Searching Content indexed under Securities by Joshua Newville ordered by Published Date Descending.
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Fund Sponsor's Fee Calculation Mistake Leads To SEC Enforcement
A settlement last week involving a private equity fund sponsor is a reminder that compliance with fee calculation provisions and valuation policies and procedures are crucially important for fund
United States
11 Oct 2019
SEC Announces New Approach To Disqualification Waivers
On July 3, 2019, SEC Chairman Jay Clayton issued a "Statement Regarding Offers of Settlement" (the "Statement"), announcing important changes to how the SEC will consider future requests for waivers from disqualifications...
United States
11 Jul 2019
SEC Fines Fund Manager $5 Million Over Undervaluation Of Assets
A recent action where the SEC focused on the presumably conservative undervaluation of assets suggests that it is more than willing to use valuation as a hook to deter "smoothing" of returns
United States
9 Jul 2019
DC Circuit Opinion Reaffirms Fiduciary And Disclosure Obligations Of Advisers While Rejecting SEC Finding Of "Willful" Violations
The DC Circuit recently released an opinion addressing the SEC's administrative findings against registered investment adviser The Robare Group (TRG)
United States
28 May 2019
Fraud Claims Against Startup Founder Involving Secondary Market Sales Demonstrate SEC Focus On Privately-Held Companies
Last week the SEC announced a settlement of fraud claims against the founder of Jumio, Inc, a private mobile payments company, for misstating the company's financial results
United States
30 Apr 2019
The Top Ten Regulatory And Litigation Risks For Private Funds In 2019
An increasingly sophisticated and active OCIE division, innovative market disruptors, a maturing credit cycle, and a philosophical change in how the private fund industry views and utilizes litigation are likely to lead to increased regulatory scrutiny and litigation risk for advisers (and their funds) in 2019.
United States
28 Feb 2019
Valuation Of Illiquid Securities As A Focus Of Recent Enforcement Actions
However, the SEC took issue with two categories of adjustments made by LCA to the model.
United States
29 Nov 2018
Bharara Task Force On Insider Trading
Former SDNY U.S. Attorney Preet Bharara and SEC Commissioner Jackson recently announced, via NY Times op-ed, the creation of the Bharara Task Force on Insider Trading.
United States
16 Oct 2018
SEC Extends Registration Requirements For Investment Companies And Broker Dealers To ICOs And Other Digital Assets
Fund managers take note – after over a year of warning, this month the SEC announced a pair of settlement orders with respect to registration requirements for a fund ...
United States
28 Sep 2018
Crypto Crackdown – SEC Imposes Broker-Dealer And Investment Company Registration Provisions On Token Traders And A Crypto Fund
The SEC announced a pair of settled orders on Tuesday extending additional provisions of the securities laws over ICOs and other digital assets – the agency's first ever enforcement actions of their kind.
United States
19 Sep 2018
Mt. Gox Debacle Showcases Cryptocurrency Litigation Concerns
The theft of millions of bitcoins and related failure of cryptocurrency exchange Mt. Gox—recently written about in the Wall Street Journal—provides a perfect example of how cryptocurrency-related issues ...
United States
11 Sep 2018
SEC Enforcement Co-Director Gives Guidance For Wells Process, Part 2
On June 4, we posted a summary of SEC Enforcement Co-Director Steven Peikin observations during his recent keynote address at the New York City Bar Association's 7th Annual White Collar Crime Institute
United States
21 Jun 2018
SEC Enforcement Co-Director Gives Guidance For Wells Process
During his recent keynote address at the New York City Bar Association's 7th Annual White Collar Crime Institute, SEC Enforcement Co-Director Steven Peikin imparted a few suggested "do's and don'ts" ...
United States
5 Jun 2018
Unicorns: The Tale Continues
Potential disputes involving unicorns have been a hot topic for the last several years. We predicted that would continue this year in in our webinar and related blog post ...
United States
8 May 2018
Regulatory Scrutiny Of The ICO Market – What Fund Managers Should Know
Last week, former CFTC Chairman Gary Gensler explained in remarks at M.I.T. that he believes the second and third most widely used virtual currencies—Ether and Ripple—may have been issued...
United States
2 May 2018
SEC Staff Announces 2018 OCIE Examination Priorities
Last week the staff of the Office of Compliance Inspections and Examinations (OCIE) of the SEC announced its 2018 examination priorities.
United States
19 Feb 2018
The Top Ten Regulatory And Litigation Risks For Private Funds In 2018
With the public equity markets at an all-time high and private equity fund raising setting new records, it might seem counterintuitive to forecast litigation and regulatory risks.
United States
12 Feb 2018
Chairman Clayton Asks Lawyers To Knock It Off With The Unregistered Coin Offerings
Chairman Clayton noted that he had instructed the SEC staff "to be on high alert" for these situations.
United States
24 Jan 2018
Five Things To Think About Before A Surprise SEC Exam
If it is a cause examination, they may be trying to determine whether client assets are at risk.
United States
27 Dec 2017
SEC Releases FY 2017 Enforcement Results: Maintaining Focus On Individual Accountability And Investment Advisers
Last night, the SEC announced its enforcement results for the Fiscal Year 2017, accompanied by a report from the Co-Directors of its Division of Enforcement.
United States
17 Nov 2017
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