Conflicts of Interest, Appeals, Securities and Exchange Commission (SEC)

First Circuit Questions Materiality in SEC's Case Against Commonwealth Equity Services

Troutman Pepper Locke on 4/17/2025

On April 1, the U.S. Court of Appeals for the First Circuit vacated a summary judgment ruling in favor of the Securities and Exchange Commission (SEC) against Commonwealth Equity Services, LLC, also known as Commonwealth...more

Key Appellate Court Ruling Ups the Ante for Investment Advisers Act Violations

Latham & Watkins LLP on 6/26/2019

In Robare, the D.C. Circuit clarifies the negligence and willfulness standards under Sections 206 and 207 of the Act. On April 30, 2019, the United States Court of Appeals for the District of Columbia Circuit issued its...more

Logic Prevails as the D.C. Circuit Reverses the SEC: An Investment Adviser Cannot Be Negligent and Intentional at the Same Time

Snell & Wilmer on 5/6/2019

In a triumph of reason over complexity, the D.C. Circuit has held that an investment adviser cannot negligently commit an intentional act. In so holding, the second highest court in the land has (once again) overturned a...more

DC Circuit finds negligent but not willful fraud for inadequate disclosures

Eversheds Sutherland (US) LLP on 5/3/2019

In a much-anticipated decision, on April 30, 2019, the US Court of Appeals for the District of Columbia Circuit issued its decision in Robare, a case that concerned an investment adviser’s (IA) disclosure of conflicts of...more

Where is the Love? Exchanges Sue SEC Over Market Access Fee Pilot Program

Sheppard Mullin Richter & Hampton LLP on 2/28/2019

Three prominent trading exchanges did not exactly show their government overseer the love this Valentine’s week. On February 14, 2019, the New York Stock Exchange (“NYSE”) filed a petition for review to the U.S. Court of...more

In Principle: 10 Things Authorised Firms Need to Know for 2018 – The World of Financial Regulation as the UK Prepares to Exit the...

Akin Gump Strauss Hauer & Feld LLP on 1/25/2018

There is much for authorised firms to consider in the year ahead. Firms have been through the intensive period of the enactment of the second Markets in Financial Instruments Directive (MiFID II), but must now step up their...more

2016 Year In Review: Corporate Governance Litigation And Regulation

Cadwalader, Wickersham & Taft LLP on 1/12/2017

2016 saw many notable developments in corporate governance litigation and related regulatory developments. In this article, we discuss significant judicial and regulatory developments in the following areas: Mergers...more

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