In remarks delivered at the annual “SEC Speaks” conference, Joseph Brenner, Chief Counsel of the SEC’s Enforcement Division, indicated that the Supreme Court’s decision in Janus Capital Group, Inc. v. First Derivative Traders is not impeding the SEC from bringing enforcement actions against investment advisers. Janus established that fund managers cannot be held liable for prospectus misstatements in a private action under Rule 10b-5 under the 1934 Act. Although the Court’s decision clarified that a fund—rather than its investment adviser—bears primary responsibility for any misstatements in its prospectus, Mr. Brenner noted that Janus did not foreclose an SEC enforcement action against the fund’s manager as an “aider and abettor” of securities law violations.