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Regulatory Compliance & Enforcement Actions

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SEC Adopts Data Privacy Rule Amendments to Regulation S-P

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SEC and FinCEN Propose Customer Identification Program Requirements for Registered Investment Advisers and Exempt Reporting Advisers

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SEC Settles Charges Against Adviser for Improperly Splitting Legal Fees

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SEC Staff Publish New Registered Fund Statistics Report

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SEC Charges Five Advisers with Violations of the Marketing Rule; SEC Staff Releases Risk Alert on Marketing Rule Compliance

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CBOE Applies for SEC Approval to List and Trade ETF Share Classes

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SEC Settles Charges with Adviser for Recordkeeping Violations and Staff Lays Out Factors Considered in Determining What Penalties to Recommend for Off-Channel Communications Violations

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SEC Releases Materials on T+1 Settlement Cycle Adoption in Advance of May Compliance Date

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SEC Adopts Amendments to the Internet Adviser Exemption

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SEC Settles Charges with Advisers for Marketing Rule Violations Related to AI Washing

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SEC Settles Charges with Adviser for Failing to Disclose Conflicts of Interest

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SEC Staff Denies Closed-End Fund’s No-Action Request Seeking to Exclude Shareholder Proposal to Declassify Board

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SEC Staff Issues No-Action Letter to Closed-End Funds Seeking to Exclude Activist Shareholder Proposals to Declassify Board

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SEC Settles Charges with Adviser for Failing to Disclose Influencer’s Role in Promoting ETF

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SEC Proposes Update to Definition of Qualifying Venture Capital Fund

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SEC Staff Updates Marketing Rule FAQs

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SEC Settles with Sixteen Firms for Charges of Widespread Recordkeeping Failures

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SEC Provides Guidance on Determining Investment Company Status in SPAC Rule Release

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SEC Settles Charges Against Firm for Disclosing MNPI on Block Trades

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SEC Settles Charges Against Firm for Alleged Whistleblower Protection Rule Violations

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SEC Settles Charges Against Private-Equity Firm for Alleged Disclosure Policy Failures

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The ‘40 Act Blog Top 10 of 2023

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SEC Releases Staff Report on Definition of Accredited Investor

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SEC Announces Robust Fiscal Year 2023 Enforcement Results

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SEC Staff Grants No-Action Relief Under Section 17 and Rule 17d-1 Thereunder Allowing Fund to Enter Transaction Agreement with New Adviser

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SEC Division of Examinations Releases its 2024 Examination Priorities

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SEC Settles Charges Against Ratings Agencies Relating to Alleged Recordkeeping Failures

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SEC Adopts Amendments to Beneficial Ownership Reporting Rules

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SEC Settles Charges with Mutual Fund Adviser for ESG Related Violations

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SEC Settles Charges with Mutual Fund Adviser for AML Related Violations

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SEC Proposes Changes to EDGAR Filer Access and Account Management

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SEC Settles Charges with Nine Advisers in Marketing Rule Sweep

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SEC Files a Civil Complaint Against a Broker-Dealer for False and Misleading Disclosures Relating to Information Barriers

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SEC Issues a Risk Alert Providing Details on the Investment Adviser Examination Process

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SEC Reopens Comment Period for Proposal on New Safeguarding Rule for Investment Advisers

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SEC Settles Charges With Transfer Agent for Lost Securityholders

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SEC Charges 11 Firms with Widespread Recordkeeping Failures

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SEC Proposes Amendments to the Internet Adviser Exemption

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SEC Proposes New Rules Concerning Investment Adviser and Broker-Dealer Use of Predictive Data Analytics

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SEC Announces Insider Trading Charges Against Thirteen Defendants in Four Separate Complaints

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SEC Settles Charges with Accounting Firm for Quality Control Deficiencies

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SEC Settles Charges with Registered Adviser for Disclosure and Policy and Procedure Violations

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SEC Charges Adviser and its Principal in Illegal Short Selling Scheme

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SEC Settles Charges with Registered Investment Adviser over Valuation Policies and Procedures

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SEC Staff Issue Risk Alert on LIBOR-Transition Preparedness for Investment Advisers and Investment Companies

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SEC Charges Adviser and Fund Trustees in First Case Enforcing Liquidity Rule

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

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SEC Staff Issue Risk Alert on Safeguarding Customer Records and Information at Branch Offices

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SEC Settles Charges Against Adviser for Misstatements About Tax Loss Harvesting Service

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

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SEC Settles Charges Against Investment Adviser for Improper Fixed Income Securities Trading

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SEC Settles Charges with Adviser for Failure to Disclose Foreign Currency Exchange Fees

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SEC Proposes New Cybersecurity Requirements for Certain Market Entities and Reopens Comment Period for Proposed Cybersecurity Rules for Registered Advisers and Funds

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SEC Proposes Amendments to Regulation S-P

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

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SEC Division of Examinations Releases its 2023 Examination Priorities

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SEC Releases Staff Bulletin on Differential Advisory Fee Waivers

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SEC Settles Charges with Security Valuation Provider for Providing Misleading Disclosures About Its Valuation Methodologies

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Investment Adviser Charged for Failing to Disclose Revenue Sharing Arrangements and Related Conflicts of Interest

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Former Fund Portfolio Manager Charged for Failing to Disclose Conflict of Interest

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SEC Adopts Amendments to Rule 10b5-1

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SEC Charges Investment Adviser with ESG-Related Policy and Procedure Failures

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SEC Seeks Special Master in Case Involving NAV Mismarking Scheme

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SEC Adopts Amendments Relating to Shareholder Reports and Investment Company Advertisements

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FASB Moves to Fair Value Accounting for Measuring Crypto Assets

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SEC Charges Sixteen Firms for Recordkeeping Failures Related to Employee Use of Personal Devices

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SEC Settles Charges Against Investment Adviser for Failing to Implement Adequate Proxy Voting Policies and Procedures

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Withdrawal of SEC Staff Guidance and Letters Related to Fund Fair Valuation Rule and Adviser Marketing Rule

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FASB Issues Accounting Guidance on Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

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SEC Settles Charges Against Investment Adviser for Failing to Disclose SPAC-Related Conflicts

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SEC Publishes Accounting and Disclosure Information Bulletin Regarding SEC Yield for Funds that Invest in TIPS

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IM Director Birdthistle Speech On Swing Pricing, LIBOR and MiFID/Broker-Dealer IA Relief

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SEC Settles Charges with Insurance Company in Connection with Fraud Against Variable Annuity Investors

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SEC Approves First Single-Stock ETFs in US; More Are in the Pipeline

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SEC Adopts Amendments to Proxy Voting Advice Rules

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Investment Adviser and CCO Failed to Respond to Red Flags Surrounding Investment Adviser Representative’s Outside Business Activities

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SEC Imposes Largest Audit Firm Penalty Ever of $100 Million for Cheating on CPA Exams

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SEC Adopts Rule Amendments Requiring Electronic Filing of Certain Documents and Form Amendments to Modernize Form 13F

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SEC Seeks Public Comment on Whether Information Providers Are Acting as Investment Advisers

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SEC Proposes Amendments to Fund “Names Rule” and Proposes Amendments Concerning ESG Investment Practices

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SEC Settles Charges with Broker-Dealer in Connection with Improper Switching of Variable Annuities

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SEC Settles Charges with Investment Adviser in Connection with ESG Misstatements and Omissions

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SEC Charges Investment Adviser and Three Portfolio Managers in Connection with Multibillion Dollar Securities Fraud

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SEC Division of Examinations Issues Risk Alert on Investment Adviser MNPI Compliance Deficiencies

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SEC Announces 2022 Examination Priorities

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U.S. District Court Rules That “Control Share Acquisition” Provision of Closed-End Fund Bylaws Violates the Investment Company Act of 1940

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Financial Services Company Fined $100 Million and Agrees to Pursue Registration of its Crypto Lending Product

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SEC Charges Founder of Registered Investment Adviser with Fraud

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SEC Proposes Amendments to Modernize Rules Governing Beneficial Ownership Reporting

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SEC Proposes Rules and Amendments to Enhance Cybersecurity Preparedness of Investment Advisers and Investment Companies

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SEC Chair Gary Gensler Highlights Opportunities to Strengthen Cybersecurity Practices of Investment Companies and Advisers in Speech

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Broker-Dealer Fined for Electronic Communication and Recordkeeping Failures

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SEC Proposes Amendments to Rule 10b5-1 and Enhanced Disclosures Relating to Rule 10b5-1 Trading Plans in Issuer Reports and Certain Section 16 Reporting Forms

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SEC Proposes Rule to Increase Transparency for Securities Lending Transactions

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SEC Division of Examinations Issues Risk Alert on Investment Adviser Fee Calculations

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SEC Division of Examinations Staff Issues Risk Alert for Advisers that Provide Electronic Investment Advice

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SEC Proposes Amendments to Update Electronic Filing Requirements

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SEC Staff Issues Bulletin Setting Forth Views on Shareholder Proposal Rule; New Approach Expected to Result in More ESG Proposals

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SEC Charges Former Executives of Registered Investment Adviser with Fraud

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SEC Approves NYSE Arca Rule Change That Allows Semi-Transparent Active ETFs to Use Custom Baskets

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SEC and CFTC File Civil Complaints Against Fund Sponsor and its Portfolio Managers and Enter into Settlement Agreement with Chief Risk Officer on Related Allegations

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NYSE Arca Receives Approval for Proposed Rule Change to Exempt Funds from Shareholder Approval Requirements in Connection with Certain Acquisitions

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SEC Issues Statement on Funds Investing in Bitcoin Futures

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SEC Publishes New FAQ on Form N-CEN

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SEC Withdraws and Modifies Certain Staff Letters in Light of Rule 18f-4

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SEC Publishes New FAQ on Valuation Rule

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SEC Issues Statement on Investment Company Cross Trading Practices Potentially Impacted by the Valuation Rule

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Additional Semi-Transparent ETF Sponsor Receives Amended Exemptive Relief to Use “Custom Baskets”

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SEC Releases FAQs on New Rules Establishing Updated Regulatory Framework for Fund Valuation Practices

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SEC Issues Statement on Insurance Product Fund Substitution Applications

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SEC Releases Primer on Money Market Funds and The Repo Market

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Independent Directors Council Submits Comment Letter on Federal Trade Commission’s Proposed Amendments to Premerger Notification Requirements

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SEC Staff Grants No-Action Relief from Section 17(f) of the 1940 Act and Rule 17f-2 Thereunder with Respect to Self-Custody of Loan Interests

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SEC Amends Rules to Facilitate Electronic Submission of Documents

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Pricing Service to Pay $8 Million to Settle SEC Charges

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SEC’s Investment Management Division Issues Guidance on Funds’ Risk Disclosure Regarding Investments in Emerging Markets

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SEC Adopts Rule to Modernize Fund Valuation Practices

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SEC Settles Charges Against Investment Advisory Firms and Dually-Registered Broker-Dealer and Investment Adviser Firms Related to Sales of Complex Exchange-Traded Products

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Compliance and Effective Dates Set for Final Rule and Related Amendments for Fund-of-Funds Arrangements

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SEC Adopts Modernized Regulatory Framework for Derivatives Use by Registered Investment Companies and Business Development Companies

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SEC Staff’s Latest Dear CFO Letters Rescind or Modify Certain Existing Staff Positions and Express New Staff Positions

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SEC Adopts Final Rule and Related Amendments for Fund-of-Funds Arrangements

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SEC Reaches Settlement with Investment Adviser Regarding Recapture of Waived Fees and Reimbursed Expenses from Money Market Funds

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SEC Settles Charges Against Investment Adviser for Unlawful Cross Trades

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SEC Proposes Modernizations to Fund Shareholder Reports and Disclosures

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Director of SEC’s Division of Investment Management Discusses Easing Restrictions on Certain Registered Fund Investments in Private Funds

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Registered Fund Adviser and Affiliate Censured and Fined for Violations of Section 12(d)(1)(A) (Fund of Funds Limitations) and Compliance Rules

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Department of Labor Proposes Rule Affecting ESG Plan Investments

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SEC Extends In-Person Meeting Relief for Fund Boards

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Federal Reserve Announces Updates to Secondary Market Corporate Credit Facility

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SEC Staff Issues No-Action Letter for Funds Participating in TALF 2020

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CFTC Issues Customer Advisory Regarding Commodity ETPs and Funds

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SEC Staff Withdraws Prior No-Action Guidance on State Control Share Acquisition Statutes

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FINRA Issues Notice Reminding Firms of Sales Practice Obligations for Certain Exchange-Traded Products

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SEC Charges Three Former Audit Firm Partners for Exam Sharing Misconduct

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ETF Sponsors Submit Letters to Major Exchanges Regarding ETP Categorization

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Major Exchanges for ETFs Receive Approval for Generic Listing Standards for ETFs that Can Rely on Rule 6c-11

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SEC Fines Fund Adviser for Overvaluing its Securities and Misleading Performance Disclosures

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SEC Adopts Rule Clarifying Fair Value Determinations

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SEC’s Division of Investment Management Issues Statement on Importance of Delivering Timely and Material Information to Investment Company Investors

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SEC Provides Temporary Relief to Business Development Companies Related to COVID-19

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SEC Staff Grants Temporary Relief to Support Open-End Funds

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SEC Provides Revised Relief to Assist Registered Funds Affected by the Coronavirus

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SEC Staff Grants Temporary Relief to Support Money Market Funds

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Federal Reserve Opens Expanded Money Market Fund Liquidity Facility

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Federal Reserve Creates Money Market Fund Liquidity Facility

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Broker-Dealer Entities Fined $35 Million for Violations Relating to Inverse ETF Recommendations to Retail Investors

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SEC Requests Comment on Fund Names Rule; Seeks to Eliminate Misleading Fund Names

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Blackstone Receives Order on Novel Exemptive Application under the 1940 Act

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Blackstone Receives Notice on Novel Exemptive Application under the 1940 Act

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Major Exchanges for ETFs Have Filed Proposed Rule Changes to Establish Generic Listing Standards for ETF Shares Permitted to Rely on Rule 6c-11

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SEC Proposes to Modernize Auditor Independence Rules

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The opinions expressed are those of the author(s) and do not necessarily reflect the views of the firm or its clients, or any of its or their respective affiliates. This article is for general information purposes and is not intended to be and should not be taken as legal advice.