A financial services industry group has sued the U.S. Securities and Exchange Commission in an effort to compel disclosure of the agency’s enforcement procedures related to its investigation of communications by investment advisers on their personal devices.
In a complaint filed in a Florida federal court, the American Securities Association alleges the SEC has unlawfully failed to disclose requested documents under the Freedom of Information Act. The agency has denied the request, saying the documents are exempt from FOIA because their disclosure “could reasonably be expected to interfere with enforcement proceedings”—an argument the ASA rejects.
