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Asset Management Securities and Exchange Commission (SEC) Enforcement Actions

Carlton Fields

SEC Engages in “Targeted, Common-Sense” Reorganization

Carlton Fields on

It has been reported that the Securities and Exchange Commission (SEC) recently reduced head count by an estimated 12% due to the Trump administration’s effort to rapidly downsize the federal government. Particularly hard-hit...more

SEC Compliance Consultants, Inc. (SEC³)

Predictions for 2025: What Private Fund Advisers Can Expect from SEC Examinations

There has been a lot of conjecture that the SEC may become friendlier to registrants because of the new administration. Given the SEC’s mandate to protect the investing public, however, we do not expect SEC examiners to...more

Polsinelli

Beyond the Blockchain: What’s Next for Digital Assets After Explosive Growth in 2024

Polsinelli on

Web3 represents the next evolution of the internet, characterized by decentralized networks and blockchain technology, enabling user-centric platforms and applications with enhanced security and data ownership. Digital...more

K&L Gates LLP

Asset Management Regulatory Year in Review 2024

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2024 was a year of meaningful regulatory change for asset managers globally. The regulatory activity was wide ranging and without a particular unifying theme. In fact, the wide, and in cases diverging focuses of key global...more

Ropes & Gray LLP

January 2025 Asset Management ESG Review

Ropes & Gray LLP on

Ropes & Gray closely monitors the rapidly evolving ESG landscape, helping asset managers and institutional investors navigate the dynamic ESG regulatory environment and keep on top of emerging ESG trends and industry best...more

SEC Compliance Consultants, Inc. (SEC³)

SEC Delivers its Enforcement Report, Industry Says Goodbye to SEC Chair Gensler, and Lessons on Third-Party Transfers and...

Welcome to our December 20243 Regulatory Roundup, where we provide practical advice on the latest regulatory headlines. We start this issue with the SEC’s 2024 enforcement results, which fell somewhat short after its 2023...more

SEC Compliance Consultants, Inc. (SEC³)

October and November 2024 Regulatory Roundup

After its fiscal year-end frenzy in September, the SEC relaxed slightly, with no new rule-making and fewer enforcement actions. So, I took a break last month and combined the October and November Roundups. (You’re welcome.)...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for September 2024

Advisers Drafted by FinCEN for AML Duty, More Fines for E-Comm Retention Failures and a September Miracle, SEC Falls Back on Broken Windows Strategy, and a Refusal to Give Up on Private Fund Rules - FinCEN added to advisers’...more

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for August 2024

More Flack on WhatsApp, Hypothetical Performance SmackDown, A Timely Warning on the Pay-to-Play Rule, and Updates to Qualifying Venture Capital Fund Exemption - This month's big news from the SEC was more piggy-bank breaking...more

K&L Gates LLP

The SEC Fines Stand-Alone Adviser for Off-Channel Communications

K&L Gates LLP on

Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2024

To understand the litigation and regulatory risks that are coming in 2024 for private capital, it is helpful to look back briefly on recent events. Arguably, the single most important event over the last 18 months was the...more

K&L Gates LLP

The SEC Publishes 2024 Examination Priorities Ahead of Schedule, Previewing Key Areas of Focus for Registered Entities

K&L Gates LLP on

On 16 October 2023, the Division of Examinations (Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year (the Report). The Division released this Report...more

Bressler, Amery & Ross, P.C.

No Longer Hypothetical: SEC Marketing Rule Enforcement is Here

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

K&L Gates LLP

Hypothetical Performance Crackdown: Nine Firms Charged With Violations of Investment Adviser Marketing and Recordkeeping Rules

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On 11 September 2023, the Securities and Exchange Commission (SEC) announced charges against nine investment advisers for violations of: (i) the hypothetical performance requirements set forth in Advisers Act Rule 206(4)-1...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: June 1, 2023

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

Proskauer - The Capital Commitment

Messaging Missteps: SEC’s Increasing Focus on Off-Channel Communications

The SEC’s Enforcement Division is conducting a sweep investigation of large investment advisers regarding their employees’ use of “off-channel” communications. The sweep, which has been widely reported in the press, focuses...more

K&L Gates LLP

The SEC Division of Examinations Announces 2023 Priorities, Including Key Areas for Registered Investment Advisers, Registered...

K&L Gates LLP on

On 7 February 2023, the Division of Examinations (the Division) of the U.S. Securities and Exchange Commission (SEC) announced its examination priorities for the 2023 fiscal year (the Report). The Report, which identifies...more

Goodwin

Exempt Reporting Advisers Faced Significantly More SEC Enforcements in 2022

Goodwin on

The Securities and Exchange Commission (SEC) brought an unusually high number of enforcement actions against exempt reporting advisers in 2022 — that appears to be more than the prior three years combined and a record number...more

K&L Gates LLP

CFTC and SEC Perspectives on Cryptocurrency and Digital Assets – Volume I: A Jurisdictional Overview

K&L Gates LLP on

I. Introduction - The rise of cryptocurrencies and digital assets in the financial markets, including the investment management industry, has given rise to a crucial question: which federal regulator - the Securities and...more

Morgan Lewis

Common and Collective Investment Funds: SEC Action Warrants Attention but Offers Limited Guidance

Morgan Lewis on

A recent enforcement action (Proceeding) by the US Securities and Exchange Commission (SEC) against a state-chartered trust company (Trust Company) has attracted attention in the banking and asset management industries. ...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Proskauer - The Capital Commitment

SEC Cracks Down on Pension Fund Advisers’ Undisclosed Compensation and Conflicts

In August 2020, the SEC issued two orders against VALIC Financial Advisors Inc. (VFA) related to VFA’s management of 403(b) and 457(b) plans. These matters arise out of two of the SEC’s enforcement initiatives, the Teachers...more

Stinson - Corporate & Securities Law Blog

SEC Charges Alternative Asset Manager with Failing to have Sufficient Policies to Prevent Use of MNPI

In 2016, Ares Management LLC, a subsidiary of a global alternative asset manager, invested several hundred million dollars in client funds in a portfolio company in the form of debt and equity. Confidentiality provisions in...more

Eversheds Sutherland (US) LLP

Videocast: Asset management regulation in 2020 videocast series – SEC enforcement

The SEC’s Division of Enforcement is likely to be active in 2020, investigating several issues important to broker-dealers and investment advisers. In this Bottom Line videocast, Brian Rubin and Adam Pollet discuss: Cash...more

A&O Shearman

Financial Regulatory Developments Focus - November 2018 #4

A&O Shearman on

In this week’s newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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