News & Analysis as of

Investment Adviser Cease and Desist Orders Civil Monetary Penalty

Proskauer - Whistleblower Defense

SEC Announces Slew of Enforcement Actions Regarding Whistleblower Protection Rule

The SEC recently announced the settlement of multiple enforcement actions for violations of its whistleblower protection rule, which prohibits “any action to impede an individual from communicating directly with the...more

Stark & Stark

More Than $390 Million in Penalties for Recordkeeping Failures

Stark & Stark on

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

Seward & Kissel LLP

SEC Settles Charges Against Firm for Disclosing MNPI on Block Trades

Seward & Kissel LLP on

Who may be interested: Registered Investment Companies, Investment Advisers, Broker-Dealers - Quick Take: The SEC settled charges against a firm and the former head of the firm’s equity syndicate desk, arising out of a...more

Freiberger Haber LLP

Enforcement News: SEC Charges Investment Advisor With Violating Whistleblower Protection Rule

Freiberger Haber LLP on

We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more

Seward & Kissel LLP

SEC Settles Charges with Nine Advisers in Marketing Rule Sweep

Seward & Kissel LLP on

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

Seward & Kissel LLP

SEC Settles Charges With Adviser for Breach of Fiduciary Duty Relating to Leveraged ETF Investments

Seward & Kissel LLP on

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

Seward & Kissel LLP

SEC Settles Charges with Adviser for Failure to Disclose Conflicts of Interest Related to SPACs

Seward & Kissel LLP on

Who may be interested: Registered Investment Advisers. Quick Take: The SEC settled charges against a registered investment adviser alleging that the adviser failed to timely disclose to its private fund clients its...more

Seward & Kissel LLP

SEC Settles Charges Against Investment Advisers for Alleged Breaches of Fiduciary Duties

Seward & Kissel LLP on

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

Nutter McClennen & Fish LLP

Nutter Securities Enforcement Update: August 1, 2022

The Nutter Securities Enforcement Update is a periodic summary of noteworthy recent securities enforcement activity, settlements, decisions, and charges. ...more

King & Spalding

SEC’S Expansive View of “Accounting Controls” Draws Unusual Dissent from Two Commissioners

King & Spalding on

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

WilmerHale

SEC Enforcement Alert: D.C. Circuit Rules Negligent Conduct Is Not “Willful”

WilmerHale on

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

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

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

Jackson Walker

Investment Adviser and SEC Agree to Settle Charges Arising out of Failure to Adopt Written Cybersecurity Policies Required by the...

Jackson Walker on

The SEC charged investment adviser R.T. Jones with willfully violating the Safeguards Rule by failing to adopt written policies and procedures designed to protect customer records and information. The Safeguards Rule requires...more

Morrison & Foerster LLP

SEC's Warning — Fund Trustees Are Fair Game

In a cease-and-desist order entered on June 17, 2015, the U.S. Securities and Exchange Commission found that a fund adviser, two independent trustees and an inside trustee willfully violated Section 15(c) of the Investment...more

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