Securities Enforcement. Corporate Investigations. Financial Regulation.
Independent analysis of the laws, regulations, investigations, and enforcement actions shaping modern financial markets.
BRAEDEN ANDERSON
Braeden is one of the top securities lawyers in the country and was recognized by Best Lawyers: Ones to Watch® in America in the Financial Services Regulation Law and Securities Regulation categories. This honor is awarded to only the top 2% of attorneys in the United States and is based on a comprehensive peer-review survey.
Braeden helped lead Gesmer Updegrove to recognition in The Legal 500 United States for Corporate Investigations & White Collar Crime, Tier 3, and Finance: Fintech, Tier 4.
Braeden is active in the U.S. securities enforcement community through Securities Docket, where he has served on the 2025 and 2026 Advisory Boards and contributed video commentary through the Weekly Update.
Braeden was named the #1 United States author in FinTech in Mondaq’s Spring 2025 Thought Leadership Awards, reflecting the national reach and influence of his writing on fintech, securities regulation, and digital asset policy.
Regulatory Update and Recent SEC Actions – October 2024
October 2024 has seen the Securities and Exchange Commission (SEC) continue its aggressive enforcement actions and regulatory updates, targeting a wide range of issues from improper record-keeping to non-compliance with new marketing rules. This month also saw key personnel changes within the SEC, the disbandment of the Climate and ESG Task Force, and the adoption of rules affecting venture capital funds and registered investment companies. Below are the highlights of recent SEC actions and regulatory developments.
Massachusetts Investment Advisor Fined for Undisclosed WeChat Communications
In a recent enforcement action, a Massachusetts-based investment advisor has been sanctioned by the Financial Industry Regulatory Authority (FINRA) for conducting business communications through an unapproved messaging platform, in violation of recordkeeping rules. The advisor, formerly associated with a major brokerage firm, was found to have used WeChat, a Chinese social media application, to interact with clients without the firm's approval or proper documentation.
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.
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.