United States: Securities

The SEC's Division of Examinations has issued a new Risk Alert highlighting critical deficiencies in how investment advisers manage and disclose economic conflicts of interest. The alert reveals that examiners are increasingly scrutinizing cash sweep arrangements, share class recommendations, billing practices, and whether compliance programs adequately address the economic incentives embedded within advisory businesses. Firms can no longer rely solely on disclosure to satisfy fiduciary obligations—th

Regulation S-X governs the form, content, and requirements for financial statements filed with the SEC under various federal securities statutes. Understanding these rules is critical because financial statement issues can delay offerings, complicate acquisitions, trigger SEC comments, affect auditor review, create disclosure control issues, or become enforcement problems if the financial statements are materially misleading.

Best Lawyers has launched a ChatGPT app that enables clients to find lawyers through conversational AI, signaling a fundamental shift in how legal services are discovered. As AI-driven search moves beyond traditional SEO to Answer Engine Optimization (AEO), law firms must adapt their digital presence to ensure they appear in AI-generated results. For securities regulation lawyers in Boston's specialized market, this development raises critical questions about visibility, credibility, and how structured lega

Family offices navigating securities regulation may find themselves exempt from investment adviser registration under the Advisers Act, yet still bound by institutional investment manager filing requirements under Section 13(f) of the Exchange Act. Understanding this regulatory distinction is crucial for developing comprehensive compliance strategies that address both exemption status and ongoing reporting obligations.

The SEC's Division of Examinations has identified widespread deficiencies in how investment advisers handle and disclose economic conflicts of interest, particularly regarding cash management recommendations and fee arrangements.

On June 4, 2026, the United States Supreme Court issued its much-anticipated opinion in Sripetch v. SEC concerning the scope of the SEC’s disgorgement authority.

On 9 June 2026 the SEC Division of Examinations published its second risk alert since Atkins became chair. The Risk Alert reminds investment advisers of their fiduciary obligation to disclose economic...

For over 50 years, the SEC has routinely sought “disgorgement” from defendants when resolving enforcement actions. However, case law emerging over the last decade...

The Supreme Court has resolved a critical circuit split regarding the SEC's disgorgement authority, holding that the Commission need not prove investor pecuniary loss to strip wrongdoers of unlawful profits.