‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInSEC Private Equity Enforcement: A More Aggressive Approach | Compliance and Enforcement
Over the last several years, the Securities and Exchange Commission (“SEC”) has targeted private equity funds for various fee allocation arrangements and conflicts of interest. Rather than describing the fee practices as fraudulent, which would require a showing of scienter, the SEC has concluded that the private equity advisers committed disclosure violations. However, a recent […]
SEC Nominee on FCPA, Compliance Costs, More – Radical Compliance
The plain truth is that barring some unforeseen disaster, the Senate will confirm Clayton as SEC chair soon. Compliance professionals wondering what the future may bring should start looking ahead, to whomever Clayton might name to run the Divisions of Enforcement and Corporation Finance, and the Office of the Chief Accountant. Those three people will […]
Senate bill aims for higher SEC enforcement penalties — CNNMoney
The bill would allow the SEC to impose a maximum $1 million penalty on individuals per violation for the most serious offenses and a maximum $10 million per violation on financial firms. Those levels would be an increase from the current $181,071 for individuals and $905,353 for firms. The measure also would give the SEC […]
Four Senate Banking Dems Want Inquiry of Piwowar’s SEC Actions | Bloomberg BNA
“We are concerned that Commissioner Piwowar’s actions may lack adequate justification, undermine the SEC’s mission, exceed his authority as Acting Chairman, violate other procedural requirements, and could potentially prove to be a waste of the SEC staff’s precious time and resources,” said a March 29 letter from Democratic Sens. Sherrod Brown (Ohio), Elizabeth Warren (Mass.), […]
Yahoo’s Warning to GCs: Your Job Description Just Expanded (Big-Time)
While some may view this as an exceptional case driven by its unique facts, the actions taken by Yahoo’s board and the company’s public disclosures underscore a more significant and noteworthy trend as it relates to the role of the legal function, corporate governance, in general, and cybersecurity, in particular. Namely, that cybersecurity issues continue to […]
Mylan Names Former SEC Commissioner Daniel Gallagher as Chief Legal Officer
Mylan N.V. today announced the appointment of Daniel M. Gallagher as chief legal officer. He will be joining the company on April 17, 2017. Gallagher joins Mylan from Patomak Global Partners, a consulting firm providing strategic advice, compliance consulting, and litigation and regulatory enforcement services, where he was president. From Nov. 2011 to Oct. 2015, […]
Trump SEC pick says he has no ‘specific’ Dodd-Frank gut plan – The Boston Globe
President Trump’s pick to lead the Securities and Exchange Commission said that he has no specific plans to dismantle regulations implemented under the Dodd-Frank Act, but that the new administration wants to examine whether the 2010 law is stifling growth. ‘‘Dodd-Frank should be looked at, in particular rules that have been in place as to […]
What the Future of S.E.C. Enforcement Holds Under Jay Clayton – The New York Times
The larger question is what tone Mr. Clayton will set for enforcement, and how aggressive he wants the S.E.C.’s staff to pursue cases that involve major Wall Street financial institutions. The important first step, assuming he is approved by the Senate, will be the appointment of a new director of the enforcement division. via What […]
SEC—Data Analytics Key to Unlocking Fraud Schemes – Lexology
Why it matters: Data analytics, used by the SEC to find suspicious trading patterns, has in recent years become a formidable weapon in the SEC’s arsenal to combat insider trading and other fraudulent trading schemes. Two recent SEC enforcement actions, where the SEC specifically credited the use of data analytics to “crack the case,” bear this […]
Securities-Fraud Clash Will Get U.S. Supreme Court Scrutiny – Bloomberg
The U.S. Supreme Court agreed to use a case stemming from a New York City contract fraud to clarify investors’ ability to sue companies for omitting information from shareholder reports. The justices said Monday they will hear an appeal from government contractor Leidos Inc. in a case connected to the company’s $500 million settlement with […]