News & Insights: Enforcement

SEC Fee Calculation Enforcement Case: Lessons for Your Advisory Agreements

On July 31, 2026, the SEC settled charges against a New York-based registered investment adviser for calculating and charging advisory fees inconsistently with its advisory agreements and Form ADV Part 2A disclosures and for failing to implement written policies and procedures designed to ensure advisory fees were calculated correctly.
  • SEC
  • 09 Jul, 2026

SEC’s New Retail Fraud Working Group: What Advisers Should Expect

On July 7, 2026, the SEC announced the creation of the Retail Fraud Working Group designed to strengthen the Division of Enforcement’s efforts to identify and combat fraud targeting everyday investors. The group will focus on identifying offering frauds, pump-and-dump schemes, market manipulation, and breaches of duties to customers by investment advisers and broker dealers.

SEC Fiduciary Duty Enforcement Action: What Triggered the Charges

On June 8, 2026, the SEC announced settled charges against an investment adviser and its former CEO for breaches of fiduciary duty and other violations. According to the order, the firm failed to disclose conflicts of interest connected to investments it recommended to advisory clients. 

SEC Ends the ‘No-Admit/No-Deny’ Gag Rule: What Changes for Settlements

On May 18, 2026, the SEC rescinded the “no-admit/no-deny” policy under Rule 202.5(e), which stated that when the Commission imposes a sanction, it will not accept a settlement unless the defendant or respondent agrees never to publicly deny the allegations in the complaint or administrative order.

SEC Cherry-Picking Enforcement Case: What It Means for CCO Liability

The SEC recently settled an enforcement action against an investment advisory firm and its Chief Compliance Officer involving an alleged “cherry-picking” scheme.

SEC Valuation Enforcement Case: A Warning for Private Fund Managers

On February 25, 2026, the SEC announced settled charges against an investment adviser for selling loans to private fund clients without determining whether those trades were at fair market value. Lack of a fair market value determination was contrary to the advisory agreements and other disclosures to private fund investors.
  • SEC
  • 27 Oct, 2025

SEC Changes How It Reviews Settlement and Waiver Requests

On September 26, 2025, Chairman Paul Atkins announced a change in how the SEC evaluates settlement offers in enforcement actions that are accompanied by contemporaneous requests for SEC waivers from automatic disqualifications and other collateral consequences from the underlying enforcement action.

SEC Overcharging Case: What It Means for Private Fund Management Fee Practices

On August 15, 2025, the SEC announced charges against a Registered Investment Adviser for its management fee calculation practices for private fund clients. Each fund has a limited partnership agreement (“LPA”) that states the adviser is entitled to management fees and may receive transaction fees, including advisory fees, monitoring fees, and other fees, from portfolio companies.

Director of SEC Division of Enforcement Loses Authority to Issue New Investigations Without Commission Approval

In a 3 to 2 decision, a final amended rule was passed by the Securities and Exchange Commission (“SEC”), removing the authority of the Director of the Division of Enforcement to issue formal orders of investigation. 

CTA Beneficial Ownership Reporting Delayed, and Treasury Department Suspends Enforcement for U.S. Reporting Companies

After several preliminary injunctions were lifted it appeared that the CTA and its required reporting of beneficial ownership information were back on. In the announcement, FinCEN granted an additional 30-day extension to the reporting deadline, placing the new deadline on March 21, 2025.

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