On November 2, 2020, the SEC’s Division of Enforcement issued its 2020 Annual Report for the fiscal year ending September 30, 2020. While the Enforcement Division filed 405 standalone enforcement actions – the lowest total in...more
11/12/2020
/ Audits ,
Compensation ,
Coronavirus/COVID-19 ,
Custody Rule ,
Disclosure Requirements ,
Fund Transfers ,
Insider Trading ,
Investment Advisers Act of 1940 ,
Misallocation of Funds ,
MNPI ,
Past Performance ,
Private Funds ,
Securities and Exchange Commission (SEC)
On October 23, 2020, the SEC Division of Investment Management’s Chief Accountant’s Office (“IMCAO”) issued three separate “Dear CFO” letters addressing (i) the determination of when a fund commences operations, (ii)...more
The Securities and Exchange Commission (SEC) has recognized that coronavirus disease 2019 (COVID-19) has caused, and may cause, disruptions that limit investment advisers’ access to facilities, personnel, and third party...more
Sender Primary Liability for Misstatements in PPMs and Prospectuses: Lorenzo v. SEC (No. 17-1077 -- U.S. – 2019).
On March 27th, the Supreme Court issued a 1934 Act Rule 10b-5 opinion that will have implications for...more
4/5/2019
/ Corporate Officers ,
Custody Rule ,
Digital Assets ,
Directors ,
Enforcement Actions ,
Intent to Defraud ,
Investment Funds ,
Janus Capital Group Inc v First Derivative Traders ,
Lorenzo v SEC ,
No-Action Relief ,
Personal Liability ,
Proposed Rules ,
Puerto Rico ,
Retirement Plan ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Fraud
Non-Enforcement -
Mutual Fund Directors Must Be Vigilant in Addressing Risks -
In remarks to the Mutual Fund Directors Forum, SEC Chair Mary Jo White outlined some of the risks and challenges that mutual fund...more
6/3/2016
/ 12b-1 plan ,
Civil Monetary Penalty ,
Conflicts of Interest ,
Custody Rule ,
Directors ,
Disgorgement ,
Enforcement Actions ,
Fiduciary Duty ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Liquidity ,
Mutual Funds ,
No-Action Relief ,
PCAOB ,
Permanent Injunctions ,
Prejudgment Interest ,
Private Funds ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Sub-advisers ,
Summary Judgment ,
Third-Party Service Provider
Non-Enforcement -
A Source of Concern for the SEC — The Outsourcing by Investment Advisers and Funds of Compliance Activities -
In a recent National Exam Program Risk Alert (dated November 9, 2015) the U.S....more
Non-Enforcement
- 2015 Legislative Agenda Includes Dodd-Frank Revisit and Cybersecurity.
Enforcement
- SEC Enforcement Action Underscores Importance of Custody Rule Compliance
- Joint SEC/State...more
Non-Enforcement
- Assets Under Management by Registered Investment Advisers Have Increased Substantially
- Will “Accredited Investor” Definition Be Changed?
- Excessive Fee Case Withstands Dismissal
-...more
Non-Enforcement Matters:
- Recent Newsworthy Remarks by the SEC
- SEC Issues “Alert” on the Custody Rule
- Securities Exchange Act Issues for Exchange-Traded Funds
- Mutual Funds’ After-Tax Returns...more