Daily Archives: June 7, 2013, 4:30 pm

After Monitoring Rakoff-SEC Battle, Ontario Limits ‘No-Consent’ Settlements – Compliance Week

After monitoring the growing judicial unrest in the U.S. with respect to approving “no admit, no deny” SEC settlements, the Ontario Securities Commission changed a proposed new rule this week that would have allowed such “no-contest” settlements (the OSC’s term for settlements that do not include an admission of a breach of securities law) in its enforcement cases. The OSC’s update…

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Mum’s the Word About SEC Defeats – WSJ.com

More than three months ago, the Supreme Court unanimously dismissed Securities and Exchange Commission penalty claims against investment adviser Marc Gabelli because the SEC 5304.OK -11.05% took too long to file its case. But you wouldn’t know that if you monitored the case on the SEC website. You’d find the regulator’s initial fraud allegations against Mr. Gabelli but no official acknowledgment…

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SEC’s Andrew Ceresney Defends Neither Admit Nor Deny Settlements

At the Corporate Crime Reporter conference last month, Andrew Ceresney, the Securities and Exchange Commission’s (SEC) new co-director of enforcement, put up a spirited defense of the agency’s neither admit nor deny settlement policy. But during the question period, Ceresney also admitted that defendants who have entered neither admit nor deny settlements can readily deny the allegations in certain venues.…

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