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Author: Anthony Angell

McIntyre & Lemon: > Articles posted by Anthony Angell
28 May 2025
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ATKINS COMMISSION SIGNALS ANOTHER SHIFT IN REGULATORY PRIORITIES

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

Last week, the Securities and Exchange Commission (“SEC” or the “Commission”) entered into stipulations to dismiss (or partially dismiss), with prejudice, a group of enforcement actions that had been winding through the federal court system. These cases were among a line of successful enforcement actions brought against traders of convertible notes....

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22 November 2024
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SEC Exceeded Its Statutory Authority: Dealer Rules Vacated

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

Yesterday, the Gensler Commission lost another round with the private funds sector over the limits of its statutory authority . In this round, the District Court for the Northern District of Texas (Fort Worth Division) vacated and set aside two dealer rules, Rule 3a5-4 and Rule 3a44-2 under the Securities Exchange Act of 1934 (“Exchange Act”). ...

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06 June 2024
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Fifth Circuit Vacates SEC Private Fund Adviser Rules

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

Yesterday, the private fund industry was victorious in its challenge to a package of private-fund adviser rules adopted in August 2023 by the Securities and Exchange Commission (“SEC” or “Commission”) [see National Association of Private Fund Managers et. al vs. SEC (No. 23-60471) (Fifth Cir. June 5, 2024)]. The rules, grounded in the SEC’s purported authority under Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and under general antifraud, unsuccessfully sought to prohibit, restrict, and regulate governance and operational aspects of private investment funds. As of today, the SEC has not publicly indicated if it will appeal the decision....

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20 March 2024
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Dealer Rules Face Turbulent Start: Private Funds Industry Sues The SEC

by: C. Dirk Peterson
in Client Alerts, Securities Regulation

As widely anticipated, the private funds industry sued the Securities and Exchange Commission (“SEC”) seeking the invalidation and the postponement of the compliance date of recently adopted dealer rules [National Association of Private Fund Managers v. SEC, Case No. 4:24-cv-00250 (N.D. Tex., Ft. Worth Div.) (March 18, 2024)]. The suit, filed in the business friendly Fifth Circuit, joins another suit against the SEC also seeking to vacate recently adopted private fund adviser rules. ...

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