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SEC Briefs Disgorgement and Investor Harm in Navellier v. SEC

In the recent Supreme Court case, Navellier & Associates, Inc. v. Securities and Exchange Commission (SEC), the petitioners sought a writ of certiorari challenging the decisions of the lower courts regarding the scope of...more

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

SEC Reportedly Announces Major Reorganization of Enforcement and Exams Divisions

The U.S. Securities and Exchange Commission (SEC) has reportedly announced internally a major reorganization of its enforcement and exams divisions. This restructuring, effective April 9, 2025, was detailed in a staff memo...more

SEC Reportedly Plans to Cut Regional Directors as Cost-Saving Measure

According to news sources, including Reuters, on Friday, February 21, the U.S. Securities and Exchange Commission (SEC) reportedly informed regional directors at its 10 regional offices that it plans to eliminate their roles...more

US v. Brown: District of Columbia Circuit Rules on Compelled Biometric Unlocking of Cellphones

On January 17, the District of Columbia Circuit issued a pivotal opinion regarding the Fifth Amendment rights of a defendant-appellant compelled by the FBI to unlock his cellphone using his thumbprint. The D.C. Circuit’s...more

SEC 2024 Enforcement Results: A Decline in Total Enforcement, but a Record-Breaking Recovery of Financial Remedies

On November 22, the Securities and Exchange Commission (SEC) announced its enforcement results for fiscal year (FY) 2024. As compared to FY 2023, the Division of Enforcement (the division) reported a 26% decline in the total...more

The SEC’s Division of Examinations Announces 2025 Priorities

On October 21, the Securities and Exchange Commission’s (SEC) Division of Examinations announced its 2025 examination priorities (2025 guidance) for registered investment advisers and investment companies, broker-dealers,...more

SEC Charges Broker-Dealer and Two Affiliated Investment Advisers With Violating Whistleblower Protection Rule

On September 4, the Securities and Exchange Commission (SEC) issued an order against three investment adviser firms for violating the whistleblower protections of Rule 21F-17(a) under the Securities Exchange Act of 1934. This...more

Supreme Court Limits SEC’s In-House Adjudication

On June 27, the U.S. Supreme Court released a 6-3 decision in SEC v. Jarkesy, et al., ending the Securities and Exchange Commission’s (SEC) long-standing use of in-house administrative law judge (ALJ) tribunals in cases where...more

FINRA’s Crackdown on Firms’ Use of Social Media Influencers Continues

The Financial Industry Regulation Authority’s (FINRA) Enforcement Division recently announced a resolution to a nearly two-and-a-half-year investigation in which TradeZero America, Inc. (TradeZero) agreed to pay a fine of...more

SEC Charges Investment Advisor for Misleading Disclosures About Its Work With Short Publishers

On June 11, the Securities and Exchange Commission (SEC) announced the first settled case in its ongoing review of collaborations between investment advisors and short publishers. The SEC fined affiliated investment advisors...more

FINRA’s First Disciplinary Action Targeting Firm’s Use of Social Media Influencers

The Financial Industry Regulatory Authority’s (FINRA) Enforcement Division recently announced its first settlement involving a firm’s supervision of social media influencers. The respondent, M1 Finance LLC (M1), is a...more

The SEC Voluntarily Stays Climate-Related Disclosure Rules Pending Eighth Circuit Judicial Review

On April 4, the Securities and Exchange Commission (SEC) issued a stay on the implementation of its newly enacted climate impact disclosure rules. This decision is connected to a challenge to the rules currently pending in...more

2023 Year-In-Review: Key Enforcement Initiatives and Cases in Crypto, Cyber, SPACs, Whistleblowers, and the Future of...

It was a busy year for enforcement activity in the cyber, crypto, SPAC, and whistleblower spaces, with several pending actions that will likely have wide-ranging implications in 2024. We are also awaiting a ruling from the...more

11th Circuit Rules Against SEC Penny-Stock Ban

In a 2-1 opinion issued on February 14, 2024, an Eleventh Circuit panel partially reversed a lower court ruling that would have barred a defendant from participating in future penny-stock offerings. The majority found it was...more

SEC's Whistleblower Program Sees Record Increase in Tips but Fewer Payouts

Despite a 50% increase in whistleblower tips over fiscal year (FY) 2022, the number of whistleblowers who received awards from the Securities and Exchange Commission (SEC) decreased significantly in FY 2023. This trend...more

SEC Releases Fiscal Year 2023 Enforcement Results

On November 14, the Securities and Exchange Commission (SEC) published its enforcement results for fiscal year 2023, which concluded on September 30. These results provide insight into the SEC's priorities and enforcement...more

The US Attorney's Office for the Central District of California Announces Securities Fraud Task Force

On October 4, U.S. Attorney for the Central District of California Martin Estrada announced the formation of a new task force, the Corporate and Securities Fraud Strike Force....more

SCOTUS to Hear Dispute Over SEC Disclosure Rules

The U.S. Supreme Court agreed to hear a case this term involving the circuit split over the types of disclosures that private plaintiffs can enforce under Section 10(b) of the Securities Exchange Act of 1934. Section 10(b)...more

SEC Charges Privately Held Monolith Resources for Violating Whistleblower Protection Rules

On September 8, the U.S. Securities and Exchange Commission (SEC) announced that it settled charges against Monolith Resources LLC, a privately held technology and energy company headquartered in Nebraska. The SEC’s...more

Supreme Court Review May Prove the Death Knell to SEC Administrative Courts

On June 30, the U.S. Supreme Court granted certiorari in SEC v. Jarkesy, et al. and agreed to hear the case that could potentially end the use of administrative courts and administrative law judges (ALJ) in administrative...more

SEC Continues to Focus on SPAC Market

In recent years, the U.S. Securities and Exchange Commission (SEC) has had its eye on the special purpose acquisition company (SPAC) market — warning investors against putting money into SPACs, expressing skepticism about...more

SEC Issues Risk Alert on Safeguarding Customer Records and Information at Branch Offices

On April 26, the SEC’s Division of Examinations (EXAMS) issued a risk alert on the importance of broker-dealers and investment advisers (collectively, “firms”) establishing and following written policies and procedures aimed...more

Proposed SEC Rule Would Place Cryptocurrency Trading Platforms Under SEC Jurisdiction

On April 14, the Securities and Exchange Commission (SEC) reopened the comment period for a January 2022 proposal that would subject cryptocurrency exchanges and decentralized finance (DeFi) platforms to the Securities...more

Unanimous Supreme Court Decision Allows for Early Challenges to Federal Agency Enforcement Actions

On April 14, the Supreme Court unanimously held that federal district courts have jurisdiction to review constitutional challenges to the structures of the Federal Trade Commission (FTC) and Securities and Exchange Commission...more

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