BRAEDEN ANDERSON
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We provide authoritative analysis on securities and commodities regulation, SEC and FINRA enforcement, and legal developments affecting crypto, digital assets, fintech, and financial services, authored by Braeden Anderson.
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SEC Targets Standalone Investment Adviser in Groundbreaking Off-Channel Communication Enforcement Action
On April 3, 2024, the U.S. Securities and Exchange Commission (SEC) announced a landmark enforcement action against Senvest Management, LLC (Senvest), marking the first such action against a private fund adviser and a standalone investment adviser for failures related to off-channel communication recordkeeping. This case represents a significant development in the SEC’s ongoing enforcement efforts focused on recordkeeping failures in the financial industry.
2024 Mid-Year Review: SEC Enforcement regarding Crypto Assets
The Securities and Exchange Commission (SEC) has been highly active in 2024, particularly in the enforcement of regulations within the crypto asset space. As the digital asset market continues to evolve, so too does the regulatory landscape. The SEC’s actions reflect its commitment to protecting investors and maintaining fair, orderly, and efficient markets, even in the rapidly changing world of cryptocurrencies.
Navigating the SEC Whistleblower Program: Guidance for Whistleblowers and Companies Alike
The SEC’s Whistleblower Program, established under the Dodd-Frank Act, plays a pivotal role in uncovering and addressing violations of federal securities laws. While it provides significant incentives for individuals to report wrongdoing, it also poses substantial risks and challenges for companies whose employees may come forward as whistleblowers. Understanding the program's intricacies and how it impacts both whistleblowers and companies is crucial for navigating these situations effectively.
SEC Crackdown on Texting Violations: Asset Managers and Rating Agencies Brace for Next Round of Fines
The SEC’s relentless pursuit of record-keeping violations has reached new heights, as asset managers and rating agencies find themselves in the crosshairs of the regulator’s expanding probe into the use of personal devices for business communications. The investigation, which began in 2021 with a focus on investment bankers, has already resulted in over $2 billion in civil penalties from Wall Street firms. With recent settlements amounting to nearly $400 million from multiple firms, the SEC shows no signs of slowing down.
Supreme Court's Landmark Ruling in SEC v. Jarkesy: Implications for SEC Enforcement and Administrative Adjudication
On June 27, 2024, the U.S. Supreme Court issued a groundbreaking opinion in SEC v. Jarkesy, which fundamentally alters the landscape of securities enforcement and administrative adjudication. The Court’s decision unequivocally declared unconstitutional the SEC’s use of its in-house administrative courts to levy civil penalties in securities fraud cases. This ruling not only challenges the SEC’s procedural practices but also raises profound questions about the authority of federal agencies to seek similar forms of administrative relief.