Chuck Daly

Nov 13, 2024 | datamatters.sidley.com | W. Hardy Callcott |Stephen Cohen |Chuck Daly |Ranah Esmaili

In its 2024 fiscal year, the U.S. Securities and Exchange Commission brought over 130 enforcement actions against investment advisers and their representatives. This Sidley Update highlights the key areas of focus and notable actions and litigation from the past fiscal year. Please click here to view the full Sidley Update. This post is as of the posting date stated above. Sidley Austin LLP assumes no duty to update this post or post about any subsequent developments having a bearing on this post.

Apr 24, 2024 | lexology.com | W. Hardy Callcott |Chuck Daly |Elizabeth Shea Fries |Victoria A. Anglin |Joanne Saint Louis

On April 18, 2024, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued a Risk Alert summarizing the staff’s preliminary observations from examinations involving the compliance by registered investment advisers with Rule 206(4)-1 of the Investment Advisers Act of 1940, as amended (the Marketing Rule).

Apr 10, 2024 | lexology.com | Stephen Cohen |Chuck Daly |Ranah Esmaili |Lara Shalov Mehraban |Christopher Mills |David S. Petron | +2 more

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC or Commission) announced an off-channel communications enforcement action that was the first such action against a private fund adviser and the first off-channel case against a standalone investment adviser since the SEC launched investigative sweeps focused on off-channel communications in 2022.1 The matter marks the latest in a series of enforcement actions for communications-related recordkeeping failures.

Sep 13, 2023 | lexology.com | W. Hardy Callcott |Stephen Cohen |Ranah Esmaili |Elizabeth Shea Fries |Lara Shalov Mehraban |Barry W. Rashkover | +2 more

On September 11, 2023, the U.S. Securities and Exchange Commission (SEC) announced settled charges against nine registered investment advisers arising out of violations of the investment adviser marketing rule (the Marketing Rule).1 Under the Marketing Rule, which was amended in December 2020, registered investment advisers are prohibited from including any hypothetical performance in their advertisements unless they have adopted and implemented policies and procedures reasonably designed to...

Aug 10, 2023 | lexology.com | W. Hardy Callcott |Jay G. Baris |James Brigagliano |Benson R. Cohen |Ranah Esmaili |Nathan J. Greene | +3 more

On July 26, 2023, the U.S. Securities and Exchange Commission (SEC or Commission) proposed new rules for broker-dealers (Proposed Rule 15(1)-2) and investment advisers (Proposed Rule 211(h)(2)-4) on the use of predictive data analytics (PDA) and PDA-like technologies in any interactions with investors.1 However, as discussed below, the scope of a “covered technology” subject to the rules is much broader than what most observers would consider to constitute predictive data analytics.