Gatekeeper Liability of Inside Asset Management Attorneys "Appearing" Before the SEC

Carlton Fields

This article addresses the liability of inside attorneys at asset management companies— mutual fund sponsors, investment advisers, broker-dealers, life insurance companies—as gatekeepers under rules of the US Securities and Exchange Commission (Commission or SEC) regarding the conduct of attorneys “appearing” and “practicing” before the Commission within the meaning of those rules.

I. SEC’s Hands-Off Stance -

The Commission reserves the right to discipline attorneys appearing and practicing before it, including attorneys acting in the role of gatekeepers. However, the Commission’s disciplining of attorneys appearing and practicing before it raises difficult policy considerations that have long been debated...

Originally published in The Investment Lawyer, VOL. 22, NO. 9 - September 2015.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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