Administrative Agency Securities

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
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DOJ Emphasizes Role of Criminal Prosecution in Addition to Regulatory Enforcement

The U.S. Department of Justice, through the Assistant Attorney General in charge of its Criminal Division, spoke forcefully on Tuesday regarding “the role of criminal law enforcement in prosecuting conduct that may also be...more

New UAE Commercial Companies Law: A Move Towards Global Standards

On 1 April 2015, His Highness Sheikh Khalifa Bin Zayed Al Nahyan, President of the United Arab Emirates, enacted Federal Law No 2 of 2015 (the Commercial Companies Law, or Law). The Law brings to a close several years of...more

SEC Applies Whistleblower Protections to Confidentiality Arrangements

Public companies should review their confidentiality arrangements for any provisions that may result in unintended violations of the Dodd-Frank Act’s whistleblower protections....more

SEC Targets Confidentiality Agreements That Stifle Whistle-Blowing

On April 1, 2015, the Securities and Exchange Commission (“SEC”) announced its first enforcement action and settlement against a company for violations of the whistleblower protection provisions of the Dodd-Frank Act...more

SEC Files Financial Fraud Action Against Japan Based Controller

The Commission filed a financial fraud action against a former senior accounting officer and controller of Molex Japan Co., Ltd., the Japanese based subsidiary of publically traded Molex Inc. The scheme, which took place in...more

DOL Fiduciary Rule to Revamp Regulation of Advice to Plans and IRAs

Reproposal would broaden the fiduciary definition, narrow exceptions, and substantially revise prohibited transaction exemptions applicable to current and newly covered fiduciaries....more

SEC Secures Victory on Fraud Allegations Against Technology Executive

The US District Court for the District of Columbia took the unusual step of granting summary judgment against a technology company executive who the Securities and Exchange Commission accused of various violations of the...more

SEC Assault on Employee Confidentiality Agreements

The Securities and Exchange Commission recently announced an enforcement action against KBR, Inc., alleging that a form of confidentiality agreement used in internal investigations violated an SEC whistleblower rule. To...more

Expanding Oversight of Active, Proprietary Trading Firms: SEC Proposes Amendments to Rule 15b9-1

Overview - On March 25, 2015, the Securities and Exchange Commission ("SEC" or "Commission") proposed an amendment to Rule 15b9-1 (the “Proposal”) under the Securities Exchange Act of 1934 ("Exchange Act") that, if...more

SEC Announces Key Departures

This week, the SEC announced two key senior management departures. On April 7, the securities regulator announced that Andrew Bowden, its current director of the Office of Compliance Inspections and Examinations (OCIE), will...more

SEC Files Offering Fraud and Ponzi Scheme Cases

A staple of SEC enforcement in recent years has been offering fraud and Ponzi scheme cases. This week the Commission filed two more of these actions, one an offering fraud targeting military personnel and a second and...more

Parties Push to Enforce Statutory Time Limits on SEC Enforcement Actions

Two cases now before US Courts of Appeals carry the possibility of placing meaningful new limits on the US Securities and Exchange Commission’s (SEC) time horizon for bringing enforcement actions. The SEC has long argued that...more

FLIR FCPA Action Highlights: Continued Focus on Penalizing Improper Expenditures for Government Officials

FLIR Systems, Inc. (“FLIR”), a publicly traded company based in Oregon, agreed to pay approximately $9.5 million to settle allegations of violations of the Foreign Corrupt Practices Act (“FCPA”) on April 8, 2015. The U.S....more

Going from A to A+: SEC Approves Amendments to Regulation A

On March 25, 2015, the U.S. Securities and Exchange Commission unanimously adopted final rules to amend Regulation A, as mandated by Title IV of the Jumpstart Our Business Startups Act (JOBS Act). Whereas the existing...more

The SEC Joins the NLRB and EEOC in the Assault on Employee Confidentiality Agreements and Policies in Workplace Investigations

On April 1, 2015, the United States Securities and Exchange Commission (SEC) announced its first settlement of a whistleblower enforcement action against a company for using confidentiality agreements to stifle the...more

Give and Take: Canadian Securities Regulators Ease Disclosure Burdens on Venture Issuers but Enhance Audit Committee Member...

On April 9, 2015, the Canadian Securities Administrators announced amendments to the continuous disclosure and governance obligations of venture issuers in three national instruments: National Instruments 51-102 Continuous...more

SEC Files Offering Fraud Action

The Commission filed another offering fraud action tied to the sale of interests in the development of oil and gas wells prior to the recent downturn in the price of oil. Beginning in 2010 the defendants raised about $4.4...more

In re Polycom and the SEC's Continued Focus on Internal Controls

Over the past year, the SEC and other regulatory agencies have initiated an increasing number of investigations into companies based on allegations of inadequate internal controls and/or a system for reporting those controls....more

Corporate & Financial Weekly Digest - Volume X, Issue 14

In This Issue: - NFA Updates BASIC to Assist With Bylaw 1101 Diligence on Delegating CPOs - Second Circuit Refuses to Rehear Groundbreaking Insider Trading Case - SEC Secures Victory on Fraud Allegations...more

In-House Counsel Risk SEC Enforcement for Some Confidentiality Agreements - Following Best Practices as Part of a Comprehensive...

Confidentiality agreements are boilerplate in many legal departments, but they shouldn't be. In-house counsel need to review all currently effective confidentiality agreements with anyone who could potentially be a...more

Constitutional Challenges to SEC Administrative Proceedings

May defendants charged in SEC administrative proceedings challenge the constitutionality of those proceedings in federal district court? The determination of whether district courts have subject matter jurisdiction over such...more

The SEC Continues to Turn Up the Heat on Private Equity’s Fees, Expenses and Valuation Practices

On April 3, 2015, The Wall Street Journal reported that private equity adviser Fenway Partners LLC (Fenway) received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) in March 2015 regarding Fenway’s...more

SEC Approves Final Rules for Regulation A+

On March 25, the U.S. Securities and Exchange Commission (SEC) adopted final rules amending Regulation A to implement the provisions of Section 401 of the Jumpstart Our Business Startups Act (JOBS Act). The new rules confirm...more

SEC Says Employer's Confidentiality Agreement Violates Dodd-Frank

Employers paying severance to separated employees usually require written release agreements that include a confidentiality provision. The employee is prohibited from disclosing the existence of the agreement, or from...more

This Week In Securities Litigation

The SEC filed another FCPA action, this time against the company that financed a “world tour” as part of the bribes paid by employees to secure business. Previously, the Commission filed an action against the employees. ...more

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