Category

SEC

12 January 2022

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

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20 December 2021

SEC Announces Long-Awaited Updates to Broker-Dealer Recordkeeping Requirements

In a much anticipated (and, to many, long overdue) release published in mid-November, the U.S. Securities and Exchange Commission (SEC) proposed to update its decades-old recordkeeping requirements for broker-dealers to, among other things, allow for electronic records to be retained in a manner other than “exclusively in a non-rewriteable, non-erasable … Read More

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12 November 2021

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

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13 October 2021

Is the SEC Coming for Your Texts? SEC’s New Enforcement Director Telegraphs a Warning to Registrants About Improper Use of Personal Devices for Business-Related Communications

The U.S. Securities and Exchange Commission (SEC) Division of Enforcement is stepping up investigative efforts looking at registered firms’ use of personal devices for business communications, which can implicate their recordkeeping obligations and result in failure to retain and produce responsive business-related communications in SEC investigations. These risks are particularly
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30 September 2021

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

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30 August 2021

SEC Continues Focus on Cybersecurity Disclosure Failures, Announces Settled Charges Against Pearson plc

Through its announcement of settled charges against Pearson plc (Pearson) on August 16, 2021, the U.S. Securities and Exchange Commission signaled its continued, high level scrutiny of companies’ public statements related to data security incidents.1 Without admitting or denying the SEC’s findings, Pearson agreed to a cease and desist … Read More

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27 July 2021

Enhanced Focus on Digital Asset Intermediaries by SEC, Congress, and State Securities Regulators

Given the substantial growth in digital asset investments this year, intermediaries offering trading and lending services are now the target of regulatory and enforcement focus that we expect will continue in the coming months and years. Recent examples of this increased scrutiny of digital asset service providers and intermediaries include… Read More

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24 June 2021

SEC Announces Settled Charges Against First American for Cybersecurity Disclosure Controls Failures – Lessons Learned

On June 15, 2021, the SEC announced settled charges against First American Title Insurance Company (First American) for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information.1  Without admitting or denying the SEC’s findings, First American agreed to a cease-and-desist order and to … Read More

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01 April 2021

SEC Issues Risk Alert on Observations for Firm Compliance With Suspicious Activity Monitoring and Reporting at Broker-Dealers

On March 29, 2021, the U.S. Securities and Exchange Commission (SEC) Division of Examinations (EXAMS) issued a risk alert to remind broker-dealers of their obligations related to anti-money-laundering (AML) rules and regulations as well as to provide the staff’s observations of compliance items related to those obligations. The risk alert … Read More

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13 January 2021

Preparing Your 2020 Form 10-K: A Summary of Recent Key Disclosure Developments, Priorities, and Trends

This Sidley Practice Note highlights certain key disclosure considerations for preparing your annual report on Form 10-K for fiscal year 2020, including recent amendments to U.S. Securities and Exchange Commission (SEC) disclosure rules and other developments that will affect 2020 Form 10-K filings as well as certain significant disclosure trends … Read More

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