On March 30, 2022, the Division of Examinations of the U.S. Securities and Exchange Commission (the “SEC”) announced its examination priorities for fiscal year 2022. The annual publication of the Division’s examination priorities is intended to align with the Division’s four pillars of promoting and improving compliance, preventing fraud, monitoring
U.S. Securities and Exchange Commission
SEC Proposes Advisers Act Reforms Focusing on Private Fund Investor Protections
On February 9, 2022, the U.S. Securities and Exchange Commission (the “SEC”) proposed new rules and amendments to existing rules under the U.S. Investment Advisers Act of 1940 that would have notable practical implications for private fund advisers, in many cases regardless of the adviser’s registration status. The Proposed Rules…
Bloomberg Law: Growth of ESG-Related Investments & Regulatory Action
As interest in environmental, social, and corporate governance (ESG) related funds grows, the regulatory landscape surrounding ESG in the US and the E.U. continues to evolve. Proskauer’s Kirsten Lapham, Joshua Newville and Jonathan Weiss share key implications for the asset management industry.
SEC Is Exploring Reforms Regarding Private Fund Disclosure Of Conflicts Of Interest And Fees and Expenses
By Joshua M. Newville & Samuel J. Waldon on
On September 14, 2021, U.S. Securities and Exchange Commission Chair Gary Gensler testified before the Senate Committee on Banking, Housing, and Urban Affairs. During his testimony, he stated that the SEC is exploring “potential reforms” regarding investment funds and managers. Chair Gensler explained that one of the potential reforms under…
U.S. Federal Regulators Turn Up the Heat on Cryptocurrency Trading Platforms
With new types of digital assets and related business on the rise, federal authorities have been busy investigating. Recently, the SEC, FinCEN and the CFTC have imposed some notable settlements involving cryptocurrency trading platforms for allegedly operating without appropriate approvals from financial regulatory authorities. This may be the start of the next wave of government enforcement activities.
Space SPAC Draws SEC Enforcement Action for Allegedly Misleading Disclosures and Due Diligence Failures
By Joshua M. Newville & Samuel J. Waldon on
As one of the first of an expected series of potential enforcement actions, the SEC has brought an enforcement action against a SPAC and its major participants, highlighting enhanced regulatory scrutiny of SPACs and underscoring the importance of following appropriate diligence and other practices in the de-SPAC process. Given the…