Monthly Archives: April 2017

‘Aggressive’ FINRA scrutiny expected as fines soar into multimillions | On Wall Street

A record year of FINRA enforcement activity heralds heightened scrutiny on a bevy of issues including cybersecurity, anti-money laundering policies and protection for senior clients, legal and regulatory experts caution. Analyzing the regulator’s 2016 enforcement actions, New York law firm Eversheds Sutherland found that while the total number of cases the industry regulator brought last year dipped slightly from 2015,…

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Wads of Cash to Burner Phones, Insider Trading Tops FCA Hit List – Bloomberg Quint

From wads of cash exchanged in curry houses to late night calls on untraceable phones, insider trading never fails to generate headlines. And it looks like U.K. authorities may be gearing up for a few more after opening a record number of cases last year. The Financial Conduct Authority started 70 insider-dealing investigations in 2016, more than double any other year…

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A month after dismissing federal prosecutors, Justice Department does not have any U.S. attorneys in place – The Washington Post

Attorney General Jeff Sessions is making aggressive law enforcement a top priority, directing his federal prosecutors across the country to crack down on illegal immigrants and “use every tool” they have to go after violent criminals and drug traffickers. But the attorney general does not have a single U.S. attorney in place to lead his tough-on-crime efforts across the country.…

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PwC Annual Study Reports Record Number of Securities Suits | The D&O Diary

Largely driven by a “dramatic” increase in the number of federal court merger objection lawsuits, securities class action litigation filings rose to the highest level ever in 2016, according to PwC’s most recent annual securities litigation report. The report also noted that for the first time securities litigation rose though the stock market performance during the year did not, contrary…

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Cornerstone Research Report: SEC Enforcement Activity Strong through First Half of FY 2017

U.S. Securities and Exchange Commission enforcement activity remained elevated through the first half of fiscal year 2017, according to new research from Cornerstone Research. The data show an increase in actions involving broker-dealers, issuer reporting and disclosure, and securities offerings. According to SEC Enforcement Activity—First Half FY 2017 Update, the SEC filed 334 enforcement actions during the first half of…

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Supreme Court skeptical about SEC’s powers of ‘disgorgement’ – The Washington Post

The Supreme Court indicated Tuesday that the federal government does not have the wide power it claims in pursuing the ill-gotten profits of fraudulent behavior. Justices across the board were at least skeptical of the Securities and Exchange Commission’s claim that it is not bound by a five-year statute of limitations when it seeks “disgorgement,” or the return of profits…

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New SEC Alums Swarm ‘Revolving Door’ to Financial, Law Firms | Big Law Business

More than half the high-ranking SEC officials who left the agency since January 2016 landed at law and financial firms, with Debevoise & Plimpton LLP leading the pack. Debevoise, private equity manager Blackstone Group LP and other firms hired 15 of the 26 Securities and Exchange Commission officials Bloomberg BNA tracked since their departures were announced in 2016 and 2017.…

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