SEC

Years ago, I handled the defense of a FINRA Enforcement case that still galls me.  The client sent a series of emails, over many months, about a particular security to customers who already owned the stock.  The point of the emails was largely to provide updates, and, from time-to-time, to suggest that the customers consider…

Tis the season for announcing the year’s top examination priorities. This week, the SEC released its own examination priorities. Top priorities include:

  • liquidity controls;
  • public pension advisers;
  • product promotion;
  • exchange-traded funds; and
  • variable annuities.

Thematically, the SEC’s priorities adhere to its larger objectives: protecting retail investors (especially retirement savings); assessing market-wide risks; and utilizing data…

In what many will likely consider to be an effort to quiet the increasing chorus of criticism over the SEC’s increased use of administrative proceedings over the last few years, today, the SEC announced a proposal to amend several of the rules governing those proceedings. While the SEC did not expressly acknowledge that the amendments…

We have previously posted on the issue of CCO liability, a very sensitive subject, to say the least, for many readers of this blog.  If this is a subject that interests you, then there was a very intriguing development this past week in this area that merits your attention.

It came in the form of…

Yesterday, the SEC held its 2015 “National Compliance Outreach Program for Broker-Dealers.” The program was designed to “provide[] an open forum for regulators and industry professionals to share strong compliance practices and promote the exchange of ideas to develop an effective compliance structure.” In the spirit of this cooperation, SEC Chairwoman White opened the conference…

The SEC has faced mounting criticism recently for its increasing use of administrative proceedings in enforcement matters. Numerous lawsuits have been filed against the agency, challenging its forum selection. Judge Jed Rakoff of the U.S. District for the Southern District of New York has made it very clear he has serious fairness and constitutionality concerns…

Obviously, given the name of this blog, the focus is on broker-dealers, but we also have a robust practice advising RIAs and investment management companies.  In that vein, a group of attorneys working in our Cleveland office published a Client Alert today that discusses a recent Investment Management Guidance Update published by the SEC.

The…