News & Analysis as of September 19, 2024

Securities Exchange Act › Transaction-Based Compensation

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

The Justice Insiders Podcast: Meet the Securities and Exchange (and Human Resources) Commission

Three Immigration Lawyers Sanctioned by the SEC for Brokering EB-5 Investments

Mintz - EB-5 Financing Viewpoints on 8/24/2016

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has...more

SEC Fines Private Equity Adviser for Failing to Register as a Broker-Dealer

Latham & Watkins LLP on 6/29/2016

The action may have significant implications for PE advisers performing brokerage services; highlights SEC’s focus on advisers receiving transaction-based compensation. On June 1, 2016, the Securities and Exchange...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

Cozen O'Connor on 6/22/2016

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

"SEC Charges Private Equity Fund Adviser as an Unregistered Broker"

Skadden, Arps, Slate, Meagher & Flom LLP on 6/17/2016

On June 1, 2016, the Securities and Exchange Commission (the "SEC") accepted a settlement offer from a registered investment adviser of private equity funds, and its founder, principal and managing member. The settlement...more

SEC Relief For "M&A Brokers:" Not Required To Register As Broker-Dealers

Perkins Coie on 2/19/2014

The Chief Counsel of the SEC’s Division of Trading and Markets recently issued an important no-enforcement letter regarding the status of a person engaged in effecting transactions in connection with the transfer of ownership...more

Recent SEC Actions Focus on Broker-Dealer Activity of Private Funds, Highlight Perils, and Generate Controversy

Dechert LLP on 4/22/2013

A recent public statement by a member of the senior staff (“Staff”) of the Securities and Exchange Commission (“SEC”) and recent SEC enforcement actions have reminded private equity and other private fund managers (such as...more

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