News & Analysis as of

Investment Funds Broker-Dealer Enforcement Actions

Dechert LLP

Overview of crypto asset class regulations in the EU and the US

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This OnPoint summarizes the panel discussion at Dechert’s annual investment funds conference that took place in Luxembourg in the last quarter of 2022. At the conference, we discussed the Regulation on the Markets of Crypto...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: December 1, 2022

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

Katten Muchin Rosenman LLP

Financial Markets and Funds Quick Take | Issue 5

On July 27, 2022, FINRA filed a proposed rule change with the SEC to make it easier for brokers to work from home. The proposed rule will add a category termed a “Residential Supervisory Location” under FINRA Rule 3110...more

UB Greensfelder LLP

Another Fine Churning Mess

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While undoubtedly FINRA will be issuing its annual “examination priorities” letter any day now, that is hardly the best way to figure out exactly what FINRA is paying attention to now (as that letter kind of reads the same,...more

Proskauer - The Capital Commitment

SEC Cracks Down on Pension Fund Advisers’ Undisclosed Compensation and Conflicts

In August 2020, the SEC issued two orders against VALIC Financial Advisors Inc. (VFA) related to VFA’s management of 403(b) and 457(b) plans. These matters arise out of two of the SEC’s enforcement initiatives, the Teachers...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – SEC enforcement

The SEC’s Division of Enforcement is likely to be active in 2020, investigating several issues important to broker-dealers and investment advisers. In this Bottom Line videocast, Brian Rubin and Adam Pollet discuss: Cash...more

UB Greensfelder LLP

An Undisclosed Conflict Of Interest – By FINRA – Results In Bar Being Vacated

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From time to time, I have lamented that FINRA does not hold itself to the same lofty standards to which it holds its members. I realize I am painting with a broad brush, as there are lots of folks at FINRA who do a great job,...more

Kramer Levin Naftalis & Frankel LLP

SEC Sues Investment Adviser for Nondisclosure of Revenue Sharing Agreement Details

On Aug. 1, the Securities and Exchange Commission (the SEC) charged Commonwealth Equity Services LLC, dba Commonwealth Financial Network (Commonwealth), a registered independent investment adviser to private clients (but not...more

Proskauer - The Capital Commitment

Proskauer Launches Private Equity SEC Enforcement Database

Today, we are launching a proprietary database tracking all SEC enforcement actions involving private equity advisers. The database contains key information from the actions, including summaries of key issues, settlement...more

Vedder Price

Investment Services Regulatory Update - December 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – NEW RULES – SEC Adopts New Rules Permitting Covered Investment Fund Research Reports – On November 30, 2018, the SEC adopted Rule 139b under the Securities Act of...more

Vedder Price

Investment Services Regulatory Update - February 2018

Vedder Price on

New Rules, Proposed Rules, Guidance and Alerts – SEC STAFF GUIDANCE AND ALERTS - SEC Staff Issues Guidance on Cryptocurrency-related Holdings - On January 18, 2018, the staff of the SEC’s Division of Investment...more

Vedder Price

Investment Services Regulatory Update - August 2017

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On August 7, 2017, the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing a summary of the staff’s observations from sweep exams of broker-dealers, investment advisers and funds...more

Jackson Walker

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

Jackson Walker on

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC prevailed on two summary judgment motions. One centered on a manipulation action. The other was against an attorney who facilitated a prime bank fraud. The Commission also filed: An action against UBS tied to its...more

Katten Muchin Rosenman LLP

Bridging the Week - September 2015

Alleged Flash Crasher's Formal Indictment Provides More Details Regarding His Purported Spoofing - The US Department of Justice filed a formal indictment against Navinder Singh Sarao in a US federal court in Chicago on...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The question of forum selection by the SEC was a key issue this week. While to date suits challenging the SEC’s right to bring an action as an administrative proceeding rather than in federal court have had little success –...more

Stinson - Corporate & Securities Law Blog

SEC Imposes $6 Million in Penalties for Straw Purchaser Arrangement

On March 26, 2015, the SEC settled charges against 22 parties relating to arrangements by which companies not registered as broker-dealers purchased securities on behalf of Global Fixed Income, LLC (GFI) and received...more

Katten Muchin Rosenman LLP

Bridging the Week - March 2015 #4

ICE Futures Fined US $3 Million by CFTC for Reporting Errors and Untimely Response to Inquiries - The Commodity Futures Trading Commission fined ICE Futures U.S., Inc. US $3 million last week for filing allegedly...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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Four SEC Commissioners addressed the annual SEC Speaks Conference, reviewing recent agency initiatives and tracing potential paths for the future. The SEC also brought another FCPA action, a misappropriation case and an...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The SEC named ratings giant Standard & Poor’s in three actions this week and one of its senior executives in another. The firm settled all three actions, admitting to a series of facts but not violations of the law in one...more

Dorsey & Whitney LLP

This Week In Securities Litigation

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The Commission prevailed in three litigated decisions. The agency secured a favorable jury verdict in an action centered on an offering fraud. In two other cases — one based on misrepresentations regarding the only company...more

Broker-Dealer Compliance + Regulation

FINRA Enforcement Action Stresses Procedures for Due Diligence on Private Placements of Investment Funds

In a recent formal disciplinary proceeding, FINRA reaffirmed member firms’ obligations to maintain adequate procedures for conducting due diligence on private placements, including the review of sales materials, and systems...more

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