‘Enforcement 40’ for 2020
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It’s hard to argue with a regulatory agency seeking more flexible penalties for carrying out a regulatory mandate. But the approval with which SEC watchers generally greeted the policy may be premature, for it’s not likely to further SEC enforcement objectives. On the one hand, this may little more than a cosmetically deft finesse of […]
SEC nominees back ending ‘no admit no deny’ settlements — InvestmentNews
Two Securities and Exchange Commission hopefuls told lawmakers today that they support ending enforcement settlements that allow targets to avoid admitting or denying the charges. In a Senate Banking Committee hearing on their nominations, Kara Stein and Michael Piwowar said the SEC should be more flexible in its settlement model. Currently, the SEC allows parties […]
SEC Set to Test Policy for Guilt Admissions — Dow Jones Business News
Securities and Exchange Commission enforcement chiefs have drawn up a hit list of impending cases where officials intend to test their new policy of requiring admissions of wrongdoing when settling civil charges, according to people close to the agency. The handful of likely target cases include a planned enforcement action against a company alleged to […]
SEC Buys Itself a Headache — Cady Bar the Door
I do applaud the Commission for taking a whack at tweaking the policy. It is probably healthy for any organization to take external criticism seriously and re-think old policies that may have outlived their usefulness. But I am pretty skeptical about the breadth of what White announced yesterday. She says this will be an “incremental” […]
SEC to Require Admissions of Wrongdoing in Settlements of Most Egregious Cases – Compliance Week
The SEC made some news yesterday at the Wall Street Journal CFO Network conference, as Chairman Mary Jo White announced that the agency will now begin requiring admissions of wrongdoing from defendants in its enforcement actions in certain circumstances. The announcement is a significant change in course from the SEC’s long-standing–and increasingly criticized–policy of allowing defendants […]
SEC to Seek More Admissions of Fault – WSJ
The Securities and Exchange Commission intends to make companies and individuals admit wrongdoing as a condition of settling civil charges in certain cases, or be forced to fight the charges in court, the agency’s Chairman Mary Jo White said Tuesday. The move marks a watershed change to the SEC’s decades-old policy of allowing companies and […]