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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.
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Jul 9, 2024 | 
lexology.com | W. Hardy Callcott |Stephen Cohen |Ranah Esmaili |John I. Sakhleh |Charles Sommers |Daniel P. Atchue
On May 23, 2024, Gurbir S.
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May 16, 2024 | 
pelawreport.com | Ranah Esmaili
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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.
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Oct 27, 2023 | 
datamatters.sidley.com | W. Hardy Callcott |Kevin J. Campion |Stephen Cohen |Ranah Esmaili
On October 16, 2023, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS or Division) issued its annual examination priorities, which, for the first time, was published at the start of the SEC’s fiscal year to “better inform investors and registrants of key risks, trends, and examination topics” the Division intends to focus on in the coming year.1 Our Take The October 16 publication of the priorities represents the earliest publication to date in the 10-year...
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Oct 5, 2023 | 
datamatters.sidley.com | Stephen Cohen |Ranah Esmaili |Lara Shalov Mehraban |David S. Petron
On September 29, 2023 — the last business day of its fiscal year — the U.S. Securities and Exchange Commission (SEC) issued the latest in a series of actions charging 10 firms with recordkeeping failures in connection with employees’ use of unapproved applications on personal devices to engage in communications relating to the firms’ business (known as “off-channel communications”).1 The firms charged included broker-dealers, investment advisers, and dually registered broker-dealers and...
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Oct 4, 2023 | 
lexology.com | Stephen Cohen |Ranah Esmaili |Lara Shalov Mehraban |Barry W. Rashkover |John I. Sakhleh |Lara C. Thyagarajan | +2 more
On September 29, 2023 — the last business day of its fiscal year — the U.S. Securities and Exchange Commission (SEC) issued the latest in a series of actions charging 10 firms with recordkeeping failures in connection with employees’ use of unapproved applications on personal devices to engage in communications relating to the firms’ business (known as “off-channel communications”).1 The firms charged included broker-dealers, investment advisers, and dually registered broker-dealers and...
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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...
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Aug 10, 2023 | 
datamatters.sidley.com | W. Hardy Callcott |Jay G. Baris |James Brigagliano |Ranah Esmaili
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.
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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.
