The SEC Division of Examinations recently released its 2022 Division of Examinations “Priorities.” The 2022 Priorities provide critical insight into what the Division of Examinations (the “Division”) considers the most...more
4/1/2022
/ Broker-Dealer ,
Compliance ,
Cryptoassets ,
Data Security ,
Emerging Technologies ,
Environmental Social & Governance (ESG) ,
Investment Adviser ,
Private Funds ,
Regulation Best Interest ,
Retail Investors ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Supervision
The lack of specific guidance regarding failure to supervise liability for chief compliance officers (“CCOs”) has been a controversial and opaque topic that both FINRA and the SEC have struggled with for well over a decade....more
SEC Chair Gary Gensler has not publicly stated much regarding Reg BI since Spring of this year. Generally, though, the messaging from SEC leadership regarding the Division of Examinations and the Division of Enforcement...more
Upcoming Changes to Rule 10b5-1:
The SEC is seeking to propose four key changes to executive stock trading plans under Rule 10b5-1 in October. Its Chairman, Gary Gensler, reported that the SEC is considering “freshen[ing]...more
7/2/2021
/ 10b5-1 Plans ,
Broker-Dealer ,
Compliance ,
EDGAR ,
Gary Gensler ,
Insider Trading ,
Investment Adviser ,
Market Manipulation ,
Proposed Amendments ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Trading Plans
Responding to a “concern” from Chief Compliance Officers (CCOs) to the purported increase in enforcement actions holding compliance personnel personally liable, the New York City Bar Association recently released a framework...more
As political leaders continue to debate how to address climate change, the SEC is poised to take (enforcement) action. In the latest example of how the Biden Administration is influencing the priorities the SEC, the agency...more
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
1/27/2021
/ Accounting ,
Bad Actors ,
Broker-Dealer ,
Cannabis-Related Businesses (CRBs) ,
Capital Raising ,
Compliance ,
Enforcement Actions ,
Futures ,
Insider Trading ,
Investors ,
Marijuana Related Businesses ,
Securities and Exchange Commission (SEC) ,
Supervision
On January 18, 2021, the incoming President’s Transition Team announced additional key administration post nominees, including Mr. Gary Gensler as SEC Chair. The announcement specifically provided the following regarding Mr....more
1/20/2021
/ Administrative Proceedings ,
Biden Administration ,
Broker-Dealer ,
Compliance ,
Hedge Funds ,
Insider Trading ,
Investment Adviser ,
New Legislation ,
Private Equity ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Supervision
Last week, on December 16, 2020, Chinese-based coffee chain Luckin Coffee Inc. (“Luckin”) agreed to a $180 million settlement with the United States Securities and Exchange Commission (“SEC”). Luckin’s American Depositary...more
12/23/2020
/ Anti-Fraud Provisions ,
China ,
Compliance ,
Earnings Management ,
Financial Reporting ,
Foreign Entities ,
Foreign Issuers ,
Fraud ,
Investigations ,
Investors ,
Scienter ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Supervision
In a 30-day period, the U.S. Securities and Exchange Commission (“SEC”) has released guidance in three ways regarding certain views on the important role and potential liability risks of chief compliance officers (“CCOs”)....more
The U.S. Securities and Exchange Commission (SEC) hosted a virtual roundtable in late October to discuss the Regulation Best Interest (Reg BI) and Form CRS. With a few months of observations from examinations since the June...more
On September 28, 2020, the U.S. Securities and Exchange Commission (the “SEC”) announced two settlements against public companies and individual charges against the former controller and chief accounting officer and the...more
What’s New, and Comings & Goings at the SEC -
What’s New: The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) recently issued a Risk Alert titled “Select COVID-19 Compliance Risks and Considerations for...more
8/27/2020
/ Broker-Dealer ,
Business Continuity Plans ,
Compliance ,
Enforcement ,
Fees ,
Financial Transactions ,
Investment Fraud ,
Investors ,
OCIE ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Supervision
On April 7, 2020, the Securities and Exchange Commission (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert providing guidance for the SEC’s post–June 30, 2020, examinations of firms’...more