News & Analysis as of

Securities and Exchange Commission (SEC) Bad Actors

Sherman & Howard L.L.C.

Alphabet Soup: FinCEN Proposal Would Add AML/CFT Obligations Under the BSA for RIAs & ERAs

Let me start by translating that headline to English. On February 15, 2024, the Financial Crimes Enforcement Network (FinCEN) division of the Department of Treasury issued a rule proposal that would require investment...more

Kohn, Kohn & Colapinto LLP

Gensler discusses markets “ripe with misconduct” and new SEC rules to address Changing Times

On September 12, the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. His testimony emphasized that market growth combined...more

Amundsen Davis LLC

Private Placement – State and Federal Law Considerations

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Private placements can be a great resource for companies to raise capital in the current economic environment. They are cost effective in comparison to public offerings and provide greater decision-making latitude to current...more

The Volkov Law Group

Teasing Out Clawbacks and Deferred Payment Schemes – Who Should be Held Accountable and for How Much? (Part II of III)

The Volkov Law Group on

The Justice Department did not just willy-nilly announce its embrace of clawbacks and deferred payment compensation punishment as a remediation tool for companies that suffer an enforcement action and settlement.  To the...more

Dunlap Bennett & Ludwig PLLC

Raising Money; Paying Finder’s Fees to Unregistered Broker-Dealers Can Be Risky

We’re occasionally asked if it’s a good idea for issuers to pay unregistered “finders” fees in exchange for connecting potential investors in conjunction with private securities offerings. “No,” is the short answer....more

Mayer Brown Free Writings + Perspectives

Bad Actor Disqualification Provisions of Regulation A, Regulation CF and Regulation D

Overview - Section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) requires the Securities and Exchange Commission (“SEC”) to adopt rules that would make the exemption from registration...more

Faegre Drinker Biddle & Reath LLP

SEC Enforcement Victory in its Efforts to Police Cannabis Industry Investments

As the cannabis industry continues to evolve and generate capital raising and investment opportunities, the SEC Division of Enforcement will continue to closely keep watch and target the bad actors that new market...more

Alston & Bird

SEC Harmonizes and Improves “Patchwork” Exempt Offering Framework

Alston & Bird on

Our Securities Group breaks down new final rules that the Securities and Exchange Commission hopes will maintain investor protections while eliminating regulatory uncertainty....more

Akin Gump Strauss Hauer & Feld LLP

CFTC Adopts Bad Actor Disqualifications for CPO Exemptions

- A CPO will be prohibited from claiming an exemption from registration under CFTC Regulation 4.13 if it or any of its principals has in their backgrounds a statutory disqualification under the Commodity Exchange Act. - A...more

BakerHostetler

SEC Watching for Bad Actors and Preserving Market Integrity During Challenging Times Caused By COVID-19

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During these unprecedented times, the Securities and Exchange Commission (“SEC”) Division of Enforcement (“Division”) is keeping a close watch on activity that may run afoul of the federal securities laws and is reminding...more

Moore & Van Allen PLLC

Latest DOJ Spoofing Settlement

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On November 6, 2019, the Fraud Section of the Department of Justice with the Office of the U.S. Attorney for the Southern District of Texas, and the CFTC, announced settlements of their spoofing and market manipulation...more

Farrell Fritz, P.C.

What to Make of SEC Leniency in Block.one ICO Settlement?

Farrell Fritz, P.C. on

On September 30, 2019, the Securities and Exchange Commission announced that blockchain developer Block.one had agreed to pay a $24 million fine to settle charges that it had engaged in an unregistered offering of securities...more

Carlton Fields

SEC Now May Consider a Simultaneous Settlement Offer and Waiver Request

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Certain “bad actors” who settle with the SEC may be subject to automatic disqualifications or collateral consequences under federal securities laws and regulations. The Commission, however, may grant a settling party’s...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - September 2019

In this issue, we summarize regulatory, litigation and industry developments from May to September 2019 impacting the investment management sector, including SEC action on standards of conduct for broker-dealers and...more

A&O Shearman

SEC Chairman Announces Significant Changes to Commission Procedures for Considering Disqualification Waivers

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On July 3, 2019, Chairman Jay Clayton of the Securities and Exchange Commission (SEC) issued a Statement Regarding Offers of Settlement (the “Public Statement”) to announce a significant shift in the SEC’s process of...more

Mayer Brown Free Writings + Perspectives

Proposed Bad Actor Disqualification Act of 2019 and SEC Statement on Contemporaneous Settlement Offers and Waiver Requests

Last month, Representative Maxine Waters, chair of the House Financial Services Committee, introduced a bill entitled Bad Actor Disqualification Act of 2019 (“proposed bill”). The proposed bill is intended to increase...more

Proskauer - The Capital Commitment

SEC Announces New Approach to Disqualification Waivers

On July 3, 2019, SEC Chairman Jay Clayton issued a “Statement Regarding Offers of Settlement” (the “Statement”), announcing important changes to how the SEC will consider future requests for waivers from disqualifications in...more

Morgan Lewis

SEC Chairman Clayton Makes Statement on Seeking Disqualification (‘Bad Actor’) Waivers

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US Securities and Exchange Commission Chairman Jay Clayton issued a statement on July 3 that should help to rationalize the process for firms seeking waivers from disqualification resulting from certain enforcement actions....more

Morgan Lewis

Bad Actor Disqualification Act of 2019 Introduced in House

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A recent bill has been introduced again in the US House of Representatives that would make it much tougher for firms subject to SEC enforcement actions to obtain waivers for bad actor disqualifications in federal securities...more

Sheppard Mullin Richter & Hampton LLP

SEC Issues $1 Million Identity Theft Rule Fine

The Securities and Exchange Commission recently settled with Voya Financial Advisors, Inc. for alleged violation of Regulation S-ID (otherwise known as the Identity Theft Red Flags Rule) and Regulation S-P (otherwise known as...more

Foley & Lardner LLP

Is my Advisor a “Finder” or a “Broker”? Avoiding the Pitfalls of Raising Capital Using Unlicensed Broker-Dealers

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Companies seeking to expand operations often face numerous challenges. One such challenge is raising the capital necessary to make such an expansion possible. When a company sees an expansion opportunity but does not have the...more

Kilpatrick

The SEC Issues Howey Coins through an Exclusive ICO

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The SEC has consistently demonstrated concern over the marketing of cryptocurrency trading and investments in initial coin offerings (“ICOs”), which SEC Chairman Jay Clayton has called “fertile ground for bad actors to take...more

Foley & Lardner LLP

Private Funds and Managers – Navigating Broker-Dealer Requirements

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When looking to raise capital, broker-dealer compliance may not be at the forefront of a private fund manager’s mind. However, engaging individuals (including the fund manager’s employees) or firms to identify, introduce or...more

Ward and Smith, P.A.

FAQ: What Businesses Need to Know About Investment Crowdfunding

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What is Crowdfunding? Crowdfunding is a marketing tool that businesses use to obtain capital from a large number of individuals, typically over the Internet....more

Akin Gump Strauss Hauer & Feld LLP

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals. ...more

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