The SEC has issued its annual report on use of Form PF data. In its examination and enforcement programs regarding registered investment advisers that manage private funds, the staff generally reviews information contained...more
In August 2013 the SEC whistleblower claims review staff issued a preliminary determination and recommended a whistleblower claim be denied. Although the record demonstrated that the claimant provided original information to...more
In April 2014, the United States Court of Appeals for the District of Columbia held the SEC’s conflict minerals rule and statute embodied in Dodd-Frank violate the First Amendment to the extent the statute and rule require...more
The SEC charged two firms with failing to register as investment advisers because their operations were integrated and charged one of the entities with violating pay-to-play rules....more
The SEC recently charged a hedge fund advisory firm, which we refer to as the employer, for the first time using its new authority to bring anti-retaliation enforcement actions. The head trader for the employer reported to...more
In a couple of speeches at Compliance Week 2014, SEC officials spoke of when it would be appropriate to bring an enforcement action against a Chief Compliance officer, or CCO.
SEC Commissioner Kara M. Stein said “If...more
Mary Jo White, Chair of the SEC, recently explained decisions in enforcement actions to a group of white collar crime lawyers.
Ever wonder why some cases draw both criminal and civil charges but others do not? ...more
Now that NAM et al’s emergency stay motion in the conflicts minerals case has been denied, the question is what happens next. Clues can be found in the briefing for the unsuccessful emergency stay motion....more
The SEC has granted the first bad actor waiver under Rule 506 to RBS Securities. RBS pointed out the following to the SEC...more
The SEC has settled an administrative action with the managing member of a fund of private equity funds. In an examination the SEC staff learned that the manager was violating the custody rule (Rule 206(4)-2 under the...more
The SEC has sanctioned three investment advisory firms for repeatedly ignoring problems with their compliance programs.
The enforcement actions arise from the agency’s Compliance Program Initiative, which targets firms...more
The SEC has charged a former portfolio manager at Oppenheimer & Co. with misleading investors about the valuation and performance of a fund consisting of other private equity funds. ...more
The CFPB has issued a bulletin encouraging self-policing, self-reporting, remediation, and cooperation....more