News & Analysis as of

Insider Trading Private Funds

SEC Compliance Consultants, Inc. (SEC³)

Regulatory Roundup for May 2024

SEC DROPS NEW REQUIREMENT FOR INCIDENT RESPONSE PROGRAMS, PROPOSAL FOR RIAS TO ADOPT CIP, SEC EXAMS SHARES MARKETING RULE FAILURES, RIA SLAMMED FOR FAILING TO RETAIN TEXTS, AND SEC WINS ON SHADOW TRADING THEORY - Welcome to...more

Vinson & Elkins LLP

Vinson & Elkins' Quarterly Securities & ESG Updates - Fall 2023

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Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter and, where...more

Pillsbury Winthrop Shaw Pittman LLP

SEC Enforcement: 2022 Year in Review

On the heels of record-breaking enforcement in 2022, expect continued aggressive pursuit of Chair Gensler’s priorities in 2023. The SEC will continue to bring its considerable resources to bear to address ESG-related...more

Oberheiden P.C.

SEC Exam Priorities for 2023

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Find Out What Companies and Investment Firms Need to Know about the SEC’s Exam Priorities for 2023 - Each year, the U.S. Securities and Exchange Commission (SEC) publishes its annual examination priorities. This report...more

Proskauer - Corporate Defense and Disputes

SEC Enforcement Director and SDNY/EDNY Officials Address Enforcement Priorities

SEC Division of Enforcement Director Gurbir Grewal and several high-ranking officials from the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York and the FBI spoke on November 29, 2022 at a conference...more

Akin Gump Strauss Hauer & Feld LLP

SEC Division of Examinations (Finally) Speaks on Alternative Data

Key Points - The SEC’s Division of Examinations published a risk alert that, in the context of a focus on MNPI, highlighted observed deficiencies related to the use of alternative data by private fund managers and other...more

Vinson & Elkins LLP

Novel Enforcement for Novel Schemes: Emerging Trends in Securities Enforcement

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This was the main takeaway from the Securities Enforcement in the Biden Administration panel at the American Bar Association’s 37th National Institute on White Collar Crime, which included among its speakers Erin Schneider,...more

Proskauer - The Capital Commitment

Top Ten Regulatory and Litigation Risks for Private Funds in 2022

Last year, we wrote, “The regulatory and litigation risks for private funds are greater than at any time since the financial crisis in 2008.” That statement is even more true today....more

Akin Gump Strauss Hauer & Feld LLP

District Court Endorses SEC’s “Shadow Insider Trading” Theory – An Analysis of the Court’s Decision and its Potential Implications...

As previously reported, in August 2021, the U.S. Securities and Exchange Commission filed a complaint in SEC v. Panuwat, initiating the first enforcement action seeking to proscribe as prohibited insider trading the practice...more

Akin Gump Strauss Hauer & Feld LLP

New Shadow Trading Enforcement Lessons For Private Funds

The U.S. Securities and Exchange Commission has a long history of adopting novel theories in litigation to convince the courts to expand the scope of the federal insider trading laws. The SEC's latest effort comes in an...more

Akin Gump Strauss Hauer & Feld LLP

New “Shadow Insider Trading” SEC Enforcement Action -- Four Lessons for Private Fund Managers

Last week, the U.S. Securities and Exchange Commission filed a complaint in federal court in California premised on the novel legal theory that the insider trading laws apply where an insider uses confidential information...more

Foley Hoag LLP - White Collar Law &...

SEC Enforcement in 2021: A Look Ahead

Editors’ Note: With the advent of the Biden presidency, we invite you to join us as we examine important trends in white collar law and investigations. Our first entry takes a closer look at SEC enforcement. Up next: a review...more

Foley & Lardner LLP

SEC Enforcement Actions Impacting Private Fund Advisers for Fiscal Year 2020

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On November 2, 2020, the SEC’s Division of Enforcement issued its 2020 Annual Report for the fiscal year ending September 30, 2020. While the Enforcement Division filed 405 standalone enforcement actions – the lowest total in...more

BCLP

The Adviser: A Quarterly Update for Private Funds - November 2017

BCLP on

For several years the U.S. Securities and Exchange Commissions (“SEC”) has focused its enforcement efforts on how private fund advisers allocate fees and expenses to their fund clients and the adequacy of their disclosures to...more

Akin Gump Strauss Hauer & Feld LLP

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals. ...more

Proskauer - The Capital Commitment

SEC Speaks: 2017 Enforcement and Exam Trends for Private Funds

At the recent SEC Speaks program, sponsored by PLI, senior SEC staff members provided valuable insight into the SEC’s 2017 priorities for private funds. While the tenor of this year’s discussion seemed to focus more on...more

Dechert LLP

DOJ and SEC Scrutinize Potential Misuse of Rule 10b5-1 Trading Plans by Corporate Directors Affiliated with Investment Advisers

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Over the past four years, the U.S. Department of Justice (“DOJ”) and U.S. Securities and Exchange Commission (“SEC”) have focused on insider trading involving private funds as one of their key targets in the fight against...more

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