SEC Releases EXAMS Priorities for 2025

On Oct. 21, 2024 , the US Securities Exchange Commission (“SEC”) published a press release announcing their 2025 Examination Priorities. Many of the focus areas come as no surprise, as the SEC has diligently alerted industry and investors alike to what their areas of concern have been throughout the year. There are, however, a few areas that registrants may find require an extra review or a deeper dive.… Read More

Private Funds Adviser Charged for Integration Doctrine Violations

The Securities Exchange Commission (“SEC”) recently charged a Private Funds Adviser for violations of the Registration and Custody rules, specifically as they relate to integration doctrines.

This is the first SEC enforcement action in over ten years against an Investment Adviser for violations against the Integration Doctrine. The Integration Doctrine is set forth in Rule 152 of the Securities Act of 1933 and prevents the separating of single offerings into multiple offerings to take advantage of exemptions that would otherwise not be available if the offering was not divided.… Read More