SEC Co-Chief of Division of Enforcement’s Asset Management Unit Identifies 2015 Exam Priorities for Hedge and Private Equity Funds

On November 18, 2014, Julie M. Riewe, Co-Chief of the Division of Enforcement’s Asset Management Unit of the Securities and Exchange Commission (the “SEC”), spoke at a Practicing Law Institute seminar and identified 2015 SEC examination priorities for investment managers of private funds.

The SEC Totally Cares About Its Injunctions

By | Cady Bar the Door | January 26, 2015

Last week I wrote a post discussing the injunctions the SEC typically obtains against defendants in federal court.  I noted the oddity of these obey-the-law injunctions and wondered aloud why the Commission never pursues findings of contempt when those defendants disobey the very provisions they were ordered never to disobey again.

The SEC Does Not Care About Its Injunctions

By | Cady Bar the Door | January 19, 2015

It won’t surprise you to learn that the U.S. Code includes this provision: “A court of the United States shall have power to punish by fine or imprisonment, or both, at its discretion, such contempt of its authority . . . as . . . [d]isobedience or resistance to its lawful writ, process, order, rule, decree, or command.”

Increased Enforcement Activity by SEC of Registration Requirements for Foreign Broker-Dealers and Investment Advisers Servicing U.S. Clients

By | Smarter Way To Cross | January 14, 2015

In 2014, the U.S. Securities and Exchange Commission (SEC) continued its crackdown against violations of, as the New York Times Dealbook calls it, “a cardinal rule of the financial industry” that financial advisers (including foreign financial advisers incorporated outside of the United States) providing brokerage and investment advisory services to U.S. clients register with the SEC as a broker-dealer and/or as an investment adviser.