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Director of SEC’s Division of Investment Management Provides Insights into Agency’s View of Alternative Mutual Funds and Focus of...

On June 30, 2014, in remarks to the Practising Law Institute’s Private Equity Forum, Norm Champ, Director of the SEC’s Division of Investment Management, addressed the increase in the number of mutual funds that use...more

7/14/2014 - AIFM Board of Directors Compliance Investigations Investment Company Act of 1940 Mutual Funds Popular SEC

SEC Resolves First Case Under New Municipalities Continuing Disclosure Cooperation Initiative

On July 8, 2014, the SEC announced that it had settled charges that a school district in California misled bond investors about its failure to comply with its continuing disclosure obligations under Rule 15c2-12 of the...more

7/14/2014 - Compliance Disclosure Disclosure Requirements SEC Securities Exchange Act

Eleventh Circuit Defines “Instrumentalities” of Foreign Government for the Purposes of the Foreign Corrupt Practices Act

In general, the Foreign Corrupt Practices Act (“FCPA”) prohibits the payment of money or anything of value to a foreign official in order to influence any act or decision of the foreign official in his or her official...more

5/28/2014 - Anti-Corruption Corruption FCPA Foreign Official Instrumentality

Graham Decision Adopts Gabelli Rationale to Apply Five-Year Statute of Limitations to Enforcement Actions Seeking Equitable Relief

The decision of a U.S. District Court for the Southern District of Florida judge to dismiss a case involving an alleged $300 million Ponzi scheme on statute of limitations grounds holds significant implications for time...more

5/21/2014 - Compliance Enforcement Actions Equitable Relief Gabelli v SEC Ponzi Scheme SEC Statute of Limitations

SEC’s OCIE Director Reports Violations Regarding Fees Common at PE Firms

In remarks to a group of compliance officers from investment advisers to private equity funds in New York City, Andrew J. Bowden, the director of the SEC’s Office of Compliance Inspections and Examinations, announced that the...more

5/20/2014 - Compliance Enforcement Actions OCIE Private Equity SEC

Fourth Circuit Holds Supreme Court’s Janus Ruling Not Applicable in Criminal Cases

The Fourth Circuit Court of Appeals this week rejected the bid of a securities lawyer to vacate his guilty plea on the ground that the conduct to which he pled guilty was no longer criminal under the U.S. Supreme Court’s...more

5/20/2014 - Criminal Prosecution DOJ Janus Capital Group SCOTUS SEC

SEC’s “Neither Admit nor Deny” Settlements Continue to Draw Controversy

Recently, Judge Harold Baer of the U.S. District Court for the Southern District of New York reluctantly approved the SEC’s “neither admit nor deny” insider trading settlement with Ronald Dennis, a former analyst with CR...more

5/13/2014 - Admissions of Liability Compliance Enforcement SEC Settlement

SEC to Examine Registered Broker-Dealers’ and Investment Advisers’ Procedures for Countering Cybersecurity Threats

On April 15, 2014, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a “Risk Alert” explaining a new initiative to assess cybersecurity preparedness in the securities...more

4/25/2014 - Broker-Dealer Cybersecurity Data Protection Investment Adviser SEC

Recent Charges Against China-Based Companies Demonstrate SEC’s Efforts to Bring More Financial Fraud Cases

SEC Chair Mary Jo White and Enforcement Director Andrew Ceresney have repeatedly said that financial fraud would be a priority of the SEC’s enforcement program. Two recent cases involving companies with China-based operations...more

4/24/2014 - China Enforcement Fraud Sarbanes-Oxley SEC

The SEC’s Municipalities Continuing Disclosure Cooperation Initiative: Carrot for Issuers & Underwriters, Stick for Individuals

It’s no secret that the SEC is stepping up its enforcement efforts in the estimated $3.7 trillion municipal securities market. In 2012, the Commission published a 165-page report calling for Congress to give it more authority...more

4/23/2014 - Compliance Disclosure Requirements Municipal Advisers Municipal Bonds SEC

SEC Establishes Dedicated Group to Focus on Private Funds

Since the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, private funds have become the subject of heightened scrutiny by both the SEC’s Division of Enforcement and the Office of Compliance...more

4/14/2014 - Dodd-Frank OCIE Private Funds SEC

Co-Owner of an Unregistered New Jersey Brokerage Firm Settles “Spoofing” Charges

The SEC filed a settled administrative proceeding against an owner of a New Jersey based brokerage firm for engaging in an illegal “layering” or “spoofing” scheme that resulted in unlawful profits of almost $1 million. See...more

4/11/2014 - Rule 10b-5 SEC Securities Litigation Spoofing Visionary

“Neither Admit nor Deny” Settlements at the SEC

In January 2012, the SEC announced that it would vary from its well-established practice of settling with defendants and respondents on a neither admit nor deny basis. The change has affected only matters in which defendants...more

3/31/2014 - Admissions of Liability SEC Settlement

An Upside to Parallel Civil and Criminal Investigations? Criminal Authorities May Have to Disclose Exculpatory Information in the...

Good facts make good lawyers, but good lawyers need to know where to go to get those facts. More and more frequently, the staff of the Division of Enforcement of the SEC is conducting investigations in coordination with U.S....more

3/31/2014 - Disclosure Requirements Investigations SEC

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