These may be the first enforcement actions for failing to make 13H filings. That the SEC brought 11 enforcement actions for disclosure failures under Section 13(f) should be a warning to others.  

Where there is a new "type" of enforcement action, it is not uncommon for it to be the start of a trend. Firms that trade significant amounts of equities and that are not registered would be well advised to confirm that they are not subject to the Rule. Additionally, broker…

It is not terribly satisfying to have accounting rules that are completely fact-specific. That the agency's Chief Accountant is now retreating from the SEC's original application of SAB 121 demonstrates that further public comment should have been sought before its adoption.  

Whatever one thinks of whether futures contracts on elections should be prohibited, that is an entirely different question from whether the CFTC has statutory authority to prohibit them. (See .) If the CFTC believes that such contacts should be banned, the CFTC should have gone to Congress to seek the authority to do so. Courts should no longer assume that regulators have the authority that they assert.

There is no little irony in the SEC bringing an enforcement action against an adviser that failed to custody crypto-assets with a qualified custodian, such as a bank, when the SEC has effectively acted to discourage banks from providing custodial services as to crypto-assets. Wouldn't investors have been much better off if the SEC had facilitated the provision of custodial services for crypto-assets by banks, rather than effectively pushing investors into obtaining custody from unregulated…