As of January 1, 2024, the Beneficial Ownership Information Reporting Requirements (the “Reporting Rule”) issued by Financial Crimes Enforcement Network (“FinCEN”) to implement Section 6403 of the Corporate Transparency Act...more
On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated the U.S. Securities and Exchange Commission’s (“SEC”) 2023 Private Fund Advisers Rule (“Final Rules”), agreeing with petitioners that the SEC exceeded its...more
On May 16, 2024, the Securities and Exchange Commission (“SEC”) announced the adoption of amendments to Regulation S-P (“Reg S-P”) that are designed to modernize and enhance the rules governing the treatment and protection of...more
The staff of SEC’s Division of Examinations (the “Staff”) recently issued a Risk Alert (the “Alert”) outlining the Staff’s initial observations from sweep exams conducted to assess SEC registered investment advisers’ (“RIAs”)...more
On April 5, 2024, a federal jury in SEC v. Panuwat (N.D. Cal.) agreed with the SEC that a corporate official engaged in insider trading when he purchased securities of a company based on material nonpublic information...more
On February 6, 2024, the Securities and Exchange Commission (“SEC”) in a 3-2 vote adopted new Rules 3a5‑4 and 3a44‑2 (the “Dealer Rules”) that expand the definition of a “dealer” and a “government securities dealer” under the...more
On October 16, 2023, the Securities and Exchange Commission’s (the “SEC”) Division of Examinations (the “Division”) published its examination priorities for the upcoming year. The Division published the priorities earlier...more
On November 28, 2023, the Tax Court held that limited partners in state law limited partnerships cannot automatically rely on Section 1402(a)(13) of the Self-Employment Contributions Act (“SECA”) to exclude their distributive...more