SEC Requests Comment on Regulation of Information Providers Under the U.S. Investment Advisers Act
On June 15, 2022, the U.S. Securities and Exchange Commission (Commission) issued a request for comment with respect to whether certain index, model, pricing, and other information providers should be regulated as investment advisers under the Investment Advisers Act of 1940. The Commission suggests fresh consideration is needed in light … Read More
SEC Announces 2022 Examination Priorities: Private Funds, ESG, Retail, Cyber, Digital Assets Top the List
On March 30, 2022, the U.S. Securities and Exchange Commission (SEC) Division of Enforcement (EXAMS or Division) issued its annual examination priorities.1 Consistent with its recent rulemaking activity, in its accompanying release, the SEC highlighted private funds; Environmental, Social and Governance (ESG) investing; retail; cyber; and digital assets as … Read More
SEC Encourages Self-Reporting of Recordkeeping Violations Resulting From Employees’ Use of Personal Devices for Business Communications
On December 17, 2021, the U.S. Securities and Exchange Commission (SEC) announced settled charges against a broker-dealer firm for recordkeeping violations arising from its employees’ use of personal devices for business communications. The firm agreed to pay a $125 million penalty and to retain a compliance consultant to conduct a … Read More
SEC Identifies Deficiencies From its Electronic Investment Advice Initiative
On November 9, 2021, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) released a risk alert (Risk Alert) concerning deficiencies it observed in its examinations of advisers providing electronic advisory services, including advisers known as “robo-advisers.”1 Those deficiencies were in the areas of the robo-advisers’ compliance … Read More
SEC Fines Alternative Data Provider for Securities Fraud
On September 14, 2021, the U.S. Securities and Exchange Commission (SEC) settled an enforcement action against App Annie Inc., an alternative data provider for the mobile app industry, and its former CEO Bertrand Schmitt. The SEC charged App Annie and Schmitt with securities fraud, under Section 10(b) of the Securities … Read More