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‘Enforcement 40’ for 2020
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Join the Securities Litigation and Enforcement Group on LinkedInAllianz Cooperator Stephen Bond-Nelson Used Bathroom Break to Run Out on SEC – Bloomberg
A former portfolio manager for the Allianz SE unit that agreed to pay $5.8 billion over the implosion of its hedge funds in 2020 saw no escape from the questioning of the SEC’s lawyers. So Stephen Bond-Nelson excused himself to use the bathroom and never returned. At least, not until he decided to plead guilty […]
SEC Commissioners testify to House Committee – Cooley PubCo
All five SEC Commissioners testified yesterday at an oversight hearing held by the House Financial Services Committee, the first time all five have appeared since 2007, according to Chair Maxine Waters. (Here is their formal testimony.) These hearings are, of course, broken up into bite-size five-minute Q&A sessions, so there is not much opportunity for […]
Nouriel Roubini: Bitcoin is ‘mother of all scams’
Within minutes of testifying at a congressional hearing on Capitol Hill on Thursday, Roubini sounded alarms on multiple aspects of the new digital asset class. “Crypto is the mother or father of all scams and bubbles,” Roubini, also a professor at New York University, told the U.S. Senate Committee on Banking, Housing and Community Affairs […]
Testimony on “Oversight of the U.S. Securities and Exchange Commission”
The principles I have discussed—most notably the interests of our long-term Main Street investors—are integrated in our new strategic plan. With input from my fellow Commissioners, Kara Stein, Michael Piwowar, Robert Jackson, Jr. and Hester Peirce, as well as many dozens of my colleagues at the SEC, the SEC recently published a new, multi-year strategic […]
SEC chair to stress cyber risk in Congressional budget testimony | Reuters
The head of the U.S. Securities and Exchange Commission (SEC) will warn of the need to boost its defenses against “advanced” and “persistent” cyber threats when he asks Congress on Tuesday for more funding, according to prepared remarks seen by Reuters on Monday. … In prepared remarks, he will tell lawmakers that the agency has […]
Regulators may need more authority to catch up with crypto: SEC chief | American Banker
Market regulators acknowledged to Senate lawmakers on Tuesday that they are falling behind the curve when it comes to virtual currency regulation and may need Congress to help them catch up. Testifying before the Senate Banking Committee, the heads of the Securities and Exchange Commission and the Commodity Futures Trading Commission said the two agencies […]
Ceresney Testifies on Enforcement’s Budgetary Needs and Performance | Compliance Week
In his testimony last week, SEC Enforcement Director Andrew Ceresney provided Congress with details on how the Enforcement Division would use a proposed increase in the SEC’s budget for FY 2016, and presented an update on the recent work of his Division. via Ceresney Testifies on Enforcement’s Budgetary Needs and Performance | Compliance Week
SEC Shifts Focus to Ratings Firms, Fund Valuations As Crisis-Era Cases Fade – MoneyBeat – WSJ
In a sign the pipeline for crisis-era cases has largely run dry, the SEC renamed the unit that brought many of its cases for shoddy mortgage securities that allegedly fueled the 2008 financial crisis. The “Structured and New Products Unit” is being renamed the “Complex Financial Instruments” unit, SEC Enforcement Director Andrew Ceresney will tell […]
SEC Chair White Testifies for FY 2015 Budget, Details Enforcement Initiatives – Compliance Week
Yesterday, SEC Chair Mary Jo White offered detailed testimony on why the SEC needs the $1.7 billion proposed in President Obama’s fiscal year 2015 budget request. She laid out a list of initiatives in the enforcement area, including the need to “keep pace with today’s high-tech, high-speed markets.” via SEC Chair White Testifies for FY […]
Sen. Warren: Congress Must Not Starve the Securities Watchdog – Compliance Week
After hearing testimony last week from SEC Chair Mary Jo White in a Senate Banking Committee Hearing, Sen. Elizabeth Warren observed that it “seems clear that if Congress wants to have a tough watchdog, it has to make sure the dog hasn’t been starved.” via Sen. Warren: Congress Must Not Starve the Securities Watchdog – […]