‘Enforcement 40’ for 2020
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By Securities Docket on October 24, 2019, 11:20 am
The Securities and Exchange Commission announced that it canceled its meeting to vote on controversial rule changes to its whistle-blower program. The cancellation of the meeting, previously scheduled for October 23, was announced on the SEC’s website yesterday. There are reports the meeting will be rescheduled for November. The cancellation comes amidst steep opposition to […]
By Securities Docket on October 24, 2019, 11:15 am
Critics said the SEC launched the share-class initiative without explaining to firms the disclosure rubric. They assert that the SEC changed its expectations without providing a chance for public comment — in other words, the SEC was engaging in rule-making by enforcement. But Steven Peikin, co-director of the SEC Enforcement Division, said the industry should […]
By Securities Docket on October 24, 2019, 11:14 am
Cohn allegedly accessed compromising information about an investigation into GPB when he was a compliance examiner and industry specialist at the SEC’s enforcement division, according to officials with the Eastern District of New York, the FBI and the SEC Office of Inspector General, who announced the charges. While Cohn was in discussions with GPB about […]
By Securities Docket on October 24, 2019, 9:54 am
The SEC’s chief accountant for the Division of Enforcement delivered a stern reminder to auditors that the regulator will investigate any behavior that could be seen as a conflict of interest. “And if you’re over the line, violating those independence standards, we’ll bring actions. It’s just something that is too important. The auditor must be […]
By Securities Docket on October 24, 2019, 9:52 am
As the SEC was working on the regulatory package, it found that those two groups of investors were “particularly susceptible” to paying too much for advice, SEC Chairman Jay Clayton told the Securities Enforcement Forum in Washington. “Teachers and military folks hold a special place in all our hearts at the SEC,” Mr. Clayton said. […]
By Securities Docket on October 22, 2019, 6:31 pm
This month the U.S. Securities and Exchange Commission (SEC) initiated three illuminating regulatory and enforcement crypto-related actions, celebrating a virtual Octoberfest of crypto-related initiatives and proclamations. via The SEC Triples Down on its Cryptocurrency Crackdown | LinkedIn.
By Securities Docket on October 22, 2019, 9:24 am
David I. Miller, an experienced trial lawyer and former federal prosecutor, has joined the New York office of global law firm Greenberg Traurig, LLP as a shareholder in its Litigation Practice. He joins from Morgan Lewis. via Greenberg Traurig’s White Collar Practice Attracts Former Federal Prosecutor David I. Miller | News | Greenberg Traurig LLP.
By Securities Docket on October 22, 2019, 9:21 am
The US Securities and Exchange Commission has long been called the top cop on Wall Street, but in Donald Trump’s administration the regulator has struck a softer tone. The SEC has shifted focus since 2017 under the direction of chairman Jay Clayton, with blockbuster corporate fines giving way to cases in which Main Street investors […]
By Securities Docket on October 17, 2019, 11:13 am
Since at least the 2017 decision in Kokesh v. SEC, 137 S.Ct. 1635, there have been questions about Commission remedies. There the High Court held that disgorgement in agency enforcement actions was subject to Section 2462 of Title 28 since it was a “penalty” within the meaning of the statute. The Court also reserved the […]
By Securities Docket on October 16, 2019, 2:43 pm
The proposal would give the SEC discretion to set the smallest and largest cash awards to whistleblowers, among other changes. Critics say that change would likely discourage employees from reporting major frauds by lowering the chances of a huge payout. The payment for successful cases is now 10% to 30% of fines or restitution collected […]