James G. Lundy\u2019s articles from Foley & Lardner are most popular:<\/p>\n
\n in United States
\n with readers working within the Retail & Leisure industries
<\/p>\n
Foley & Lardner are most popular: <\/p>\n
\n within Cannabis & Hemp, Coronavirus (COVID-19) and Insolvency\/Bankruptcy\/Re-Structuring topic(s)
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The Foley & Lardner LLP “Spotlight on Securities
\nEnforcement” newsletter will periodically share summary
\nupdates regarding developments, appointments, and the like
\nregarding the “Latest & Greatest” from the Securities
\nand Exchange Commission (SEC). Along those lines, please see
\nbelow.<\/p>\n
SEC Names New Deputy Directors of the Division of
\nEnforcement<\/p>\n
On January 12, 2026, the SEC announced<\/a> the appointment of Paul H. Tzur and
SEC Names Director of the Division of
On January 20, 2026, the SEC announced that Keith E. Cassidy has
Commissioner Caroline Crenshaw Announces Her Departure
On January 2, 2026, Commissioner Caroline A. Crenshaw announced<\/a> her departure from the SEC after
SEC Issues Risk Alert on Marketing Rule
On December 16, 2025, the SEC’s Division of Examinations released<\/a> a risk alert highlighting frequently
For market participants, the risk alert serves as a clear
More broadly, this focused risk alert with specific guidance
The content of this article is intended to provide a general
\nDavid M. Morrell as Deputy Directors of its Division of
\nEnforcement. Both leaders bring extensive experience in securities
\nlaw, investigations, and litigation, and each rejoined the SEC from
\nprivate practice. Mr. Tzur will oversee the agency’s
\nenforcement program in the Chicago, Atlanta, and Miami regional
\noffices. Mr. Morrell will oversee the agency’s enforcement
\nprogram in the New York, Boston, and Philadelphia regional
\noffices.<\/p>\n
\nExaminations<\/p>\n
\nbeen appointed Director of the Division of Examinations. Mr.
\nCassidy has served as Acting Director since May 2024 and previously
\nwas the division’s Deputy Director, Acting Co\u2011Director,
\nand National Associate Director of the Technology Controls Program.
\nAs discussed previously, the expectations for the Division of
\nExaminations and its program may align more with its historical
\npractices than how the Division of Enforcement will function under
\nChairman Atkins. This appointment of the Division of Examinations
\nActing Director is corroborative of that.<\/p>\n
\nFrom the SEC<\/p>\n
\nserving as a commissioner since 2020. During her tenure, Crenshaw
\nchampioned investor protection initiatives, robust corporate
\ndisclosure standards, and measures to strengthen market
\ntransparency. Her exit leaves the SEC with three commissioners
\n\u2014 Chairman Paul Atkins, Hester Peirce, and Mark Uyeda \u2014
\nand without a Democratic voice until a successor is appointed. This
\nshift in composition could have implications for policy direction
\nand enforcement and examination priorities, particularly in areas
\nwhere votes have been closely divided along partisan or
\nphilosophical lines. Companies and firms should watch for potential
\nchanges in rulemaking momentum, enforcement focus, and examination
\ninitiatives.<\/p>\n
\nCompliance<\/p>\n
\nobserved deficiencies in investment advisers’ compliance with
\nthe Marketing Rule under the Investment Advisers Act of 1940. The
\nalert underscores that many advisers are failing to adhere to key
\nrequirements, including the use of testimonials and endorsements
\nwithout sufficient disclosures and the use of third-party ratings
\nwithout complying to all requirements for use of third-party
\nratings. Examiners also found instances where firms did not have
\n\u2014 or did not follow \u2014 adequate written policies and
\nprocedures designed to ensure Marketing Rule compliance. These
\nfindings suggest that firms should pay particular attention to both
\nthe content of their advertisements and the internal controls
\ngoverning their use.<\/p>\n
\nreminder that SEC examiners are actively reviewing marketing
\npractices and will expect advisers to produce evidence supporting
\nadvertised performance and claims. Firms should promptly evaluate
\ntheir marketing materials, disclosure language, recordkeeping
\nprocesses, and compliance policies to ensure alignment with the
\nrule’s requirements. Proactive steps \u2014 such as routine
\ninternal audits of marketing content, staff training on rule
\nprovisions, and documented substantiation for all claims \u2014
\ncan help mitigate examination risk and avoid potential enforcement
\nactions.<\/p>\n
\nshould be well received. The increased use of risk alerts \u2014
\nas opposed to regulation by enforcement \u2014 will be an area to
\ncontinue to monitor. Along the lines of continuing transparent
\nguidance in this area and more generally, on January 15, 2026, the
\nSEC released two additional “FAQs<\/a>” for marketing rule compliance
\nregarding the use of model fees and testimonials and
\nendorsements.<\/p>\n
\nguide to the subject matter. Specialist advice should be sought
\nabout your specific circumstances.<\/p>\n","protected":false},"excerpt":{"rendered":"James G. Lundy\u2019s articles from Foley & Lardner are most popular:
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