What Remedies and Relief Can Fund Managers Expect in SEC Enforcement Actions?

Steven Peikin, Co-Director of the SEC Division of Enforcement (Division), recently delivered a speech outlining the various remedies recommended by the Division, including undertakings, industry bars, penalties and disgorgement. Peikin’s remarks offer fund managers valuable insight into the SEC’s thought process behind various penalties and remedies, along with the circumstances under which the regulator may seek each form of relief. This article summarizes the key points of Peikin’s speech most relevant to fund managers. For more from SEC officials, see “Despite Headwinds, Enforcement Remains Strong, Notes Co-Director of SEC Enforcement Division” (Sep. 27, 2018); “SEC Chair Offers Observations on Culture at Fund Managers and the SEC” (Jun. 28, 2018); and “The Power of ‘No’: SEC Commissioner Peirce on Enforcement As Last Resort” (Jun. 21, 2018).

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