As we look back on the SEC’s actions in 2024, we wanted to share our thoughts on lessons learned that we believe will carry through to 2025....more
Who may be interested: Registered Investment Companies; Registered Investment Advisers; Compliance Officers - Quick Take: The SEC charged a hedge fund manager registered as an investment adviser (Adviser) with failing to...more
On 7 November 2024, the US Securities and Exchange Commission’s (SEC) Divisions of Examinations, Investment Management, and Enforcement hosted a virtual panel on compliance and enforcement topics as part of its broader...more
Our Investment Funds and White Collar, Government & Internal Investigations Groups examine a recent Securities and Exchange Commission enforcement order involving control of inside information....more
In the SEC’s burst of settlements at the end of its fiscal year, one case about the potential misuse of material nonpublic inside information (“MNPI”) shows just how far down in the weeds it is willing to go to prevent...more
On August 26, 2024, it was not the first time the SEC settled charges with a Registered Investment Adviser (RIA) for willfully violating Section 204A of the Investment Advisers Act (204A) by failing to establish, maintain and...more
Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s case against crypto firm Kraken is permitted to...more
Who may be interested: Investment Advisers; Compliance Staff - Quick Take: The SEC announced that it had settled charges against a registered investment adviser (Adviser) for failing to establish, maintain, and enforce...more
Who may be interested: Registered Investment Companies, Investment Advisers, Broker-Dealers - Quick Take: The SEC settled charges against a firm and the former head of the firm’s equity syndicate desk, arising out of a...more
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, with links to primary resources....more
In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important SEC enforcement developments from the past month, which was an active one as the SEC...more
On April 26, 2022, the U.S. Securities and Exchange Commission’s (SEC) Division of Examinations (EXAMS) outlined compliance deficiencies concerning Section 204A of the Investment Advisers Act of 1940 (the Act) in a risk...more
In a Risk Alert issued on 26 April 2022 (the Risk Alert), the staff of the Division of Examinations (the Staff) of the Securities and Exchange Commission (SEC) described notable deficiencies relating to investment advisers’...more
On April 26, 2022, the SEC’s Division of Examinations (“EXAMS”) issued a risk alert flagging certain notable deficiencies that it has observed related to advisers’ potential misuse of material non-public information (MNPI) in...more
Join Ulmer partner Howard M. Groedel as he discusses recent regulatory actions and what they portend for private funds and their advisors. Among other topics, Howard will address: - The primary take-aways from SEC...more
The SEC’s Office of Compliance Inspections and Examinations issued a Risk Alert citing common deficiencies identified during examinations of investment advisers managing hedge funds and private equity funds, particularly...more
In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more