‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAre We There Yet? The Latest Attempt at an Insider Trading Statute | New York Law Journal
In sum, if the Senate passes and the President signs it, this legislation will create a standard that Congress has tried to achieve for decades. Recognizing the polarization of our current political climate during a presidential election year, many may suggest that any effort to enact this legislation will likely be unsuccessful. However, given the […]
House Passes Bill Establishing a Clear Definition of Insider Trading – WSJ
The House bill aims to establish a legal foundation that is less susceptible to change. It doesn’t require prosecutors to prove that a defendant knew how a piece of inside information was obtained or whether there was a personal benefit paid to anyone in the chain of communication. Instead, the recipient or provider of an […]
Insider-trading law fix is within reach | Reuters
The act still has a ways to go before becoming law. It won approval from the U.S. House of Representatives’ Financial Services Committee in May, drawing support from Republicans and Democrats alike – no small feat in a highly partisan Congress. The full House is expected to take it up in the fall. Like a […]
A Whack at Dodd-Frank Could Hamstring the S.E.C. – The New York Times
The draft of the Financial Choice Act 2.0, released last week by the House Financial Services Committee and aimed at overturning much of the Dodd-Frank Act, contains provisions that could change how the Securities and Exchange Commission polices the markets. Unlike similar legislation introduced last year by Representative Jeb Hensarling, Republican of Texas and chairman […]
Senate bill aims for higher SEC enforcement penalties — CNNMoney
The bill would allow the SEC to impose a maximum $1 million penalty on individuals per violation for the most serious offenses and a maximum $10 million per violation on financial firms. Those levels would be an increase from the current $181,071 for individuals and $905,353 for firms. The measure also would give the SEC […]
Rep. Garrett Proposes Game-Changing Legislation for SEC APs | Compliance Week
Congressman Scott Garrett’s proposed “Due Process Restoration Act” would provide parties to administrative proceedings with the option to have their case heard in federal court, and also impose a higher burden of proof on the SEC in its APs. via Rep. Garrett Proposes Game-Changing Legislation for SEC APs | Compliance Week.
Senate Bill Seeks Transparency in Settlements – The Blog of Legal Times
Two senators introduced legislation today to make settlements with federal enforcement agencies more transparent. Sens. Tom Coburn R-Okla. and Elizabeth Warren D-Mass. said the Truth in Settlements Act will require greater public disclosure about agreements and it will create greater accountability concerning the actual value of deals made with federal agencies. via Senate Bill Seeks […]
Proposed Ponzi Legislation Seeks Sweeping and Controversial Reforms – Ponzitracker
In short, the Bill seeks enactment of a significant set of reforms that would significantly alter many facets of Ponzi jurisprudence, including the determination of customer losses, definition of a customer, and the ability to seek the clawback of avoidance transfers. While it is not yet clear as to whether all of the above-referenced reforms […]
India Seeks to Overhaul a Corporate World Rife With Fraud – DealBook
In the wake of global scandals involving kickbacks and accounting fraud, one unlikely country, India, is aiming to set a tone in overhauling its corporate oversight laws. This month, the nation’s upper house of Parliament passed the Companies Bill, 2012, sweeping legislation meant to overhaul auditing, impose stiffer penalties for fraud and create more government […]
SEC Fraud Probes Said to Suffer If E-Mails Kept Private – Bloomberg
The SEC is fighting legislation that would trim government access to personal and corporate e-mail kept for customers by third-party providers, such as Amazon.com Inc. and Yahoo! Inc. Bipartisan legislation requiring agencies to get warrants to access e-mails could have “a significant negative impact” on enforcement efforts, SEC Chairman Mary Jo White said in an […]