to address conflicts of interest in compliance...more

SEC Proposes Stringent New Conflict-of-Interest Rules Regarding Broker-Dealers’ and Investment Advisers’ Use of AI

BCLP on 9/1/2023

On July 26, 2023, the majority of the Commissioners of the U.S. Securities and Exchange Commission (the “SEC”) voted to propose new rules under the Securities Exchange Act of 1934 and the Investment Advisers Act of 1940 to...more

Broker-Dealers and Advisers Beware: The SEC’s “PDA” Proposal Could Upend Firms’ Interactions With Customers, Clients and Investors

WilmerHale on 8/18/2023

On July 26, 2023, the Securities and Exchange Commission (SEC or Commission) narrowly approved (3-2) a proposed rulemaking under the Securities Exchange Act of 1934 (Exchange Act) and the Investment Advisers Act of 1940...more

SEC takes on AI use by broker-dealers and investment advisers - Expansive coverage of types of technology and investor interaction...

Eversheds Sutherland (US) LLP on 7/31/2023

In a Legal Alert issued before the SEC open meeting, we posed five questions that our Investment Services team would be looking out for as part of this meeting. We now have answers to some of these questions....more

SEC proposes rules for addressing conflicts of interest raised by predictive data analytics

Orrick, Herrington & Sutcliffe LLP on 7/31/2023

On July 26, the SEC issued proposed rules under the Securities Exchange Act of 1924 and the Investment Advisors Act of 1940 to address certain conflicts of interest associated with the use of predictive data analytics,...more

Nutter Securities Enforcement Update: June 1, 2023

Nutter McClennen & Fish LLP on 6/23/2023

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

Court Dismisses Post-SPAC Class Action for Lack of Standing

Goodwin on 5/26/2023

On March 31, 2023, U.S. District Judge Ronnie Abrams of the Southern District of New York dismissed a putative securities class action against CarLotz, Inc. (CarLotz), and certain of its officers and directors on the grounds...more

SEC Brings Suit Against Owner of BitTorrent, Inc., and Settles Claims With Celebrity Endorsers of Certain Crypto Tokens

Goodwin on 4/25/2023

On March 22, 2023, the US Securities and Exchange Commission (SEC) filed a complaint in US District Court for the Southern District of New York against Justin Sun, the owner of BitTorrent, Inc., a file-sharing platform; three...more

Top 5 SEC Enforcement Developments for February 2023

Morrison & Foerster LLP on 3/17/2023

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more

New SEC Enforcement Actions Bring Number of Firms Charged with Form CRS Failures to 42

Holland & Knight LLP on 2/25/2022

The SEC's Division of Enforcement continues to focus on registrants' compliance with Form CRS, a byproduct of the agency's rulemakings "designed to enhance the quality and transparency of retail investors' relationships with...more

The SEC May Soon Propose Changes to Equity Market Structure: What Traders Should Know

Carlton Fields on 11/23/2021

On October 14, the Securities and Exchange Commission (SEC) released its report regarding the GameStop event of January 2021. The report does not fault the actions of any market participants. Instead, it outlines the U.S....more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

SPACs Stand or Fall on Their Disclosures

Hicks Johnson on 5/26/2021

The special purpose acquisition company (SPAC) boom has hit a major roadblock in the form of faulty disclosures. The recent deluge of SPAC litigation has mainly focused on these disclosures—specifically, disclosures made...more

SPACs Explained, in Five Minutes or Less

Proskauer - Corporate Defense and Disputes on 2/11/2021

In the financial world, 2020 was the year of the SPAC. During the past few years, many Silicon Valley start-ups were chomping at the bit to get listed and cash out via initial public offering (IPO). And in 2020, over half of...more

It’s the Final Countdown: Being Prepared for Regulation Best Interest

Winstead PC on 1/9/2020

Last year the U.S. Securities and Exchange Commission (“SEC”) approved Regulation Best Interest (“Reg BI”). Reg BI requires broker-dealers and their associated persons to act in “the best interest” of a retail customer when...more

SEC Proposes Rule Amendments to Enhance Regulation of Proxy Advisers

White & Case LLP on 11/22/2019

On November 5, 2019, the Securities and Exchange Commission (“SEC”) proposed amendments to the federal proxy rules that would enhance the SEC’s regulation of proxy advisory firms.1 The proposed amendments to Rules 14a-1,...more

SEC to Discuss Proxy Adviser Regulation and Resubmission Thresholds for Shareholder Proposals at November 5, 2019 Open Meeting

Dorsey & Whitney LLP on 11/1/2019

Yesterday the SEC announced the agenda for its upcoming open meeting to be held on Tuesday, November 5 at 10:00 a.m. EST. All SEC open meetings are webcast and a hyperlink to the webcast will be posted to www.sec.gov shortly...more

Securities Exchange Act › Conflicts of Interest › Securities and Exchange Commission (SEC)