Troutman Pepper Locke Financial Services

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Last week, TZP Management Associates, LLC (TZP), a New York-based private equity investment adviser, agreed to pay more than $680,000 in monetary relief to settle charges brought by the Securities and Exchange Commission (SEC) for breaches of fiduciary duty related to the calculation of management fees for TZP’s private fund clients. This enforcement action highlights the importance of adhering to fund partnership agreements and providing adequate disclosure of fee calculation and management practices to mitigate potential conflicts of interest.

On August 1, the Securities and Exchange Commission (SEC) announced the formation of a new task force dedicated to harnessing artificial intelligence (AI) to enhance innovation and efficiency across the agency. This initiative, led by Valerie Szczepanik, SEC’s newly appointed Chief AI Officer, marks a significant step in the agency’s commitment to integrating this technology into its operations.

WASHINGTON, D.C. – Troutman Pepper Locke served as counsel to Simmons First National Corporation (Simmons), an Arkansas corporation and the bank holding company for Simmons Bank, an Arkansas state-chartered bank, in connection with Simmons’ underwritten public offering of 18,653,000 shares of its Class A common stock (including 2,433,000 shares pursuant to the underwriters’ option to purchase additional shares of common stock in the offering). The public offering price of shares of common stock sold in the offering was $18.50 per share, and the underwriters agreed to purchase the shares from Simmons pursuant to the underwriting agreement at a price of $17.575 per share.

Troutman Pepper has been recognized for its exceptional work in the field of Banking & Finance and Financial Services Law in the 14th edition of Best Law Firms®. Our firm’s National Tier 1 rankings include Banking and Finance Law, Financial Services Regulation Law and Banking & Finance Litigation.

What are the most significant judicial decisions, regulatory changes, and government actions affecting the financial services industry, and how might they impact your business? The following overview provides summaries of our most recent posts, which include case summaries, key takeaways, and practical insights.