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Securities and Exchange Commission (SEC) Investment Firms

DLA Piper

SEC Approves PCAOB Rule Amendment That Expands Individual Auditor Enforcement Liability

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The Securities and Exchange Commission (SEC) approved a proposed amendment to Public Company Accounting Oversight Board (PCAOB) Rule 3502. The amended rule expands enforcement liability for associated persons who...more

SEC Compliance Consultants, Inc. (SEC³)

Latest SEC Document Request Lists: What Private Fund Managers Should be Worrying About

Many private fund managers are breathing a sigh of relief after the Fifth Circuit struck down the Private Fund Rules (check out our blog post for more information). Do not, however, assume the SEC will stop its aggressive...more

Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for July 2024

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: •Judge Paul Engelmayer’s decision on defendants’ motion to...more

Alston & Bird

CFTC Commissioner Warns That CCOs May Face Personal Liability

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Our Investment Funds Group reviews the implications of a Commodity Futures Trading Commission (CFTC) policy targeting chief compliance officers (CCOs) as individuals if their companies’ compliance programs fail....more

Mayer Brown Free Writings + Perspectives

SEC Risk Alert:  Staff Assessment of Risks, Scoping of Examinations, and Requesting of Documents

The Division of Examinations (the “Division”) of the Securities and Exchange Commission (“SEC”) recently issued a Risk Alert (the “Risk Alert”) to SEC-registered broker-dealers providing insight and additional information...more

Wilson Sonsini Goodrich & Rosati

SEC Expands Security and Breach Notification Requirements for Investment Firms

On May 16, 2024, the U.S. Securities and Exchange Commission (SEC) announced that it had adopted final amendments to its Regulation S-P (the Rule or Amended Rule), which governs “covered financial institutions’” treatment of...more

SEC Compliance Consultants, Inc. (SEC³)

SEC Tells Advisers What Not to Do in Advertisements

SEC’s Division of Examinations (“EXAMS”) issued a risk alert on its Initial Observations Regarding Advisers Act Marketing Rule Compliance (the “Risk Alert”), giving compliance officers an unexpected gift by sharing examples...more

SEC Compliance Consultants, Inc. (SEC³)

Write the Best Annual Compliance Review Ever!

Many chief compliance officers struggle every year with preparing the annual review required under Advisers Act Rule 206(4)-7. To help you out, here’s our guide to writing your annual report....more

SEC Compliance Consultants, Inc. (SEC³)

Top Tips for Updating Your 2024 Compliance Program

Every year compliance officers face the unenviable job of performing their compliance program's annual review under Advisers Act Rule 206(4)-7). An essential element of that review is updating the firm's compliance policies...more

Faegre Drinker Biddle & Reath LLP

Hiring Social Media Influencers? How You Influence Matters

FINRA, as part of its targeted exam of member firms’ social media practices for gaining new customers, recently announced an $850,000 fine against M1 Finance LLC (“M1 Finance”) stemming from promotional social media posts...more

Lowenstein Sandler LLP

“Shadow Trading” is Insider Trading: Jury Establishes Liability in Historic Shadow Trading Case

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On April 5, 2024, a jury found Matthew Panuwat civilly liable for insider trading in violation of federal securities laws in a first-of-its-kind “shadow trading” case (also referred to as “sympathy trading”), which was...more

K&L Gates LLP

The SEC Fines Stand-Alone Adviser for Off-Channel Communications

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Overview - On 3 April 2024, the US Securities and Exchange Commission (the SEC) announced the first settlement with a stand-alone registered investment adviser for, among other things, failures to maintain and preserve...more

SEC Compliance Consultants, Inc. (SEC³)

Top Ten Reasons to Hire an RIA Compliance Consulting Firm

There are times when it makes sense to hire an expert. Securities regulations are complicated, and failure to comply can be costly, both in terms of fines and damage to reputation. Here are the top reasons registered...more

SEC Compliance Consultants, Inc. (SEC³)

Compliance Roundup for April 5, 2024

Compliance Update for the week Ending April 5, 2024 - For our clients and compliance colleagues, this weekly update will give you a quick look at the latest regulatory developments. Enjoy!...more

Pagefreezer

Website & Social Media Archiving to Comply with FINRA Books & Records Rules

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Investment firms and other financial institutions are subject to the strict recordkeeping and communication regulations laid out by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange...more

K&L Gates LLP

SEC Expands "Dealer" Definition to Capture Liquidity Providers

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Introduction - On 6 February 2024, the US Securities and Exchange Commission (SEC) voted 3-2 to adopt two new rules that significantly expand the definitions of a “dealer” and “government securities dealer” in Sections...more

McAfee & Taft

Bitcoin ETFs and workplace retirement plans: DOL has ‘serious concerns’

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The U.S. Securities and Exchange Commission (SEC) recently approved applications from large investment firms to offer spot bitcoin exchange-traded funds (ETFs). Retail investors can now buy bitcoin ETFs on traditional...more

DCI Consulting

Update on SEC Rule for ESG Disclosure Expected Spring of Next Year

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The Securities and Exchange Commission (SEC or Commission) revealed their 2023 Fall Rule List which serves as an agenda the Commission will focus on and provides the status of each rule. Currently, there are 43 proposed...more

Orrick, Herrington & Sutcliffe LLP

SEC and DOJ charge two co-CEOs operating a $100 million fraud scheme

On November 9, the SEC and DOJ charged two co-CEOs of a tech investment firm for allegedly directing a $100 million fraud scheme. The two individuals were the founders of a failed Fresno-based technology company and were...more

K&L Gates LLP

The SEC Publishes 2024 Examination Priorities Ahead of Schedule, Previewing Key Areas of Focus for Registered Entities

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On 16 October 2023, the Division of Examinations (Division) of the US Securities and Exchange Commission (SEC) released its examination priorities for the 2024 fiscal year (the Report). The Division released this Report...more

Bressler, Amery & Ross, P.C.

SEC Enforcement Chief Issues Reminder Concerning Compliance Officer Liability

On Oct. 24, 2023, Gurbir Grewal, the Director of the U.S. Securities and Exchange Commission’s (SEC) Enforcement Division, spoke to the NY Bar Association Compliance Institute about his views concerning faltering public trust...more

Katten Muchin Rosenman LLP

FINRA Gains Greater Jurisdiction and Members: Amendments to SEC Rule 15b9-1 Will Require Most Proprietary Trading Broker-Dealers...

The Securities and Exchange Commission (SEC) recently adopted amendments to SEC Rule 15b9-1 that will require virtually every broker-dealer to become a Financial Industry Regulatory Authority (FINRA) member. With these...more

Proskauer Rose LLP

Quant Firm Applies to Issue ETF Share Classes in Mutual Funds

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Dimensional Fund Advisors LP ("Dimensional"), a quantitative investment firm, recently filed an application for exemptive relief ("Application") with the Securities and Exchange Commission ("SEC"), seeking permission to offer...more

Oberheiden P.C.

SEC Continues to Target Brokers and Investment Advisors with Cherry Picking Investigations

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The U.S. Securities and Exchange Commission (SEC) has conducted several publicized investigations focused on broker and investment adviser or advisor cherry-picking in recent years. Most recently, the SEC announced on August...more

Frantz Ward LLP

New Law Exempts M&A Firms From SEC Broker/Dealer Registration

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Merger and acquisition firms—often referred to as M&A brokers—are investment bankers who function as intermediaries to facilitate the sale of private businesses by locating sellers for companies looking for acquisitions, or...more

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