The Power of Lawyer Letters
Consumer Finance Monitor Podcast Episode: A Deep Dive into Mass Mailings by Debt Relief Law Firms
On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more
Two weeks ago, this Blog wrote about an enforcement action involving an investment adviser’s former co-chief investment officer who had been charged with running a more than $600 million cherry-picking scheme (here). Today,...more
Who may be interested: Registered Investment Companies; Investment Advisers; Compliance Staff - Quick Take: The SEC recently settled charges against a registered investment adviser (the Adviser) for making misleading...more
Who may be interested: Investment Advisers, Compliance Staff, Registered Investment Companies - Quick Take: The SEC recently announced settled charges against a registered investment adviser for overvaluing approximately...more
Eighth Circuit Invalidates Missouri's Two-Year Lobbying Ban for Former Legislators and Staffers - The Eighth Circuit Court of Appeals invalidated a Missouri state constitutional amendment that imposed a two-year lobbying...more
The Securities and Exchange Commission (SEC) announced charges against 26 broker-dealers, investment advisers, and dually-registered firms for widespread and longstanding failures to maintain and preserve electronic...more
Late last month, the Supreme Court issued two opinions which seemingly shook up the field of administrative law. As explained in this article, however, while both decisions bear significantly on certain administrative...more
The U.S. Supreme Court began its new term this week and is taking cases government enforcement practitioners will want to follow. Specifically, the Court will address issues concerning: the interplay between SEC...more
Who may be interested: Investment Advisers. Quick Take: The SEC recently settled charges with nine investment advisers related to their use of hypothetical performance information on their websites without adopting or...more
Recently, the U.S. Securities and Exchange Commission (the “SEC”) announced charges against an investment adviser (the “Adviser”) for using hypothetical performance metrics in advertisements that were misleading pursuant to...more
Who may be interested: Registered Investment Advisers. Quick Take: The SEC recently settled charges against an investment adviser (Adviser) and one of the Adviser’s partial owners for breach of fiduciary duty in...more
Who may be interested: Registered Investment Advisers, Robo-advisers, Compliance Staff. Quick Take: The SEC settled charges against a registered adviser for misstating and omitting material information about the...more
Who may be interested: Registered Investment Advisers, Mutual Funds, Compliance Officers - Quick Take: The SEC settled charges against two affiliated registered investment advisers, alleging that the advisers failed to...more
On January 13, 2022, the Securities and Exchange Commission (SEC) announced settled charges against CMG Capital Management Group, Inc. (CMG), a registered investment adviser for failing to adopt and implement policies and...more
On October 15, 2020, the Securities and Exchange Commission issued a settled administrative order charging Andeavor LLC with failing to devise and maintain adequate internal controls surrounding its buyback of company stock...more
The Securities and Exchange Commission (“Commission” or “SEC”) recently instituted settled administrative and cease-and-desist proceedings against a chief compliance officer of a registered investment adviser for record...more
A settlement last week involving a private equity fund sponsor is a reminder that compliance with fee calculation provisions and valuation policies and procedures are crucially important for fund managers. Even when an error...more
On April 30, 2019, the D.C. Circuit issued an important decision in Robare Group, Ltd. v. SEC, Slip Op. No. 16-1453, which rejected the long-standing approach of the Securities and Exchange Commission (Commission or SEC) that...more
In December 2018, the SEC announced two enforcement actions involving business development companies (BDCs) – one against Fifth Street Management, LLC, the former external registered investment adviser to two BDCs, and the...more
In a flurry of activity and confluence of developments, the SEC, FINRA and a Brooklyn federal judge have commenced actions and made rulings that continue to define the regulatory framework and obligations surrounding the sale...more
A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more
The SEC continues to expand the scope of responsibilities and standards applicable to gatekeepers. In an application of the Investment Advisers Act of 1940 (Advisers Act) to the actions of a nonadviser fund service...more
It is important for registered investment advisers to determine if the correct workers – regardless of employee or consultant labels — have been designated as Access Persons. Originally published as a guest post on Hedge...more
The Commission has increasingly focused on data analysis as an aid to its enforcement program. Two recent cases brought against investment advisers for cherry picking illustrate different facets of the approach....more
Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more