This Outline highlights key US Securities and Exchange Commission (the SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement developments and cases regarding broker-dealers, investment advisers, and investment companies.

THE SEC -

There were few significant personnel changes at the SEC last year. The Commission’s composition remained unchanged in fiscal year 2015, with Chair Mary Jo White continuing to lead the SEC, joined by Commissioners Luis A. Aguilar, Daniel M. Gallagher, Kara M. Stein, and Michael S. Piwowar. Shortly following the end of the fiscal year, Commissioner Gallagher departed, followed by Commissioner Aguilar at calendar year end, each having waited in vain for their replacements to be confirmed by the US Senate...