News & Analysis as of

Material Nonpublic Information Compliance

BCLP

Social Media Posts Result in SEC Fines for Regulation FD Violations

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On September 26, 2024, the SEC announced that it had settled charges with DraftKings Inc. for selective disclosure of material non-public information on the CEO’s personal X (formerly Twitter) and LinkedIn accounts in...more

WilmerHale

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

WilmerHale on

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

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

BCLP

Don’t Pull the Trigger on That Stock Trade Just Yet! Questions Counsel Should Ask Insiders Before They Trade; Topics to Cover When...

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One of the routine duties of counsel for a public company is advising officers and directors on their trades in company stock and their SEC responsibilities when they leave. Because those discussions are routine, it may be...more

Thomas Fox - Compliance Evangelist

Panuwat-Shadow Insider Trading and Compliance

Karen Woody is one of the country’s top legal experts on the intricacies of insider trading laws. I recently had the chance to visit with her about a significant case which pushed the boundaries of the case law on this topic....more

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: March 1, 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

Holland & Knight LLP

On Heels of Recent Rule Amendments, DOJ and SEC Target Purported 10b5-1 Trading Plan Abuse

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A few months after the U.S. Securities and Exchange Commission (SEC) finalized amendments to address perceived abuses of corporate insider trading plans (known as "10b5-1 trading plans"), the U.S. Department of Justice (DOJ)...more

Holland & Knight LLP

Material and Public: Investment Advisers on Notice About MNPI Compliance Concerns

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The staff of the SEC's Division of Examinations (Exam) recently issued a Risk Alert that detailed certain rules registered investment advisers must comply with to prevent the misuse of material nonpublic information (MNPI),...more

Goodwin

SEC’s Division of Examinations Issues Risk Alert Regarding MNPI and Code of Ethics Compliance

Goodwin on

On April 26, 2022, the U.S. Securities and Exchange Commission’s (“SEC”) Division of Examinations (“EXAMS”) issued a risk alert concerning deficiencies related to Section 204A of the Investment Advisers Act of 1940 (“Advisers...more

Proskauer - The Capital Commitment

Three Key Considerations for Fund Sponsors when Participating in Bankruptcy Proceedings

We anticipate a more assertive regulatory enforcement program under the Biden administration, particularly focused on fund managers’ conflicts of interest, advisers’ codes of ethics, and related policies and procedures...more

Winstead PC

SEC Observes Common Compliance Issues with Private Fund Advisers

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On June 23, 2020, the Office of Compliance Inspections and Examinations (“OCIE”) issued a risk alert providing an overview of certain compliance issues observed by the OCIE in examinations of registered investment advisers...more

Foley & Lardner LLP

SEC Steps Up Investigations of Political Intelligence Firms for Insider Trading

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In the last few years, Congress, the U.S. Securities and Exchange Commission (SEC), and the courts have significantly increased their efforts to grapple with insider trading in the realm of political intelligence. In 2012,...more

Baker Donelson

NYSE Amends Rule Regarding Disclosure of Material Nonpublic Information

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Companies listed on the New York Stock Exchange (NYSE) are certainly familiar with the NYSE rules regarding public disclosure of material information. Those rules require prompt disclosure of material information that may...more

Pillsbury Winthrop Shaw Pittman LLP

Best Laid Plans Gone Awry: Practices for Rule 10b5-1 Trading Plans

Rule 10b5-1 trading plans are in the limelight due to investigations initiated by U.S. Attorney’s Offices and the SEC into possible abuses by corporate executives of such plans. Now, more than ever, companies and their boards...more

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