News & Analysis as of

Enforcement Fund Managers

Proskauer - The Capital Commitment

Mid-Year Enforcement Update: SEC’s Continued Focus on Private Funds in 2024

As we reach the midpoint of 2024, the SEC has maintained its rigorous enforcement stance on the private funds industry, proposing new rules and oversight tools to better identify and investigate market practices. As 2024...more

Proskauer - The Capital Commitment

Key Steps for Fund Managers to Avoid Scrutiny Under the SEC’s Pay-to-Play Rule

The SEC’s recent settlement involving a “pay-to-play” rule violation by a private equity firm is a timely reminder for fund managers, especially with the November elections approaching. As a refresher, Rule 206(4)-5 of...more

Proskauer - Regulatory & Compliance

SEC Settlement Highlights Risks for 13G Filers When Moving from Passive to Active Status

The SEC’s recent enforcement settlement involving a fund manager highlights the SEC’s focus on an investor’s “control purpose” triggering the requirement to file on a Schedule 13D as opposed to a short-form 13G. At issue was...more

Proskauer - The Capital Commitment

2022 SEC Enforcement Results – Takeaways for Fund Managers

Yesterday the SEC’s Division of Enforcement announced its Enforcement Results for Fiscal Year 2022, and there are a few key takeaways for fund managers. The Commission brought 760 total enforcement actions in FY 2022,...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Federal Court Authorizes Service of John Doe Summons Seeking Cryptocurrency User Identities

Back in 2005 when I was a trial attorney at the United States Department of Justice, I worked to enforce the John Doe summons on PayPal, Inc. in the federal district court in the Northern District of California, which summons...more

Fox Rothschild LLP

Private Equity/Hedge Funds Have Not Been Lucky With The SEC Lately

Fox Rothschild LLP on

In 2 separate actions, the SEC came down very hard on private equity/hedge funds regarding both disclosure and operational issues. In the first action, a firm settled for $1 million because it allegedly mischaracterized...more

Manatt, Phelps & Phillips, LLP

Corporate Investigations & White Collar Defense - May 2015

It’s an Absolute Privilege to Meet You! Texas Supreme Court Rules That Internal Investigation Report Provided by Shell Oil to DOJ Enjoys “Absolute Privilege” - Why it matters: On May 15, 2015, the Texas Supreme Court...more

Carlton Fields

Private Equity: The Next Wave of SEC Enforcement Actions?

Carlton Fields on

Ever since the Dodd-Frank Wall Street Reform and Consumer Protection Act required many investment advisers to private equity funds to register with the SEC for the first time, fund managers knew that additional scrutiny might...more

Dechert LLP

SEC Charges an Investment Adviser and a Portfolio Manager with Fraud and Causing a Money Market Fund to Violate Rule 2a-7

Dechert LLP on

This OnPoint describes the role of the SEC’s Division of Investment Management (Division) in uncovering the alleged fraud through an analytical review of the Fund’s performance data and portfolio information. It then...more

Troutman Pepper

Lessons Learned From The Morgan Keegan Case, Part I – Valuation

Troutman Pepper on

The U.S. Securities and Exchange Commission (SEC)’s recent settlement in the latest chapter of the enforcement proceeding involving Morgan Keegan provides important guideposts on two of the hottest regulatory topics in the...more

BakerHostetler

In the Crossfire Why Private Equity Firms, Investment Funds & Their Managers Should Beware of the Foreign Corrupt Practices Act

BakerHostetler on

Lance Armstrong and the world of competitive cycling has come under great scrutiny in recent days with the domination of the U.S. Postal team now undermined by the systematic doping that appears to have helped spur the team...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions - May 31, 2013

Foley & Lardner LLP on

Board Oversight of Distribution and Financial Intermediaries - One of the SEC’s stated focuses is on payments for “distribution in guise.” Mutual funds are only permitted to pay for distribution of their shares if...more

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