SEC’s Director of Enforcement Provides Guidance on CCO Liability

On November 4, 2015, the Director of the SEC’s Division of Enforcement discussed the Division’s perspective on the role of a registered investment adviser’s chief compliance officer (CCO) and how the Division determines whether to charge a CCO in connection with wrongdoing or compliance failures by his or her firm.  This speech is a “must … More SEC’s Director of Enforcement Provides Guidance on CCO Liability

SEC Proposes Amendments to Administrative Proceedings

By: Nicole Stankewicz and Paul Huey-Burns Persistence pays.  Defense counsel have objected to the SEC’s increased use of administrative proceedings for several years, even predating Enforcement Division Director Andrew Ceresney’s 2013 speech, in which he expressed his expectation that the Commission would be “bringing more administrative proceedings.”  As due process and other concerns with the … More SEC Proposes Amendments to Administrative Proceedings

SEC Proposes Rule to Help 90 Million Mutual Fund Investors Cash Out Under Market Stress

On September 22nd, the Securities Exchange Commission (SEC) voted to propose a “comprehensive package of rule reforms designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded funds.” The SEC’s plan aims to supplement the limited regulatory regime over fund liquidity by outlining disclosure requirements for portfolio liquidity and limits … More SEC Proposes Rule to Help 90 Million Mutual Fund Investors Cash Out Under Market Stress