On December 20, 2024, the U.S. Securities and Exchange Commission (the “SEC”) issued a press release highlighting settled enforcement actions against a private fund adviser and two pre-IPO companies for failure to timely file...more
1/3/2025
/ Blue Sky Laws ,
Corporate Governance ,
Enforcement Actions ,
Form ADV ,
Form D Filing ,
Preemption ,
Private Funds ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Startups ,
Unregistered Securities
A recent Securities and Exchange Commission (“SEC”) settled enforcement action serves as an excellent reminder of the risk of operational integration to firms that operate multiple advisory entities, especially where one of...more
10/7/2024
/ Affiliates ,
Cease and Desist ,
Civil Monetary Penalty ,
Compliance ,
Custody Rule ,
Enforcement Actions ,
Exemptions ,
Investment Adviser ,
Private Funds ,
Registered Investment Advisors ,
Securities and Exchange Commission (SEC)
On June 5, 2024, a three-judge panel of the Fifth Circuit Court of Appeals (the “Court”) vacated the Private Fund Adviser Rules (“PFAR”) that the Securities and Exchange Commission (the “SEC”) had adopted by a divided vote in...more
On October 8, 2023, California Governor Gavin Newsom signed into law Senate Bill 54, Fair Investment Practices by Investment Advisers (“SB54”). The law requires that “covered entities” collect and report sensitive demographic...more
On October 16, 2023, the Division of Examinations (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) published its annual Examination Priorities for 2024 (the “Exam Priorities”). Consistent with the...more
11/14/2023
/ Broker-Dealer ,
Clearing Agencies ,
Compliance ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Companies ,
Investment Company Act of 1940 ,
Market Participants ,
MSRB ,
Policies and Procedures ,
Private Funds ,
Registered Investment Advisors ,
Risk Alert ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Security-Based Swaps ,
Swap Dealers
On August 23, 2023, in a 3-2 vote, the U.S. Securities and Exchange Commission (the “SEC”) adopted new rules (the “Final Rules”) under the Investment Advisers Act of 1940 (the “Advisers Act”) primarily affecting investment...more
8/29/2023
/ Compliance ,
Disclosure Requirements ,
Final Rules ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investors ,
Private Funds ,
Proposed Rules ,
Registered Investment Advisors ,
Regulatory Reform ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation