On June 28, 2024, the Supreme Court issued a significant decision that could have wide-ranging consequences for administrative agency enforcement actions. In Securities and Exchange Commission v. Jarkesy, the Court held that...more
7/3/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Enforcement Actions ,
Judicial Authority ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Seventh Amendment
In criminal cases, oftentimes the most significant element in dispute is whether the defendant harbored the intent to “knowingly” or “willfully” violate the criminal law at issue. If the defendant denies that he knew what he...more
On April 23, the Federal Trade Commission adopted a near-total ban on noncompete agreements, with limited exceptions. The following day, the U.S. Chamber of Commerce and other business groups sued, seeking to block the rule...more
4/30/2024
/ Chamber of Commerce ,
Confidential Information ,
Constitutional Challenges ,
Employment Contract ,
Federal Bans ,
Federal Trade Commission (FTC) ,
Final Rules ,
FTC Act ,
Non-Compete Agreements ,
Regulatory Authority ,
Restrictive Covenants ,
Trade Secrets
In SEC v Panuwat, a federal jury in California will hear a novel insider trading theory that the court has allowed to proceed to trial. In Panuwat, the SEC says it is unlawful for an individual to purchase securities of a...more
2/29/2024
/ Confidential Information ,
Corporate Counsel ,
Corporate Issuers ,
Enforcement Authority ,
Insider Trading ,
Material Nonpublic Information ,
Misappropriation ,
Put and Call Options ,
Rule 10b-5 ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Stock Options
On June 23, the Supreme Court held that proceedings in federal district court must be stayed during an interlocutory appeal from an order declining to enforce an arbitration agreement. Such an order can be appealed...more
The United States Supreme Court has ruled in an 8-1 decision that the U.S. government has broad authority to dismiss whistleblower actions over the individual whistleblower’s objections so long as the government intervenes...more
6/23/2023
/ Dismissals ,
False Claims Act (FCA) ,
Objective Standard ,
Qui Tam ,
Relators ,
Scienter ,
SCOTUS ,
Statutory Authority ,
Subjective Standard ,
United States ex rel Polansky v Executive Health Resources Inc ,
Whistleblowers
The U.S. Securities and Exchange Commission sued Coinbase, Inc., alleging the crypto assets Coinbase made available for trading on its exchange met the definition of “securities.” Because Coinbase did not register the assets...more
6/19/2023
/ Bitcoin Mining ,
Coinbase ,
Crypto Exchanges ,
Howey ,
Investment Contract ,
Jurisdiction ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Trading Platforms ,
Unregistered Securities
If your Michigan business issues promissory notes or other evidence of indebtedness, or if you purchase such debt instruments, it is important to understand whether those debt instruments could be considered “securities”...more
Key Takeaways -
..The U.S. Supreme Court is poised to hear cases that may curtail the administrative powers of the SEC.
..These rulings may portend greater limits on federal administrative agencies generally....more
On May 5, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued broad modified guidance on its regulation and enforcement of the markets during the coronavirus (COVID-19) pandemic. The Financial Industry Regulatory...more
The Corporations, Securities, & Commercial Licensing Bureau of the Michigan Department of Licensing and Regulatory Affairs ("the Bureau") has issued new Securities Rules interpreting and enforcing the Michigan Uniform...more
The SEC Speaks conference held in Washington, D.C., on April 8-9, 2019 offered perspectives from the current Securities and Exchange Commission Chairman, Commissioners, Division Directors, and Staff about the current...more
4/15/2019
/ Best Interest Standard ,
Corporate Officers ,
Digital Assets ,
Enforcement Actions ,
Investment Funds ,
Lorenzo v SEC ,
OCIE ,
Proposed Rules ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC)
The U.S. Supreme Court has held that administrative law judges (ALJs) of the Securities and Exchange Commission are "Officers of the United States" under the Appointments Clause of the U.S. Constitution, and are not mere...more
6/26/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Corporate Counsel ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
As noted in our December 9, 2016, Client Alert, the Supreme Court in Salman v. U.S. ruled that the required “personal benefit” to the person disclosing inside information (the tipper) does not need to be “pecuniary” or...more
8/30/2017
/ Appeals ,
Criminal Convictions ,
Dirks v SEC ,
Gifts ,
Illegal Tipping ,
Insider Trading ,
Personal Benefit ,
Pharmaceutical Industry ,
Quid Pro Quo ,
Tippees ,
Tippers ,
US v Newman ,
US v Salman
The U.S. Supreme Court continues to limit the timeframe in which the U.S. Securities and Exchange Commission (“S.E.C.”) can seek to levy monetary penalties in enforcement actions it brings against violators of the federal...more
To be liable for insider trading in violation of the federal securities laws, the insider “tipper” who discloses the inside information must personally benefit, directly or indirectly, from his disclosure to a “tippee” who...more
Do you have investments in a retirement plan or IRA, or are you a retirement plan fiduciary or provide investment services to a retirement plan or IRA?
On April 6, 2016, the Department of Labor (DOL) released its...more
Investors suing for damages in a private securities fraud action under the U.S. securities laws must prove, among other things, that they relied on the defendant’s misstatement when they bought or sold a security. In Basic v....more
The Securities and Exchange Commission is incorporating economic and technology-based data analytics and statistical analyses to support its regulatory functions, SEC Chair Mary Jo White revealed at the 43rd annual “The SEC...more
The Obama Administration’s recent “Strategy on Mitigating the Theft of U.S. Trade Secrets” makes clear the importance for businesses to be aware of and understand the international threats to their intellectual property, the...more
SEC commissioners called for a more regulations and oversight to protect investors from fraud and other dangers, reports Miller Canfield securities compliance and enforcement lawyer Matt Allen.
Allen attended the 42nd...more
Today, the Securities and Exchange Commission and the Department of Justice released A Resource Guide to the U.S. Foreign Corrupt Practice Act....more