Claudius Modesti

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Articles

SEC Announces First Off-Channel Communications Enforcement Action Against a Standalone Private Fund Manager

Apr 8, 2024 | lexology.com | Peter Altman |Michael Asaro |Charles Connolly |Brian Daly |Jason Daniel |Anne Evans | +7 more

On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a registered investment adviser (RIA) with no ties to a broker-dealer regarding so-called “off-channel” communications—that is, communications sent away from firm-captured devices and/or firm-approved communications platforms.
Coinbase Court Embraces ‘Ecosystem’ Approach to Identifying Crypto-Asset Securities

Apr 3, 2024 | lexology.com | Lance Jasper |Peter Altman |Michael Asaro |Jan-Paul Bruynes |Charles Connolly |Brian Daly | +8 more

Key Points In a thorough decision, a federal district judge in New York largely denied Coinbase’s motion for judgment on the pleadings in a case brought by the SEC. Applying the plaintiff-friendly standards required at the pleading stage, the court accepted the SEC’s factual allegations as true and concluded that the SEC plausibly alleged that Coinbase violated the federal securities laws through its involvement in crypto-asset transactions involving investment contracts.
SEC Fines 16 Firms More Than $81 Million for Off-Channel Communications

Feb 12, 2024 | lexology.com | Peter Altman |Michael Asaro |Charles Connolly |Brian Daly |Jason Daniel |Anne Evans | +7 more

Key PointsLast week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and preserve electronic “off-channel” communications. This announcement reflects the latest in a wave of enforcement actions against financial firms throughout the industry for their employees’ use of “off-channel” communications to conduct business. Gurbir S.
The ‘Eddie Murphy Rule’ Earns Its Moniker: The CFTC Brings a Classic Insider Trading Case

Dec 18, 2023 | lexology.com | Peter Altman |Michael Asaro |Brian Daly |Anne Evans |Katherine Goldstein |Claudius Modesti | +3 more

While it took a few decades to surface, the fact pattern set forth in the movie “Trading Places” has finally come to pass.
The SEC’s Second NFT Enforcement Action: SEC v. Stoner Cats 2

Sep 14, 2023 | lexology.com | Peter Altman |Michael Asaro |Charles Connolly |Anne Evans |Katherine Goldstein |Claudius Modesti | +3 more

Key PointJust over two weeks after the SEC announced the settlement of its first NFT enforcement action against Impact Theory, on September 13, 2023, the SEC announced its second NFT enforcement action against SC2, the creator of a popular, celebrity-backed animated web series. The SEC charged SC2 with conducting an unregistered offering of digital assets in the form of non-fungible tokens called “Stoner Cats.”SEC v.
The SEC’s First NFT Enforcement Action: SEC v. Impact Theory

Aug 29, 2023 | lexology.com | Peter Altman |Michael Asaro |Charles Connolly |Anne Evans |Katherine Goldstein |Claudius Modesti | +3 more

Key PointsOn August 28, 2023, the SEC charged Impact Theory, LLC, a media company with an unregistered securities offering through its sale of NFTs. This marks the first time that the SEC has brought an enforcement action involving the sale of NFTs as unregistered securities. This may signal a new effort by the SEC to bring the NFT market, which has exploded in popularity in recent years, into its jurisdiction.
The SEC and FCA: A Pond, 362 Investigations and $4 Billion in Penalties Apart

Aug 18, 2023 | lexology.com | Michael Asaro |Peter Altman |Claudius Modesti |Katherine Goldstein |Parvin Moyne |Charles Connolly | +3 more

No financial services firm or professional welcomes an investigation by a regulator, let alone enforcement action. Each investigation proceeds differently depending on the target of the investigation, the subject matter and the regulator involved.
"When You Are A Hammer, The World Is A Nail"

Jun 20, 2023 | mondaq.com | Claudius Modesti |Peter Altman |Michael Asaro |Paul Butler

Key Points SEC Enforcement and PCAOB Enforcement both are pursuing more significant sanctions against auditors, particularly with respect to civil money penalties. Expect 2023 enforcement against auditors to focus on quality control, culture, ethics and integrity.