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Securities and Exchange Commission (SEC) Enforcement Actions Registered Investment Advisors

Goodwin

SEC Sends Additional Message to Registered Investment Advisers on Marketing Rule Obligations Through Enforcement Actions

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On September 9, 2024, approximately one year since its first flurry of similar Marketing Rule actions, the Securities and Exchange Commission (the SEC) announced settlements with nine SEC-registered investment advisers (the...more

Seward & Kissel LLP

SEC Enforcement Action Rundown

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Who may be interested: Registered Investment Advisers, Registered Investment Companies, Compliance Staff - Quick Take: The SEC recently announced a number of enforcement actions relating to recordkeeping failures,...more

WilmerHale

SEC Sanctions CLO Manager for Inadequate Polices to Prevent Nonpublic Information Misuse

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On August 26, 2024, the Securities and Exchange Commission (SEC) announced an order against a registered investment adviser, Sound Point Capital Management, LP, for its failure to “establish, maintain, and enforce written...more

Womble Bond Dickinson

SEC Marketing Rule: Fintech Enforcement Actions

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This alert highlights recent artificial intelligence (AI)-related enforcement actions that the Securities and Exchange Commission (SEC) has brought against investment advisers under the SEC's "Marketing Rule." The enforcement...more

Robinson Bradshaw

Registered Investment Adviser Record-Keeping Policies: Recent SEC Enforcement Activity

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Registered investment advisers are subject to record-keeping requirements regarding certain written communications, and in the last several years, the U.S. Securities and Exchange Commission has increased enforcement efforts...more

Dorsey & Whitney LLP

RIA Regulatory Review - June 2024

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This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers....more

Dorsey & Whitney LLP

SEC Settles with Five Investment Advisers for Marketing Rule Violations

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The SEC recently settled charges against five registered investment advisers for violations of the marketing rule (“Marketing Rule”) under the Investment Advisers Act of 1940 (“Advisers Act”)....more

Royer Cooper Cohen Braunfeld LLC

Advisers and AI

Earlier this year, the SEC, NASAA, and FINRA issued an Investor Alert cautioning investors about the rise of investment fraud involving artificial intelligence (AI) and other emerging technologies. The overarching concern:...more

Latham & Watkins LLP

Key Takeaways From SEC’s First “Off-Channel Communications” Settlement With Stand-Alone Registered Investment Adviser

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The SEC’s enforcement action sends a clear message that the Commission intends to enforce “off-channel communication” violations against private fund advisers that are not affiliated with a broker-dealer....more

Dorsey & Whitney LLP

SEC Settles Charges with Investment Adviser for Off-Channel Communications Recordkeeping Failures

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The SEC recently announced charges against Senvest Management, LLC (“Senvest”), a registered investment adviser with approximately $3 billion in regulatory assets under management, for failures to maintain and preserve...more

Akin Gump Strauss Hauer & Feld LLP

“Round 2” of Marketing Rule Enforcement Actions — Focus on Hypothetical Performance

On April 12, 2024, the U.S. Securities and Exchange Commission imposed fines and other sanctions on five registered investment advisers (RIAs) for violations of the Investment Adviser Marketing Rule (Rule 206(4)-1), which has...more

BCLP

SEC Enforcement Sweep Regarding Hypothetical Performance - Round 2

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On April 12, 2024, the U.S. Securities and Exchange Commission (the “SEC”) announced settled charges against five registered investment advisers for violations of Rule 206(4)-1 (the “Marketing Rule”) under the Investment...more

Mayer Brown

WhatsApp for Registered Investment Advisers? A New SEC Enforcement Action, That’s What

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On April 3, 2024, the US Securities and Exchange Commission (“SEC”) brought its first enforcement action against a “stand-alone” SEC registered investment adviser (“RIA”) for violations of, among others, Section 204 of and...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: April 18, 2024

The Nutter Securities Enforcement Update is a periodic update of noteworthy recent securities enforcement activity, settlements, decisions, and charges. We provide brief summaries that highlight recent enforcement action...more

Paul Hastings LLP

SEC Enforcement Continues Thematic Focus on Hypothetical Performance

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The SEC charged five more registered investment advisers with violating the Investment Advisers Act’s Marketing Rule by advertising hypothetical performance on their websites without adopting appropriate policies and...more

Stark & Stark

Five Investment Advisers Charged by SEC for Marketing Rule Violations

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On April 12, 2024, the Securities and Exchange Commission announced settled charges against five registered investment advisers for violations of the Marketing Rule. The firms have agreed to settle and pay a combined $200,000...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel”...more

BCLP

SEC Enforcement Sweep Regarding Off-Channel Communications

BCLP on

On February 9, 2024 the U.S. Securities and Exchange Commission (the “SEC”) announced charges against 16 registered investment advisers and broker-dealers for pervasive recordkeeping failures related to off-channel...more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: January 1, 2024

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

Lowenstein Sandler LLP

Slew of Recent SEC Enforcement Actions: Guidance for Registered Investment Advisers

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On September 5, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against five investment advisers for violating Rule 206(4)-2 (the Custody Rule) and Rule 204-1(a) (the ADV Reporting Rule) of the...more

Dorsey & Whitney LLP

RIA Regulatory Review - October 2023

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This RIA Regulatory Review highlights certain key regulatory developments affecting investment advisers. Please contact us with any questions on the topics covered below. The SEC Adopts Significant New Rules for Private...more

Goodwin

Employers Are Strongly Encouraged to Revisit Whistleblower Protection Language in Agreements and Policies in Light of Recent Legal...

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On Friday, September 29, 2023, the Securities and Exchange Commission (the “SEC”) issued an order that censured D. E. Shaw & Co., L.P., a registered investment advisor in New York, and assessed a civil penalty of $10,000,000...more

Goodwin

SEC Marketing Rule Enforcement Actions Emphasize Need for Policies and Procedures Regarding the Use of Hypothetical Performance

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The US Securities and Exchange Commission (the SEC) announced on September 11, 2023, that it had settled with nine SEC-registered investment advisers (the Advisers) over alleged violations of Rule 206(4)-1 under the...more

Lowenstein Sandler LLP

The SEC’s Private Fund Adviser Rules Explained — Part 1: The Restricted Activities Rule

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On August 23, 2023, the U.S. Securities and Exchange Commission (SEC) adopted new and amended rules under the Investment Advisers Act of 1940, as amended (the Advisers Act), to address what it perceives as certain conflicts...more

Morrison & Foerster LLP

Top 5 SEC Developments for August 2023

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. This...more

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