On Wednesday, April 18th, the SEC introduced a much-anticipated package of proposed rules and formal guidance concerning the standards of conduct for financial professionals. The more than 1,000-page proposal, which emerged eight years after Congress required the agency to conduct a study on the topic, addresses whether investment advisers and broker-dealers should have identical or different standards of conduct vis-à-vis their retail customers. This alert takes a look at the four key parts of the SEC’s proposal.

Read the full alert here.

Tags: Litigation, Securities
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Photo of Gerald Hodgkins Gerald Hodgkins

A former Associate Director for the U.S. Securities and Exchange Commission’s Enforcement Division (SEC), Gerald Hodgkins has a broad regulatory enforcement practice focused on representing financial institutions, public companies and individuals in investigations and enforcement actions brought by the key financial regulators. Jerry…

A former Associate Director for the U.S. Securities and Exchange Commission’s Enforcement Division (SEC), Gerald Hodgkins has a broad regulatory enforcement practice focused on representing financial institutions, public companies and individuals in investigations and enforcement actions brought by the key financial regulators. Jerry has extensive experience in matters pertaining to the SEC, with particular focus on broker-dealer and investment adviser regulation, public company accounting and U.S. anti-corruption law. He also has represented clients in matters before the Public Company Accounting Oversight Board (PCAOB).

During his 20-year tenure at the SEC, Jerry oversaw more than 100 enforcement matters, covering the entire breadth of the SEC’s law enforcement authority. In addition to matters involving financial services regulation and public company oversight, Jerry oversaw multiple investigations involving insider trading, the Foreign Corrupt Practices Act (FCPA), and municipal securities regulation. The enforcement actions he oversaw included the largest penalty in SEC history for issuer reporting and disclosure fraud and the first, and still largest, settlement involving the clawback of executive compensation under Section 304 of the Sarbanes-Oxley Act of 2002.

In 2020, Jerry was elected to the steering committee of the Corporation, Finance and Securities Law Community of the DC Bar. He frequently speaks at conferences and continuing education programs and has authored several articles focused on SEC enforcement.

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Photo of Jason Levy Jason Levy

Jason Levy helps clients navigate complex issues related to employee benefits and executive compensation, including compliance with the Internal Revenue Code and ERISA. Jason utilizes his deep knowledge in the ERISA space and his background as a former litigator to craft advice that…

Jason Levy helps clients navigate complex issues related to employee benefits and executive compensation, including compliance with the Internal Revenue Code and ERISA. Jason utilizes his deep knowledge in the ERISA space and his background as a former litigator to craft advice that is both practical and strategic. His practice includes:

  • counseling on design, establishment, administration, and maintenance of qualified defined contribution and defined benefit retirement plans;
  • designing, drafting, and amending a wide range of executive compensation arrangements, including nonqualified deferred compensation plans, equity incentive plans, and change in control bonus plans;
  • representing employment, human resources, and benefit interests in mergers and acquisitions;
  • advising clients on multiemployer plan operations and risk management, including withdrawal liability and plan funding issues; and
  • providing benefits expertise in legislative initiatives.
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