Search Results: Enforcement + Litigation

SEC Seeks Input on BD and RIA Digital Engagement Practices

The SEC recently solicited public comment on digital engagement practices (DEPs) used by some broker-dealers and investment advisers, including predictive data analytics, differential marketing, and behavioral prompts (such as gamification).  The public comment window closes October 1, 2021.  Comments letters submitted already are available here—viewpoints run the gamut and are…

Read More

SEC Charges 27 Firms with Form CRS Failures

Word to the wise: when a regulator kindly reminds you on multiple occasions that you need to comply with its rules, you should probably heed those warnings.  On July 26, 2021, the SEC announced settlements with 21 investment advisers and 6 broker-dealers that apparently did just the opposite.  In particular,…

Read More

DOL Will Not Enforce Its Own ESG Rule, But Fiduciaries Should Not Ignore It

The Department of Labor (DOL) recently announced that it will not enforce its own rule on investment duties under ERISA.  The rule makes it more difficult for investment fiduciaries to consider environmental, social, governance and similar (“ESG”) issues in their decision-making.  The ESG rule was finalized under the Trump administration…

Read More

Climate Clash at the Commission?

A flurry of recent climate-related announcements from the SEC forecasts an upcoming policy battle at the agency.  Acting Chair Allison Herren Lee has signaled that “ESG” will clearly be in focus across the SEC’s various divisions, including Examinations, Corporation Finance, and Enforcement.  Presumptive incoming SEC Chairman Gary Gensler also indicated…

Read More

SEC Enforcement Updates: Interim Director Named; Staff Investigative Powers Bolstered; “Bad Boy” Waivers Less Certain

The past few weeks have ushered in signs of what’s likely to come from the SEC’s Division of Enforcement under the Biden Administration, including a greater number of investigations and a tougher path to “bad boy” waivers for issuers.  The SEC’s enforcement program plays a critical role in the agency’s…

Read More