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Investment Adviser › Securities Act

Fox Rothschild LLP

The Dealerization of America by the SEC

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On Tuesday, February 6, 2024, the United States Securities and Exchange Commission promulgated final rules relating to changing the definition of dealer pursuant to the Securities Exchange Act of 1934. See SEC.gov | SEC...more

Katten Muchin Rosenman LLP

The Manifold Compliance Challenges of Foreign Security Futures

Katten Muchin Rosenman LLP on

Aristotle cites the “tragelaph” (the mythical “goat-stag”) as an example of how a concept can have meaning without existing. A “security future” is the US financial system’s “goat-stag”: a concept packed with meaning but...more

Oberheiden P.C.

SEC Compliance Internal Audit Tips: 4 Things You Should Know

Oberheiden P.C. on

Regulated securities firms need to take significant actions to ensure that their company is complying with the legal requirements set out by regulations promulgated by the U.S. Securities and Exchange Commission (SEC) and the...more

A&O Shearman

Ninth Circuit Holds That Complaint Sufficiently Alleged Company Was “Statutory Seller” Under Section 12(a)(2) Based On Social...

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On December 21, 2022, the United States Court of Appeals for the Ninth Circuit affirmed in part and denied in part the dismissal of a purported class action suit against a real estate property management company (the...more

Wiley Rein LLP

“Securities Claim” Exclusion Applied Where Notes Constituted a “Security” as Defined by the Securities Acts

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The United States District Court for the Eastern District of Michigan, applying Michigan law, has held that an exclusion in an investment adviser’s professional liability policy applicable to claims arising from the sale of...more

Pillsbury Winthrop Shaw Pittman LLP

Mitigation of Investment Adviser Business Interruption and Regulatory Noncompliance Risks Related to COVID-19—Update

Pillsbury Winthrop Shaw Pittman LLP on

UPDATE: Since the publication of our Investment Adviser Alert, the staff of the SEC Division of Investment Management has issued several new and updated responses to Coronavirus (COVID-19) FAQs, expanding on prior guidance...more

BCLP

In Finding a Failure to Reasonably Supervise, SEC Highlights Responsibilities of Firms to Create Clear, Written Investigatory...

BCLP on

A recent Securities and Exchange Commission (“SEC”) order imposed sanctions on a financial institution for failing to reasonably supervise a representative’s conduct. In its findings, the SEC highlights the institution’s...more

Proskauer - The Capital Commitment

Putting a Premium on Illiquidity: Some Reflections on the SEC’s Scrutiny of Valuation Practices and Disclosures

Proskauer - The Capital Commitment on

Valuation is typically near the top of the list when the SEC’s enforcement division and exam staff disclose their priority topics for private funds.  We expect that trend to continue and, if anything, the focus on valuation...more

Ballard Spahr LLP

Investment Management Update - October 2015

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Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more

Burr & Forman

DC Circuit Tosses Republican’s Challenge to Adviser Pay-to-Play Rule

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The District of Columbia Circuit Court of Appeals Tuesday rejected a challenge to the SEC’s investment-adviser pay-to-play rule, holding that two state Republican Party organizations filed it almost four years too late....more

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