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Mid-Year Enforcement Update: SEC’s Continued Focus on Private Funds in 2024

By Joshua M. Newville & Robert Pommer on June 14, 2024
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As we reach the midpoint of 2024, the SEC’s enforcement actions continue to shape the private funds industry. From the continuing off-channel recordkeeping sweep to heightened scrutiny on AI claims, fiduciary obligations of fund managers, and insider trading, the SEC is as vigilant as ever. Compounding these efforts are significant variables, such as the upcoming presidential election and the recent Fifth Circuit ruling striking down the SEC’s Private Fund Adviser Rules. Key developments include:

  • Private Fund Adviser Rules Invalidated:  Will the SEC double down on cases to highlight problematic practices?
  • Off-Channel Recordkeeping: Firms face penalties for improper use of personal messaging apps.
  • AI-washing: The SEC targets false claims about AI capabilities.
  • Pay-to-Play Rule: Upcoming elections may highlight enforcement on political contributions.
  • Insider Trading: New case expands the scope of insider trading laws.

Click here to read the full alert and stay ahead of the curve.

Photo of Joshua M. Newville Joshua M. Newville

Joshua M. Newville is a partner in the Litigation Department in New York and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives…

Joshua M. Newville is a partner in the Litigation Department in New York and a member of Proskauer’s White Collar Defense & Investigations Group and the Asset Management Litigation team.

Josh handles securities litigation, enforcement and regulatory matters, representing corporations and senior executives in civil and criminal investigations. In addition, Josh advises registered investment advisers and private fund managers on regulatory compliance, SEC exams and related risks.

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Photo of Robert Pommer Robert Pommer

Robert W. Pommer III is a partner in the Litigation Department and a member of Proskauer’s Securities Litigation, White Collar Defense & Investigations groups and the Asset Management Litigation team.

Bob’s practice focuses on a broad range of securities-related enforcement and compliance issues.

Robert W. Pommer III is a partner in the Litigation Department and a member of Proskauer’s Securities Litigation, White Collar Defense & Investigations groups and the Asset Management Litigation team.

Bob’s practice focuses on a broad range of securities-related enforcement and compliance issues. He represents private fund managers, financial institutions, public companies, and their senior executives in enforcement investigations and litigation conducted by the SEC, the U.S. Department of Justice, and other governmental entities and financial services regulators. He also conducts internal investigations and counsels investment advisers and public companies on regulatory compliance, corporate governance and other SEC-related issues.

Prior to his career in private practice, Bob served as Assistant Chief Litigation Counsel in the SEC’s Division of Enforcement for nine years. While there, he investigated and litigated several high-profile cases involving complex financial fraud and audit failures. Bob also worked on enforcement actions involving insider trading, investment adviser and broker-dealer issues, market manipulation and other violations of the federal securities laws.

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  • Posted in:
    Financial
  • Blog:
    The Capital Commitment
  • Organization:
    Proskauer Rose LLP
  • Article: View Original Source
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