Daily Archives: November 14, 2023, 9:39 pm

Cooley Continues Expansion of White Collar Defense & Investigations Practice With Addition of Key Former SDNY Prosecutor — Cooley

Rebekah Donaleski has joined Cooley’s New York office as a partner in the white collar defense & investigations practice. Donaleski arrives after nearly a decade at the US Attorney’s Office for the Southern District of New York (SDNY), where she was chief of the office’s public corruption unit and led many of the office’s most significant investigations and prosecutions –…

Read More

Charter Communications to Pay $25 Million Penalty for Unauthorized Stock Buybacks

The Securities and Exchange Commission today announced settled charges against Charter Communications Inc. for violating internal accounting controls requirements when it engaged in stock buybacks not authorized by its board of directors. According to the SEC’s order, Charter’s board authorized company personnel to conduct certain buybacks using trading plans that conform to SEC Rule 10b5-1. Rule 10b5-1 offers protection to…

Read More

SEC Announces Enforcement Results for Fiscal Year 2023

The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal year. The SEC also filed 162 “follow-on” administrative proceedings seeking to bar or suspend individuals from certain functions in…

Read More

SEC Presses Companies to Vet Interest Rate Threat for Investors

SEC officials are looking for robust disclosures from companies this annual report filing season detailing the threat to their businesses posed by interest rates that remain at historic highs. US companies should refer to 1997 disclosure guidance as they draft updates to market risk disclosures including interest rate sensitivity assessments, said Lindsay McCord, chief accountant for the Securities and Exchange…

Read More

Are firms prepared for wave of messaging fines headed for Britain? | Global Investor Group

The last few years have seen market regulators dole out record numbers of fines to financial institutions over their failure to adequately monitor employee communications on instant messaging applications like WhatsApp. According to Securities and Exchange Commission (SEC) enforcement division chief Gurbir Grewal, the regulator has filed charges against 40 financial firms and imposed more than $1.5bn (£1.2bn) in fines…

Read More

Artificial Intelligence, the SEC, and What the Future May Hold | Foley & Lardner LLP

Given the current and proposed regulatory framework, it is vital for broker-dealers and investment advisers to have a firm understanding of the AI tools they use and then implement appropriate policies and procedures for those AI tools. Firms should not wait to assess their use of AI, including future use, and put guardrails in place to ensure customers are protected…

Read More

Guest Post: CISO Liability in Focus: SEC Enforcement, Insurance, and [Personal] Risk Mitigation | The D&O Diary

After years of relatively gentle guidance when it came to disclosing cyber risk and cyber breaches, the SEC signaled that the kid gloves had come off when it proposed and ultimately adopted its new cyber disclosure rules. The SEC had also already been signaling its changing enforcement posture, including a 2021 penalty of $500,000 it imposed on American Title Company and a $1 million penalty on…

Read More

Securities Enforcement Defense and Regulation Attorney Joins Davis Wright Tremaine LLP in Washington, D.C. 

Russell Fecteau, an attorney with two decades of experience in financial services regulation, both as a securities regulator and as an advocate in private practice, has joined the nationally renowned financial services practice at Davis Wright Tremaine LLP in Washington, D.C. A former senior enforcement attorney at FINRA, where he supervised a legal team on federal securities law and FINRA…

Read More