Category: Legal and Regulatory Updates
SEC Charges Account Takeover Victims for Deficient Cybersecurity Policies and Procedures that Expose
SEC Charges Account Takeover Victims for Deficient Cybersecurity Policies and Procedures that Exposed PII of Thousands of Clients September 3, 2021 Two SEC-registered investment advisers, four dual registrants, and...
September 03, 2021
Tags: Cybersecurity, SEC Enforcement
New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty in connection with the adviser’s use in wrap fee programs of mutual fund share...
September 03, 2021
New SEC Share Class Disclosure Cases Involve Wrap Fee Programs, Expense-Sharing Agreement
Two Advisers Agree to Pay Over $3 Million to Settle Charges The SEC has fined a previously-registered adviser over $1 million for alleged breaches of fiduciary duty in connection with...
September 03, 2021
Tags: Conflicts of Interest, SEC Enforcement, Share Class Disclosure
SEC Charges Hedge Fund Sub-Adviser for Causing Brokers to Violate Regulation SHO
The SEC has fined a Toronto-based investment adviser, the adviser’s principal, and its trader for causing brokers to violate Regulation SHO, which governs short selling, and for causing a hedge...
September 01, 2021
Tags: Hedge Funds, Short Selling
SEC Approves Nasdaq’s Proposals Regarding Board Diversity
The SEC recently approved Nasdaq’s proposed rule changes requiring Nasdaq-listed companies, with certain exceptions, to disclose information regarding board diversity and offering certain companies access to a complimentary board recruiting...
August 24, 2021
Increases in AUM, Net Worth Thresholds for Qualified Clients Effective Aug. 16
The inflation adjustments that increased the assets-under-management and net worth tests in the definition of “qualified client” under the Advisers Act became effective as of August 16, 2021. The dollar...
August 24, 2021
Tags: Fees and Expenses
Adviser Pays $300K to Settle Proprietary ETF Disclosure Charges
The SEC has fined a San Francisco-based digital adviser for failing to adequately disclose the adviser’s conflicts of interest relating to investing client assets into new ETFs sponsored by the...
August 24, 2021
Tags: Conflicts of Interest, ETFs
SEC Issues Interim Updates to Whistleblower Procedures
The SEC adopted amendments to its Whistleblower Program rules in September 2020 that address the criteria for making an award where another agency’s whistleblower program may apply to an action...
August 24, 2021
Tags: Elad Roisman, Gary Gensler, Hester Peirce, SEC Enforcement
Industry Updates SEC on Move to Shorten Settlement Cycle
Members Encouraged to Provide Feedback to IAA Following their April 2021 announcement on efforts to move from a T+2 to a T+1 settlement schedule, the ICI, SIFMA, and DTCC have...
August 23, 2021
Tags: Trading
SEC’s Gensler Discusses Gaps in the Regulation of Digital Assets
In a recent speech before the Aspen Security Forum, SEC Chair Gary Gensler raised investor protection concerns in connection with digital assets and called on Congress to provide the SEC...
August 17, 2021
Tags: Digital Assets, Gary Gensler
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