Securities & Exchange Commission Broker-Dealer

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -
News & Analysis as of

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

SEC acts against Private Equity Firm for Acting as an Unregistered Broker

On June 1, 2016, the SEC issued a press release that announced a Maryland-based private equity fund advisory firm and its owner have agreed to pay more than $3.1 million to settle charges that they engaged in brokerage...more

The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street...more

SEC Faults Private Equity Fund Manager for Acting as an Unregistered Broker and Failing to Comply With Fund Agreements

On June 1, 2016, the Securities and Exchange Commission (“SEC”) brought and settled charges against a private equity fund adviser and its principal owner for engaging in brokerage activity without registering as a...more

"SEC Charges Private Equity Fund Adviser as an Unregistered Broker"

On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more

SEC Charges Private Equity Adviser for Unregistered Brokerage Activity

The U.S. Securities and Exchange Commission (SEC) on June 1, 2016 announced a settled enforcement action against a private equity fund manager (Adviser) for acting as a broker-dealer without registering. The case is...more

SEC Finds that Private Equity Fund Adviser Acted as Unregistered Broker

On June 1, 2016, the Securities and Exchange Commission (“SEC”) announced that a private equity fund advisory firm and its owner agreed to pay more than $3.1 million to settle charges that they engaged in brokerage activity,...more

The SEC Proposes Rules to Address Investment Advisor and Broker-Dealer Incentive Based Compensation

The SEC recently released a proposed rule pursuant to Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) with respect to the implementation of incentive-based compensation arrangements...more

Cease and Desist Proceedings Against an Asset Manager for Acting as an Unlicensed Broker-Dealer

Industry participants are well-advised to review their practices to ensure compliance with the Advisers Act, and the SEC’s and SEC’s Staff’s interpretations of when registration as a broker-dealer is required....more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

SEC Sanctions BD for Compliance Issues Tied to Data Security

Data security has long been a critical issue. Protecting confidential customer information is key for broker-dealers, investment advisers and other Wall Street participants. Cyber security is a related issue of at least equal...more

SEC Sanctions Broker-Dealer for Paper-Only AML Program

On June 1, 2016, the Securities and Exchange Commission (SEC) for the first time ever charged a broker-dealer in a stand-alone action for failing to file suspicious activity reports (SARs) as required by the federal...more

Order Entered Against Private Equity Fund Adviser for Broker-Dealer Activity

Under the notoriously ill-considered Dodd-Frank Wall Street Reform and Consumer Protection Act, previously exempt advisers to private equity funds are subject to Securities and Exchange Commission reporting requirements and...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

Background - In a case that may reflect a notable change in the SEC’s views on broker-dealer registration issues in the private equity industry, a private equity fund adviser agreed to settle SEC charges that it engaged...more

Broker-Dealer Violations by Private Equity Fund Adviser

For private equity funds, along with their managers, sponsors, investors, and portfolio companies paying or receiving transaction-based fees, the recent announcement by the Securities and Exchange Commission (SEC) of a...more

SEC Sanctions Private Fund Adviser for Acting as an Unregistered Broker

Investment advisers to private funds should be aware that their activities with respect to acquiring and disposing of interests in portfolio companies on behalf of the funds they manage could raise the suspicions of the...more

SEC Sends Warning to General Partners of Funds Receiving Finders’ and Other Fees

On June 1, 2016, the SEC sent a warning to general partners of private investment funds (including private equity funds, hedge funds, venture capital funds and leveraged buyout funds) by entering into a settlement agreement...more

SEC Targets Broker-Dealer Implications of Transaction-Based Deal Fees

The Securities and Exchange Commission (SEC) brought and settled an enforcement action against Blackstreet Capital Management, LLC, a registered investment adviser to private equity funds, and its principal for, among other...more

SEC Enforcement Action Highlights Need for Private Equity Firms to Consider Broker-Dealer Registration

A recent SEC enforcement action against a private equity firm highlights issues identified in a recent speech by the Director of the Securities and Exchange Commission's (SEC) Division of Enforcement as well as an issue...more

General Solicitation under Rule 506(b) after Citizen VC: Part 2

Should it Matter Who Makes the Solicitation? - Before Citizen VC, the pre-existing business relationship pathways of permissible general solicitation, despite the obvious benefits and advantages, were not widely traveled...more

TN Securities Division Urges Investors to Question Advisors

In a recent new release, the Tennessee Securities Division urged investors to ask tough questions of their investment advisors, and about their compensation, account arrangements and educational / regulatory history. The May...more

SEC Approves FINRA Rule 2273

The SEC has approved FINRA Rule 2273, which requires a transferring representative to send customers an educational communication regarding firm recruitment practices and account transfers. The rule is designed to address...more

SEC Approves FINRA’s Educational Communication Rule

The SEC recently approved FINRA’s new Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers), which requires delivery of an educational communication prepared by FINRA to customers of a...more

Bank Regulators Revive Restrictions on Incentive-Based Compensation

Financial regulators have proposed new rules limiting the incentive pay of employees and other service providers at financial institutions. The Dodd-Frank Act of 2010 prohibits incentive compensation that encourages...more

Broker, Compliance Officer Fined For AML Failures

Money laundering continues to be a key focus of regulators. Recently, for example, FINCEN Director Jennifer Shasky Calvery discussed money laundering through real estate transactions. Earlier this year the SEC brought an...more

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