A 21-page motion filed late Thursday spelled out example after example of highly descriptive and unflattering stories in the past several years about Holmes. “The publicity is pervasively negative,” lawyers for Holmes said. Adding she is, “routinely referred to in derisive and inflammatory terms that are directly relevant to the wire fraud charges in this case. Media coverage describes her…
If the SEC writes rules that order public companies to disclose ESG-related risks in the areas of climate change, board diversity, corporate political donations, ethical supply chain procurement, and more, should the agency establish its own ESG framework on which those disclosures would be based? Or should it simply peg them to established ESG standards, like those being developed by…
How hot is the NFT craze? It’s so hot that even Finra is trying to wrap its head around it. The Financial Industry Regulatory Authority — the non-government group that licenses broker dealers and accordingly polices it for infractions — is “taking a deep dive to understand NFTs and the implication for the regulation of broker dealers,” according to a…
Arnold & Porter announced today that Jane Norberg has joined the firm’s Securities Enforcement and Litigation practice as a partner, resident in Washington, DC. She most recently served as Chief of the Office of the Whistleblower of the Securities and Exchange Commission (SEC), an office created by Congress in 2010 under the Dodd-Frank Wall Street Reform and Consumer Protection Act. Source:…
The Securities and Exchange Commission today announced an award to a whistleblower totaling more than $28 million in connection with an SEC enforcement action and a related action by another federal agency. The whistleblower’s information caused both the SEC and the other agency to open investigations that resulted in significant enforcement actions. Under the SEC’s whistleblower program, individuals who provide…
Progressive groups and consumer advocates called on SEC Chair Gary Gensler to fire members of the Public Company Accounting Oversight Board, the nation’s accounting auditor, saying the board has “collapsed into a pattern of non-enforcement and retaliation against whistleblowers“ and had lost important staff members under former President Donald Trump. Source: Progressives tell SEC chair to fire Trump-era audit board…
Expanding on the risk management note Gallagher made, Carton asked during the session, “What about the fact that in the year 2021, you have the technology that would allow—I’m not going to call it a mob, but—a group of people on Reddit to be able to move the stock prices around crazily. Is there any problem with that?” Gallagher, in…
Matt Olsen, Uber Technologies Inc.’s chief trust and security officer and a veteran of Washington’s national security circles, is expected to be nominated to serve as head of the Justice Department’s National Security Division, according to people familiar with the matter. The White House plans to nominate Mr. Olsen in the coming days, one of the people said, to the…
The Commodity Futures Trading Commission’s whistleblower program is in turmoil over a potential payout exceeding $100 million to a former Deutsche Bank AG executive—one so large it would deplete the agency’s whistleblower funds and has led it to seek congressional action. Source: CFTC Whistleblower Program in Peril Over Potential $100 Million-Plus Payout – WSJ
“It’s a digital, scarce store of value, but highly volatile,” Gensler told CNBC. “And there’s investors that want to trade that, and trade that for its volatility, in some cases just because it is lower correlation with other markets. I think that we need greater investor protection there.” According to Gensler, such investor protection would be similar to what is…