Court Filings

NAPFM participated in litigation against the Securities and Exchange Commission (SEC) in connection with the final order of the SEC in Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews. The Court vacated the rule, finding that the SEC had acted beyond its statutory authority.

• Opening Brief for Petitioners

NAPFM participated in litigation against the Securities and Exchange Commission (SEC) in connection with the final orders of the SEC in Reporting of Securities Loans and Short Position and Short Activity Reporting by Institutional Investment Managers. The Court remanded both rules to the SEC for further economic analysis.

• Fifth Circuit Opinion

• 28(j) Letter by Petitioners

• Reply Brief for Petitioners

• Opening Brief for Petitioners 

NAPFM participated in litigation against the Securities and Exchange Commission (SEC) in connection with the final order of the SEC in Further Definition of “As a Part of a Regular Business” in the Definition of Dealer and Government Securities Dealer. The Court vacated the rule, finding that the SEC had acted beyond its statutory authority.

• Plaintiffs’ Brief in Support of Motion for Summary Judgment

NAPFM has filed amicus briefs in connection with the following proceedings:

SEC v. Almagarby, No. 21-13755 (11th Cir.).

• Opening Amicus Brief

• Reply Amicus Brief

SEC v. Keener, No. 22-14237 (11th Cir.).

SEC v. Carebourn Capital, LP (D. Minn.).