‘Enforcement 40′ for 2017
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SEC and CFTC FY2018 Results: Looking Back . . . and Looking Forward – Securities Law PerspectivesSecurities Law Perspectives
Earlier this month, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission issued their annual reports about their Divisions of Enforcement results for fiscal year 2018. Analyzing these reports is a helpful way for us to learn from the recent historical enforcement efforts by both financial regulatory agencies. Also, both reports […]
SEC Releases FY 2018 Whistleblower Program Annual Report | Proskauer Whistleblower Defense
On November 15, 2018, the U.S. Securities and Exchange Commission (“SEC”) published its statutorily mandated fiscal year report to Congress covering the agency’s whistleblower program. The report, which covers the period from October 1, 2017 through September 30, 2018, was prepared by the SEC’s Office of the Whistleblower (“OWB”) to summarize its whistleblower bounty program, […]
Torrid Securities Suit Filing Pace Continues in Year’s First Half | The D&O Diary
The torrid pace of securities class action lawsuit filings continued in the first half of 2018, coming in at a rate only very slightly below last year’s record-setting pace. While a significant number of the first half filings are attributable to merger objection lawsuit lawsuits, the number of traditional filing alone during the first half […]
Improving the SEC’s Enforcement Program: A Ten-Point Blueprint for Reform — Center for Financial Stability
With the transition to a new Commission, the SEC should take the opportunity to review, evaluate and improve its enforcement program. In light of the SEC’s mission to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation, the SEC should take steps to ensure it is allocating resources properly, striking an […]
SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key Areas
Several factors may have contributed to the decline. Some have attributed it to the change in presidential administrations, which resulted in a change in top SEC leadership. For instance, a recent Cornerstone Research publication noted that after SEC Chairman Jay Clayton’s appointment, the number of enforcement actions against public companies dropped precipitously. On the other […]
Mapping Types of Shareholder Lawsuits Across Jurisdictions
I recently posted my book chapter, Mapping Types of Shareholder Lawsuits across Jurisdictions (forthcoming in the Research Handbook on Shareholder Litigation, edited by Jessica Erickson, Sean Griffith, David Webber and Verity Winship) on SSRN. When corporate law scholars explore shareholder litigation abroad, they often start by looking for types of shareholder litigation familiar from the […]
SEC on Track for Record Enforcement Activity in 2017
Given that these preliminary numbers clearly point toward another strong year, it’s curious that the SEC and other agencies were criticized by some in a Wall Street Journal article for levying less in penalties in the first half of the year compared to 2016. Having spent more than 15 years in the enforcement division of […]
Record Number of Settlements Added to Top 100 Securities Suits Settlement List in 2016 | The D&O Diary
Thirteen of the 100 all-time largest securities class action lawsuit settlements were finalized in 2016, the highest number of settlements during any one year period, according to a recent report from Institutional Shareholder Services (ISS). Two of the 2016 settlements among the top 100 were among the eleven largest of all times. The report, which […]
Securities Class Action Activity Remains High: Cornerstone Research
U.S. Securities and Exchange Commission (SEC) enforcement activity remained elevated through the first half of fiscal year 2017, according to Cornerstone Research. The data show an increase in actions involving broker-dealers, issuer reporting and disclosure, and securities offerings. via Securities Class Action Activity Remains High: Cornerstone Research
SEC Keeps up High Rate of Enforcement Activity — CFO
U.S. Securities and Exchange Commission enforcement activity continued at a strong pace during the first half of fiscal 2017 despite the uncertainty hanging over the agency since President Donald Trump took office. Between Oct. 1 and March 31, the SEC filed 334 total enforcement actions, compared to 372 during the same period in fiscal 2016, according […]