Daily Archives: October 27, 2022, 11:19 am

Gary Gensler’s Bad Performance Review – WSJ

Businesses have been warning that Securities and Exchange Commission Chair Gary Gensler’s fast-and-furious regulation could cause damage across the economy. Now agency officials and Democratic Senators are raising alarms too. The SEC Office of Inspector General this month issued a withering review of Mr. Gensler’s leadership that would probably get a CEO of a public company sacked. Agency division managers…

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Musk Says $50 Billion Tesla Pay Deal Is Justified by Electric-Car Maker’s Surge – Bloomberg

Tesla Inc.’s decision to give Chief Executive Officer Elon Musk a pay package that could be worth more than $50 billion wasn’t excessive given the electric-car maker’s stratospheric rise in value over the last decade, his lawyers said in a court filing. Musk, the world’s richest person, must face a Delaware judge at a trial Nov. 14 to counter accusations…

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Accounting Errors to Cost Executives Their Bonuses Under SEC Rule – WSJ

Regulators will make public companies take back executives’ incentive pay if they find significant errors in financial statements, aiming to improve corporate accountability at a time of rising shareholder discontent over pay practices. The Securities and Exchange Commission voted 3-2 Wednesday to complete the so-called clawback rule, with all Democrats approving and Republicans dissenting. Required by the 2010 Dodd-Frank Act…

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Private Funds Remain a Top Priority for the SEC in 2022: A Review of Recent Cases and Their Implications for Private Fund Managers

Late last year, Securities and Exchange Commission (SEC) Chair Gary Gensler warned private fund managers that they should be prepared for increased regulatory scrutiny. Shortly thereafter, in February 2022, the SEC announced a historically sweeping set of rule proposals focused on the private fund industry. These proposals have coincided with a wave of enforcement actions impacting private fund managers, which…

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SEC Commissioner Peirce Continues To Object To Various Aspects Of Nearly Every FCPA Enforcement Action – FCPA Professor

All told, as an SEC Commissioner, Peirce has voted on 42 corporate FCPA enforcement actions. In 10 of the actions (approximately 25%) Peirce voted not to approve. In 25 of the actions (approximately 60%), Peirce objected to certain aspects of the enforcement action. In other words, Peirce has objected (in whole or in part) to approximately 85% of corporate FCPA…

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