U.S. Securities and Exchange Commission

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SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings

SEC Chairman Clayton Provides Statement on Cryptocurrency and Initial Coin Offerings WHAT HAPPENED? On December 11, 2017, SEC Chairman Jay Clayton released a statement on cryptocurrencies and initial coin offerings (ICO) to serve as guidance as both markets continue to expand.  The statement provides Clayton’s concerns for the markets [...]

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees

Private Equity Firm Charged with Failure to Disclose Accelerated Portfolio Monitoring Fees WHAT HAPPENED? On December 21, 2017, the SEC charged a private equity fund adviser (“Respondent”) with failing to adequately disclose accelerated portfolio monitoring fees.  Between 2013 and 2015, Respondent accelerated the payment of future monitoring fees from [...]

SEC Charges Stock Trader with Insider Trading

SEC Charges Stock Trader with Insider Trading WHAT HAPPENED? On December 11, 2017, the SEC charged a stock trader (“Defendant”) with generating over $1 million in illegal insider trading profits.  Defendant collaborated with four former colleagues, posing as portfolio managers, to persuade investment bankers to share nonpublic information regarding [...]

SEC Modifies Final Rule for Form N-PORT

SEC Modifies Final Rule for Form N-PORT WHAT HAPPENED? The SEC has adopted a temporary final rule that will delay the compliance dates for filing a Form N-PORT.  The SEC made this modification in order to evaluate their data security practices for material, nonpublic information and uplift the EDGAR [...]

Adviser Charged with Defrauding Clients

Adviser Charged with Defrauding Clients WHAT HAPPENED? On December 11, 2017, the SEC charged a dually registered investment adviser and broker-dealer, and its principal (collectively, the “Defendant”), with defrauding its clients and receiving $780,000 in ill-gotten gains.  Over the course of several years, Defendant repeatedly purchased securities from underwriters [...]

Division of Enforcement Releases Annual Report

Division of Enforcement Releases Annual Report WHAT HAPPENED? On November 15, 2017, the SEC’s Division of Enforcement released its annual report for Fiscal Year 2017 (“FY 2017”).  The report explains how the Division of Enforcement’s decision making throughout FY 2017 was guided by the following five principles: Focus on [...]

SEC Charges Unregistered Fund Manager

SEC Charges Unregistered Fund Manager WHAT HAPPENED? On October 26, 2017, the SEC charged an unregistered investment adviser and its principals (“collectively, the “Respondents”) with engaging a private fund it managed (the “Fund”) in conflicted transactions without providing disclosure to the investors. The conflicted transactions that Respondents performed includes [...]

SEC Grants Relief to Broker-Dealers and Investment Advisers

SEC Grants Relief to Broker-Dealers and Investment Advisers WHAT HAPPENED? On October 26, 2017, the SEC released three no-action letters that will provide 30 months relief under the Investment Advisers Act of 1940 for US broker-dealers under the second Markets in Financial Instruments Directive (“MiFID II”).  MiFID II is [...]

House Panel Passes Bill to Repeal DOL Fiduciary Rule

House Panel Passes Bill to Repeal DOL Fiduciary Rule WHAT HAPPENED? On October 12, 2017, the House Financial Services Committee passed the Protecting Advice for Small Savers Act of 2017 (the “PASS Act”), which would repeal the DOL’s Fiduciary Rule.  This bill would keep fiduciary rulemaking under the SEC’s [...]