Southpoint Capital Advisors Lp

Allegations: THE SEC ALLEGED THAT SOUTHPOINT CAPITAL ADVISORS LP ("SOUTHPOINT"), ACTING ON BEHALF OF ITS CLIENTS, VIOLATED RULE 105 OF REGULATION M UNDER THE SECURITIES EXCHANGE ACT OF 1934 ON TWO OCCASIONS, THE LAST OCCURRING IN 2011. RULE 105 GENERALLY PROHIBITS THE PURCHASE OF EQUITY SECURITIES FROM AN UNDERWRITER, BROKER OR DEALER PARTICIPATING IN A SECURITIES ACT PUBLIC OFFERING FOR CASH CONDUCTED ON A FIRM COMMITMENT BASIS IF THE PURCHASER HAS EFFECTED A SHORT SALE FOR THE SAME SECURITY DURING A RESTRICTED PERIOD PRIOR TO THE PRICING OF AN OFFERING. THE PROVISIONS OF THE RULE APPLY REGARDLESS OF THE PURCHASER'S INTENT. Status: Final Sanction Detail: SEPTEMBER 17, 2013, SOUTHPOINT SUBMITTED PAYMENT IN THE AMOUNT OF $534,758, REPRESENTING A CIVIL MONETARY PENALTY, DISGORGEMENT AND PREJUDGMENT INTEREST, TO THE U.S. TREASURY. NO PORTION OF THE PAYMENT WAS MADE BY SOUTHPOINT'S CLIENTS. Summary: ON SEPTEMBER 16, 2013, THE COMMISSION FILED AN ADMINISTRATIVE ORDER INSTITUTING CEASE AND DESIST PROCEEDINGS PURSUANT TO SECTION 21C OF THE EXCHANGE ACT ("ORDER") AGAINST SOUTHPOINT AND CONCURRENTLY ACCEPTING SOUTHPOINT'S SETTLEMENT OFFER. IN DECIDING TO ACCEPT SOUTHPOINT'S OFFER, THE COMMISSION TOOK INTO ACCOUNT SOUTHPOINT'S PROMPT REMEDIAL ACTIONS AND COOPERATION WITH THE SEC. WITHOUT ADMITTING OR DENYING THE FINDINGS, OTHER THAN ADMITTING THOSE RELATED TO JURISDICTION, SOUTHPOINT WAS ORDERED TO CEASE AND DESIST FROM COMMITTING OR CAUSING ANY VIOLATIONS OR FUTURE VIOLATIONS OF RULE 105 AND PAY A CIVIL MONETARY PENALTY, DISGORGEMENT AND PREJUDGMENT INTEREST.