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Books & Records Compliance Securities and Exchange Commission (SEC)

ArentFox Schiff

New SEC Guidance on Marketing Rule: Ensuring Compliance in Advertisement and Marketing Material for Investment Advisors 2024

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The US Securities and Exchange Commission (SEC) recently released two new sources of guidance for the Marketing Rule. On February 26, the SEC Division of Investment Management released an FAQ clarifying how to include gross...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

Lowenstein Sandler LLP

SEC Finds Advisers' Compliance with Marketing Rule Still Lacking Despite Examination and Enforcement Focus

Rule 206(4)-1, as amended (the Marketing Rule), continues to be an area of focus for the U.S. Securities and Exchange Commission (SEC). On April 17, 2024, the SEC Division of Examinations (Division) published a risk alert...more

BCLP

SEC Risk Alert on Compliance with the Marketing Rule-Examination Observations

BCLP on

On April 17, 2024, the Division of Examinations (the “Division”) of the Securities and Exchange Commission (the “SEC”) published a Risk Alert entitled: “Initial Observations Regarding Advisers Act Marketing Rule Compliance”...more

Bracewell LLP

FINRA Facts and Trends: January 2024

Bracewell LLP on

Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. We dedicate...more

Seward & Kissel LLP

SEC Settles Charges with Nine Advisers in Marketing Rule Sweep

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Who may be interested: Investment Advisers. Quick Take: The SEC recently settled charges with nine investment advisers related to their use of hypothetical performance information on their websites without adopting or...more

Seward & Kissel LLP

Compliance Dates for Final Rules Regarding the Regulation of Private Fund Advisers

Seward & Kissel LLP on

On August 23, 2023, the Securities and Exchange Commission (the “SEC”) adopted new final rules and amendments to existing rules under the Investment Advisers Act of 1940, as amended (the “Advisers Act”) with respect to the...more

Jackson Walker

SEC Adopts Sweeping New Private Fund Adviser Rules

Jackson Walker on

On August 23, 2023, the U.S. Securities and Exchange Commission (“SEC”), by a party-line vote of 3-2, adopted new rules applicable to investment advisers to private funds (“Private Fund Advisers”) that address transparency,...more

King & Spalding

SEC Adopts Private Fund Reform Rules

King & Spalding on

On August 23, 2023, in a 3-2 vote, the SEC adopted a rule package (the “Adopted Rules”) that establishes significant new obligations for private fund advisers under the Investment Advisers Act of 1940. While the Adopted...more

Bradley Arant Boult Cummings LLP

Philips Agrees to Pay $62M to Settle FCPA Books-and-Records Violations from Efforts to Win Chinese Contracts

Koninklijke Philips N.V., a global medical technology manufacturer, recently agreed to pay over $62 million to resolve a Foreign Corrupt Practices Act (FCPA) enforcement action with the Securities and Exchange Commission...more

Orrick, Herrington & Sutcliffe LLP

SEC fines Dutch medical supplier $62 million to settle FCPA charges

The SEC recently announced that a global Dutch manufacturer of health technology products agreed to pay more than $62 million to settle claims that it allegedly violated the FCPA with respect to the sale of medical diagnostic...more

BakerHostetler

SEC and CFTC Continue Crackdown on Financial Firms Over Off-Channel Communications

BakerHostetler on

The SEC and CFTC settlements with HSBC and Scotia Capital come after years of federal regulators’ and prosecutors’ steadily increasing scrutiny of off-channel communications. Anchoring these settlements are long-standing...more

Hanzo

Will Change in SEC Recordkeeping Requirement Make WORM format Obsolete?

Hanzo on

In a recent update to Rule 17a-4, the Securities Exchange Commission (SEC) stepped fully into the 21st century by dropping the requirement that electronic records be stored in a “write once, read many” or WORM format....more

Morgan Lewis

SEC Adopts Rule Amendments to Electronic Recordkeeping Requirements

Morgan Lewis on

On October 12, 2022, the US Securities and Exchange Commission (SEC or Commission) adopted amendments (Final Rules) to the electronic recordkeeping requirements applicable to broker-dealers, security-based swap dealers, and...more

Paul Hastings LLP

Ephemeral Messaging at the Office: Avoiding Pitfalls and Establishing Best Practices

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Users of ephemeral messaging applications may intend that their messages be—as the word “ephemeral” suggests—short lived, but the real-world consequences and legal ramifications from improper use of such apps can be anything...more

The Volkov Law Group

Oracle’s FCPA Violations: A Lesson in Managing Third-Party Distributor Risks (Part II of II)

The Volkov Law Group on

Oracle’s SEC settlement for $23 million underscores the power of the FCPA provisions mandating effective internal controls and accurate books and records.  As everyone knows, these provisions can be applied to a wide-range of...more

Paul Hastings LLP

SEC Publishes Risk Alert Highlighting Focus on New Marketing Rule

Paul Hastings LLP on

On September 19, 2022, the Securities and Exchange Commission’s Division of Examinations (the “SEC”) published a Risk Alert announcing its intent to conduct examinations focused on compliance with Rule 206(4)-1 (the...more

Goodwin

U.S. Securities and Exchange Commission Division of Examinations Publishes Observations from its Registered Investment Company...

Goodwin on

The staff of the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (the “Division”) recently published a risk alert spotlighting observations from its “RIC Initiatives” — 200+ examinations of mutual...more

Foley Hoag LLP

SEC Adopts New Marketing Rule for Investment Advisers

Foley Hoag LLP on

On December 22, 2020, the U.S. Securities and Exchange Commission (“SEC”) adopted amendments under the Investment Advisers Act of 1940 modernizing the rules governing investment adviser marketing. The amendments replace and...more

Winstead PC

The Division of Examinations’ Continued Focus on Digital Asset Securities and Implications for Investment Advisers

Winstead PC on

If you are a securities industry participant seeking to engage in digital asset-related activities, it is time to develop and enhance your compliance practices, says a risk alert by the SEC’s Division of Examinations. ...more

The Volkov Law Group

DOJ Hits Beam Suntory with FCPA Settlement for $19.5 Million (Part I of II)

The Volkov Law Group on

Beam Suntory, a global producer and distributor of distilled beverages, settled its FCPA case with DOJ for $19.5 million for bribes paid in India.  The DOJ settlement follows an SEC FCPA settlement for $8 million announced...more

Thomas Fox - Compliance Evangelist

The Herbalife FCPA Enforcement Action: Part 1 – Introduction

Herbalife Nutrition Ltd (Herbalife) recently concluded a long running Foreign Corrupt Practices Act (FCPA) enforcement action with both the Department of Justice (DOJ) and Securities and Exchange Commission (SEC). Herbalife...more

The Volkov Law Group

World Acceptance Corporation Settles FCPA Charges with the SEC for $21.7 Million

The Volkov Law Group on

World Acceptance Corporation (“WAC”), a US-based consumer loan company, agreed to pay the SEC $21.7 million for FCPA violations in Mexico.  WAC’s cited violations covered the full gamut of FCPA violations, including bribery...more

Thomas Fox - Compliance Evangelist

The FCPA Resources Guide, Second Edition – the Accounting Provisions

The next area I want to explore in the RESOURCE GUIDE TO THE U.S. FOREIGN CORRUPT PRACTICES ACT, SECOND EDITION is around the information found in the chapter on Accounting Provisions, including both books and records and...more

McDermott Will & Emery

[Webinar] Anti-Corruption and Compliance Training - May 28th, 10:00 am - 11:30 am EDT

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Please join McDermott and Grant Thornton on Thursday, May 28, for a webinar training on anti-corruption and compliance. This training will discuss the auditing standards on illegal acts by clients and the auditor’s...more

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