SEC Announces Agenda, Panelists for Roundtable on Artificial Intelligence
Washington, D.C.--(Newsfile Corp. - March 20, 2025) - The Securities and Exchange Commission today announced the agenda and panelists for the March 27 roundtable on artificial intelligence in the financial industry. “I look forward to hearing from the panelists on how emerging technologies, such as artificial intelligence, can both improve the cost-effectiveness of the Commission’s regulations and provide additional value to market participants,” said SEC Acting Chairman Mark T. Uyeda. “I...
2025-03-20 1:27 PM EDT
SEC Charges New Jersey Investment Adviser and His Firm with Fraud and Other Violations
Washington, D.C.--(Newsfile Corp. - March 17, 2025) - The Securities and Exchange Commission today announced that it has filed charges against David Yow Shang Chiueh of East Hanover, New Jersey and his investment advisory firm, Upright Financial Corp., for misconduct and for investing more than 25 percent of Upright Growth Fund’s assets in a single company over multiple years, causing losses of $1.6 million. In November 2021, Chiueh and Upright settled SEC charges that they, as investment...
2025-03-17 4:54 PM EDT
SEC Extends Compliance Dates for Amendments to Investment Company Names Rule
Washington, D.C.--(Newsfile Corp. - March 14, 2025) - The Securities and Exchange Commission today announced a six-month extension of the compliance dates for amendments adopted in September 2023 to the Investment Company Act “Names Rule,” which addresses fund names likely to mislead investors about a fund’s investments and risks. The compliance date for larger fund groups is extended from Dec. 11, 2025, to June 11, 2026, and the compliance date for smaller fund groups is extended from June...
2025-03-14 7:11 PM EDT
SEC Charges Investment Adviser and Two Officers for Misuse of Fund and Portfolio Company Assets
Washington, D.C.--(Newsfile Corp. - March 7, 2025) - The Securities and Exchange Commission today filed settled charges against registered investment adviser Momentum Advisors LLC, its former managing partner Allan J. Boomer, and its former chief operating officer and partner Tiffany L. Hawkins, for breaches by Boomer and Hawkins of their fiduciary duties when they misused fund and portfolio company assets. According to the SEC’s orders, from at least August 2021 through February 2024,...
2025-03-07 11:08 AM EST
Filer Transition to New and Improved EDGAR Begins March 24
Washington, D.C.--(Newsfile Corp. - March 6, 2025) - The Securities and Exchange Commission is providing extensive guidance and resources to assist filers with upcoming access and account management enhancements to the security of the agency’s Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system. On March 24, a new EDGAR Filer Management dashboard will go live on the SEC’s website, and filers can begin enrolling in “EDGAR Next” by submitting an amended Form ID, which is the...
2025-03-06 2:48 PM EST
SEC Crypto Task Force to Host Roundtable on Security Status
Washington, D.C.--(Newsfile Corp. - March 4, 2025) - The Securities and Exchange Commission today announced that its Crypto Task Force will host a series of roundtables to discuss key areas of interest in the regulation of crypto assets. The “Spring Sprint Toward Crypto Clarity” series will begin on March 21 with its inaugural roundtable, “How We Got Here and How We Get Out – Defining Security Status.” The initial roundtable on March 21 is open to the public and will be held from 1:00 p.m. to...
2025-03-04 2:21 AM EST
SEC Staff Facilitates Capital Formation for Companies Planning Public Offerings
Washington, D.C.--(Newsfile Corp. - March 4, 2025) - The Securities and Exchange Commission today announced that its Division of Corporation Finance is further facilitating capital formation by enhancing the accommodations available to companies for nonpublic review of draft registration statements. In 2012, the JOBS Act permitted certain companies to confidentially submit for staff review a draft registration statement for an initial public offering. In 2017, the staff expanded these...
2025-03-04 2:17 AM EST
Commissioner Hester Peirce Announces Crypto Task Force Staff
Washington, D.C.--(Newsfile Corp. - March 3, 2025) - The Securities and Exchange Commission today announced the members of the Crypto Task Force staff, which is advising the Commission on matters related to crypto. The task force is composed of staff from the Acting Chairman’s office and other divisions and offices across the Commission. SEC Commissioner Hester Peirce said, “The Crypto Task Force exhibits deep expertise and an enthusiastic commitment to identifying—with the help of other...
2025-03-03 3:08 PM EST
SEC to Host Roundtable on Artificial Intelligence
Washington, D.C.--(Newsfile Corp. - February 28, 2025) - The Securities and Exchange Commission today announced it will hold a roundtable discussion on Artificial Intelligence in the financial industry. The event takes place on March 27 from 9 a.m. to 4 p.m. at the SEC's headquarters in Washington, D.C. and is open to the public for either in-person or virtual attendance. The AI roundtable will discuss the risks, benefits, and governance of AI in the financial industry. SEC Acting Chairman...
2025-02-28 12:54 PM EST
SEC Announces Dismissal of Civil Enforcement Action Against Coinbase
Washington, D.C.--(Newsfile Corp. - February 27, 2025) - The Securities and Exchange Commission today announced that the Commission has filed a joint stipulation with Coinbase Inc. and Coinbase Global Inc. to dismiss the ongoing civil enforcement action against the two entities. On January 21, 2025, the Commission announced the formation of the Crypto Task Force, which is dedicated to helping develop a comprehensive and clear regulatory framework for crypto assets. Given the pending work of...
2025-02-27 6:56 PM EST
SEC Charges Justinas Butkus with Orchestrating $4 Million Fraud
Washington, D.C.--(Newsfile Corp. - February 27, 2025) - The Securities and Exchange Commission today filed charges against Justinas Butkus, of Lithuania, and two companies he owned and controlled, HMC Trading LLC and HMC Management LLC, for fraudulently raising approximately $4.1 million from 64 investors by selling interests in mutual funds that did not exist. As alleged in the SEC’s complaint, in late 2021, Butkus, under the alias Darius Karpavicius, operated fictitious investment firms...
2025-02-27 6:27 PM EST
SEC Investor Advisory Committee to Examine the Disclosure of AI's Impact on Company Operations; and Retail Investor Fraud in America at March 6 Meeting
Washington, D.C.--(Newsfile Corp. - February 27, 2025) - The Securities and Exchange Commission’s Investor Advisory Committee will hold a public meeting at the SEC Headquarters in Washington, D.C., on March 6, at 10 a.m. ET. The meeting will also be webcast on the SEC website. The committee will host two panels: Disclosure of Artificial Intelligence’s Impact on Operations; and Retail Investor Fraud in America The Committee will also discuss a potential recommendation regarding preserving...
2025-02-27 1:52 PM EST
SEC Charges Alan Burak, Founder of Never Alone Capital, with Fraud
Washington, D.C.--(Newsfile Corp. - February 26, 2025) - The Securities and Exchange Commission today charged Alan Burak, founder of Never Alone Capital LLC, with orchestrating a fraudulent scheme that raised approximately $4 million, most of which Burak misappropriated for personal expenses. The SEC’s complaint alleges that, between 2018 and 2023, Burak engaged in a fraudulent scheme to recruit investors in his so-called investment fund, Never Alone Capital LLC, by falsely representing...
2025-02-26 1:35 PM EST
SEC Extends Compliance Dates and Provides Temporary Exemption for Rule Related to Clearing of U.S. Treasury Securities
Washington, D.C.--(Newsfile Corp. - February 25, 2025) - The Securities and Exchange Commission today extended the compliance dates for Rule 17ad-22(e)(18)(iv)(A) and (B) under the Securities Exchange Act by one year to Dec. 31, 2026, for eligible cash market transactions, and June 30, 2027, for eligible repo market transactions. Under the rule, a covered clearing agency that provides central counterparty services for U.S. Treasury securities must establish, implement, maintain, and enforce...
2025-02-25 9:56 PM EST
SEC Announces Cyber and Emerging Technologies Unit to Protect Retail Investors
Washington, D.C.--(Newsfile Corp. - February 20, 2025) - The Securities and Exchange Commission today announced the creation of the Cyber and Emerging Technologies Unit (CETU) to focus on combatting cyber-related misconduct and to protect retail investors from bad actors in the emerging technologies space. The CETU, led by Laura D’Allaird, replaces the Crypto Assets and Cyber Unit and is comprised of approximately 30 fraud specialists and attorneys across multiple SEC offices. “Under Laura’s...
2025-02-20 9:40 AM EST
SEC Announces 44th Annual Small Business Forum to Impact Capital-Raising Policy
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission will host the SEC’s 44th Annual Government-Business Forum on Small Business Capital Formation at SEC Headquarters in Washington, D.C. on April 10 from 1 – 4:30 p.m. ET. The forum brings together members of the public and private sectors to discuss and provide suggestions to improve policy affecting how entrepreneurs, small businesses, and smaller public companies raise capital from investors. “The...
2025-02-14 1:53 PM EST
SEC Seeks Candidates for Membership on the Investor Advisory Committee
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission is seeking candidates for appointment as members of the SEC’s Investor Advisory Committee, which was established by the Dodd-Frank Wall Street Reform and Consumer Protection Act to help protect investors and improve securities regulation. Candidates will be considered for open at-large membership positions on the committee, as well as for a position as the member who is representative of the...
2025-02-14 12:18 PM EST
SEC Charges One Oak Capital Management and Michael DeRosa with Breaching Fiduciary Duties to Clients
Washington, D.C.--(Newsfile Corp. - February 14, 2025) - The Securities and Exchange Commission today filed settled charges against New York-based registered investment adviser One Oak Capital Management LLC, and former One Oak investment adviser representative, Michael DeRosa, for misconduct related to advisory services provided to their retail clients. According to the SEC’s order, from approximately June 2020 through October 2023, One Oak and DeRosa recommended that DeRosa’s customers at...
2025-02-14 11:09 AM EST
Exemption From the Requirement to Report Certain Personally Identifiable Information to the Consolidated Audit Trail
Washington D.C.--(Newsfile Corp. - February 10, 2025) - The Securities and Exchange Commission today provided an exemption from the requirement to report certain personally identifiable information (PII) – names, addresses, and years of birth – to the Consolidated Audit Trail (CAT) for natural persons. Bad actors have become increasingly sophisticated and, in the event of a breach, may be able to use the names, addresses, and years of birth to impersonate a customer or broker-dealer and gain...
2025-02-10 9:24 PM EST
Exemption From Exchange Act Rule 13f-2 and Related Form SHO
Washington, D.C.--(Newsfile Corp. - February 7, 2025) - The Securities and Exchange Commission today provided a temporary exemption from compliance with Rule 13f-2 under the Securities Exchange Act and from reporting on Form SHO. As a result of the exemption, filings on initial Form SHO reports from institutional investment managers that meet or exceed certain specified thresholds will be due by Feb. 17, 2026, for the January 2026 reporting period. The effective date for Rule 13f-2 and Form...
2025-02-07 6:30 PM EST