On March 12, 2025, the SEC’s Division of Corporation Finance issued guidance affirming that issuers in a 506(c) offering could reasonably be considered to have properly "verified" an investor's accredited status based simply...more
Securities issuers and their counsel have historically relied on the fact that the SEC has not pursued enforcement actions against issuers that have not filed, or been delayed in filing, a Form D in connection with offerings...more
The U.S. Securities and Exchange Commission has adopted amendments to the increasingly utilized “internet adviser exemption.” The exemption, originally adopted in 2002, has fostered the utilization of digital platforms for...more
Less than one year after the implementation deadline of the SEC’s amendments to Advisers Act Rule 206(4)-1 (the Marketing Rule), the SEC announced a series of enforcement actions involving alleged violations of the Marketing...more
The North American Securities Administrators Association (NASAA) recently released a report prepared by its Broker-Dealer Section Committee (Committee) presenting the findings of Phase II (B) of its National Examination...more
It should come as no surprise to financial industry participants that the first Risk Alert published by the SEC’s Division of Examinations (the “Division”) in 2023 relates to Regulation Best Interest (“Reg BI”). The Risk...more
No later than November 4, 2022, investment advisers must have implemented measures necessary to comply with the amended Advisers Act Rule 206(4)-1(i.e., the “Marketing Rule”). Recently, the SEC’s Division of Examinations...more
State securities regulators have long expressed reservations about the use of the expungement remedy. Recently, we have observed a marked increase in the use of alternative (read: aggressive) efforts by states to impact the...more