Anthony S. Kelly
Partner | Washington, D.C.
Anthony S. Kelly

Anthony S. Kelly, a former Senior Officer in the SEC’s Division of Enforcement, focuses his practice on securities enforcement, compliance, and regulatory matters, with an emphasis on matters concerning the asset management industry.

Prior to joining Dechert, Mr. Kelly served as Co-Chief of the SEC Enforcement Division’s Asset Management Unit. In this role, he led a nationwide unit of attorneys, industry experts, and other professionals responsible for conducting investigations across the asset management industry that focused on investment advisers and service providers to mutual funds, ETFs, BDCs, private equity funds, hedge funds, and other investment vehicles. Mr. Kelly also worked closely with the SEC’s Division of Examinations and Division of Investment Management.

During his 18-year tenure at the SEC, Mr. Kelly supervised and conducted enforcement investigations covering a wide range of issues, including fund valuation, distribution and 12b-1 fees, conflicts of interest, fund governance, the 15(c) process, best execution, insider trading, manipulation, investment adviser and broker-dealer registration, and whistleblower retaliation. He also worked with multiple U.S. Attorneys’ Offices conducting parallel criminal and SEC investigations. In recognition of his SEC service, Mr. Kelly was awarded the Chairman’s Award for Excellence and the Ellen B. Ross Award, which acknowledge his exemplary commitment and performance in enforcing the federal securities laws.

Mr. Kelly now represents entities and individuals in SEC and FINRA investigations and routinely advises asset managers on how to prepare for, navigate, and respond to exams conducted by the SEC’s Division of Examinations. As part of his practice, he also conducts internal investigations and counsels clients on compliance and regulatory matters.

  • Investment Adviser Duty of Care: SEC Enforcement and Policy — The Investment Lawyer (February 2023)
  • Compensation Clawback Crackdowns – An Emerging Enforcement Focus, FCPA Professor, November 7, 2022
  • ESG Developments in the EU and U.S.: Impact on U.S. Asset Managers, Boston - Dechert OnPoint (September 22, 2022)
  • ESG Developments in the EU and U.S.: Impact on U.S. Asset Managers, New York - Dechert OnPoint (September 20, 2022)
  • Showdown at the Fifth Circuit Corral—Panel Rules SEC Home-Court Proceedings Violate Multiple Constitutional Provisions -  Dechert OnPoint (May 25, 2022)
  • Securities and Derivative Litigation: Quarterly Update - Dechert OnPoint (May 02, 2022)
  • “Hashing” It Out: Federal Jury Decides Some Cryptocurrency Products are not Securities - Dechert OnPoint (November 18, 2021)
  • Second Circuit Upholds Enforceability of SEC Tolling Agreements - Dechert OnPoint (October 04, 2021)
  • The Many Shades of Global ESG and Sustainable Investing: Enforcement, Examination and Compliance Risks - Dechert OnPoint (May 18, 2021)
  • Dechert On Demand: Hot Topics for Fund Managers - Dechert OnPoint (February 23, 2021)
  • Congress Restores and Codifies Expansive SEC Disgorgement Authority - Dechert OnPoint (January 31, 2021)
  • Dechert LIBOR Update Series - Dechert OnPoint (November 30, 2020)
  • SEC Enforcement Division Releases 2020 Annual Report: COVID-19 Impacts Enforcement as Whistleblower Program Boosts Enforcement - Dechert OnPoint (November 20, 2020)
  • AIMA Regulatory Deep Dive Programme – U.S. - Dechert OnPoint (September 17, 2020)
  • The Supreme Court Affirms, But Limits, The SEC’s Disgorgement Authority - Dechert OnPoint (July 06, 2020)
  • Asset Management Litigation/Enforcement Flash Report - Dechert OnPoint (May 22, 2020)
  • COVID-19 Business Impact Series: Selective Disclosure and Insider Trading Considerations for U.S. Fund Managers in the Current Environment - Dechert OnPoint (May 01, 2020)
  • ESG Considerations for U.S. Asset Managers Webinar - Dechert OnPoint (April 24, 2020)
  • COVID-19 Coronavirus Business Impact: Compliance Issues in the Current Environment - Dechert OnPoint (April 21, 2020)
  • Managing Enforcement and Litigation Risks for Asset Managers in the Current Economic Climate - Dechert OnPoint (April 01, 2020)
  • COVID-19 Coronavirus Business Impact: Regulatory Impact – Focus on Global Market Abuse Risks - Dechert OnPoint (March 31, 2020)
  • Environmental, Social and Governance (ESG) for Asset Managers - Dechert OnPoint (February 12, 2020)
  • OCIE Releases 2020 Examination Priorities - Dechert OnPoint (January 30, 2020)
  • SEC’s Enforcement Division Releases 2019 Annual Report: Asset Management Industry Enforcement Leads to Record Numbers - Dechert OnPoint (December 04, 2019)
  • U.S. Regulatory Priorities Seminar Series: Recent SEC Inspection and Investigation Trends - Dechert OnPoint (June 26, 2019)
  • 2019 Global Alternative Funds Symposium - Dechert OnPoint (June 04, 2019)
  • California '40 Acts Group Luncheon Discussion - Dechert OnPoint (April 26, 2019)
  • Investment Management Institute 2019 - Dechert OnPoint (March 21, 2019)
  • Current Developments Affecting the Fund Industry - Dechert OnPoint (March 19, 2019)
  • US Blockchain Enforcement and Litigation Update - Dechert OnPoint (January 31, 2019)
  • Hedge Funds Nuts & Bolts: Washington Update - Dechert OnPoint (January 09, 2019)
  • U.S. SEC Focus Areas in the Registered Funds Industry - Dechert OnPoint (December 28, 2018)
  • SEC Enforcement Staff Takes Aim at the BDC Space in Two Recent Actions - Dechert OnPoint (December 21, 2018)
  • SEC Staff Releases Statement on Digital Asset Securities Issuance and Trading and Provides Guidance on Resolving Unregistered ICOs - Dechert OnPoint (December 05, 2018)
  • SEC Co-Chief of Asset Management Unit Heads to Dechert in Washington, D.C. - Dechert OnPoint (November 12, 2018)
    • The George Washington University, B.B.A., Finance, 1999, summa cum laude
    • Georgetown University Law Center, J.D., 2004
    • District of Columbia
    • Maryland