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Really Bad Lawyering costs client $240,000 per SEC

SEC Charges Broker-Dealer Nationwide Planning and Two Affiliated Investment Advisers with Violating Whistleblower Protection Rule

Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs

The Securities and Exchange Commission (“Commission”) is adopting amendments to reporting requirements on Forms N-PORT and N-CEN that apply to certain registered investment companies, including registered open-end funds, registered closed-end funds, and unit investment trusts. The amendments will require more frequent reporting of monthly portfolio holdings and related information to the Commission and the public, amend certain reporting requirements relating to entity identifiers, and require open-end funds to report information about service providers used to comply with liquidity risk management program requirements. In addition, the Commission is providing guidance related to open-end fund liquidity risk management program requirements.

Fifth Circuit Opinion on Attorney Liability under Texas Securities Act

The Fifth Circuit held on April 17, 2019 that attorney immunity to non-parties applies to Texas Securities Act claims. The case related to claims related to the Stanford Ponzi scheme against Greenberg Traurig.

CorpFin issues guidance on confidential treatment applications

Securities and Exchange Commission’s Division of Corporation Finance (CorpFin) has issued practical guidance on what steps to take when filing an application objecting to the public release of confidential information. In March 2019, the commission made significant changes to filing requirements pursuant to rule 406 and Rule 24b-2. Generally, the filing guidelines include: what information is required; how to maintain protection of the confidential information and relevant time limitations. CorpFin staff will review all applications for confidential treatment.

Europe data privacy a problem for U.S.

In May 2018, the European Union implemented the General Data Protection Regulation (GDPR), which aims to provide greater control for individuals over their personal data and privacy. Europe-based asset managers and advisers applying for Securities and Exchange Commission registration are subject to the GDPR. SEC officials must comply with the GDPR when examining and requesting information from European asset managers. In light of EU's data privacy changes, the question arises as to whether some states in the U.S should adopt similar measures.