Administrative Agency Securities

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
News & Analysis as of

In Flannery v. SEC, First Circuit Rebukes Commission, Signals Departure from Deferential Review

On December 8, 2015, the U.S. Court of Appeals for the First Circuit ruled in Flannery v. SEC that the Securities and Exchange Commission lacked substantial evidence in finding securities law violations by two executives in...more

Calculating SEC Civil Money Penalties: Do Hundreds of Related Acts Constitute a Single Course of Conduct or Hundreds of Separate...

In addition to going to court to seek sanctions, the Securities and Exchange Commission may impose civil money penalties in its own administrative proceedings on any person who violates, or causes a violation of, the federal...more

SEC Brings Another Insider Trading Administrative Proceeding

The SEC filed another settled insider trading action, charging a corporate executive. The action is not remarkable and is straight forward. What makes it noteworthy, however, is that the case is the fourth insider trading...more

2015 Securities Law Developments

On balance, the securities litigation landscape in 2015 offered a glass half-full/glass half-empty perspective for issuers and their officers, directors and advisors. Omnicare, Inc. v. Laborers District Council Construction...more

Legal Trends: Litigation & Dispute Resolution

In 2016, regulated persons in Canada are increasingly likely to find themselves facing prosecution before tribunals, rather than in courts, and facing significant exposure to monetary penalties in those...more

Recent SEC Actions Highlight Adviser Responsibilities With Respect to Performance Advertising

In a series of recent administrative proceedings, the Securities and Exchange Commission (the “SEC”) has clarified its expectations regarding the use of performance data in investment adviser advertisements. Specifically,...more

SEC Judge Lenient Toward Compliance Employee

Previously, we described how some recent SEC officials’ enforcement actions and statements could suggest a movement toward holding chief compliance officers (CCOs) strictly responsible for legal violations their compliance...more

Another SEC Insider Trading Case As An Administrative Proceeding

The SEC began the year by filing a settled insider trading case. The action is largely unremarkable as insider trading cases go, although some might question if all the key elements of a claim are pleaded. The facts are...more

SEC Issues Proposed Changes to Administrative Proceedings

Amid controversy over its increased use of administrative proceedings to bring enforcement cases, the SEC has recently proposed several reforms. For instance, one change would ease the deadlines by which an initial decision...more

Regulatory Enforcement in the UK - A Retrospective on 2015. Can the Fines Get Any Bigger?

When the UK Financial Services Authority became the Financial Conduct Authority (“FCA”) in April 2013, we were told that this would herald a tougher and more intrusive style of regulation. The FCA’s enforcement record in the...more

New EU Regulation on Securities Financing Transactions and Reuse of Collateral

Regulatory context - The regulation on transparency of securities financing transactions and of reuse (the “Regulation”) stems from a belief that the 2007-08 global financial crisis revealed excessive speculative...more

The Year in Review: Ten Trends in SEC Enforcement Actions

As 2015 winds down, we offer the following observations about 10 important trends in SEC enforcement actions. 1. Increased Number of Enforcement Actions - The number of SEC enforcement actions continues to grow. In FY 2015,...more

Back to the Future: Update on Cooperative Capital Markets Regulatory System’s Approach to Take-over Bids and Issuer Bids

Under the proposed cooperative capital markets regulatory system (Cooperative System), which would create a cooperative regulator involving the federal government and the governments of British Columbia, New Brunswick,...more

Revised Capital Markets Act: Amendments to Regulatory and Criminal Enforcement Provisions

The recently released revised consultation draft of the Capital Markets Act (CMA) for the proposed Cooperative Capital Markets Regulatory System (Cooperative System) includes changes to the proposed rules around regulatory...more

SEC Tees Up Newman & Admin Forum Issues for 2016

The SEC granted two petitions for review last week that tee-up significant issues for full Commission consideration late next Spring. The Commission will consider the application of the Second Circuit’s Newman decision...more

A 1,500-Day Ordeal: First Circuit Rebukes SEC for In-House Prosecution

Five years after the SEC brought charges that cost two fund executives their jobs, the U.S. First Circuit overturned the sanctions, chiding the SEC for misreading critical evidence, lacking substantial evidence for its...more

First Circuit Reverses SEC In State Street Bank Case

The long ordeal of two former employees of State Street Bank and Trust Company appears to have come to an end. Initially charged by the SEC with making false statements in the mist of the market crisis, the Administrative Law...more

Forward to The Past: NYSE Returns to Regulation

Everything old is new again. On January 1, 2016, the New York Stock Exchange (“NYSE”) – now owned by Intercontinental Exchange, Inc. – will be taking back some of the regulatory responsibilities it yielded to the Financial...more

OMB Releases Fall 2015 Regulatory Agenda

Earlier today, the White House Office of Management and Budget released its semi-annual Unified Regulatory Agenda and Regulatory Plan for Fall 2015, covering 59 Federal departments, agencies, and commissions. Entries are...more

SEC Settles Charges with Private Equity Firm and Four Executives for Failure to Disclose Conflicts of Interest

The SEC recently reached a settlement with New York-based private equity firm, Fenway Partners, LLC, and four executives related to charges that Fenway Partners and several of its executives (“Respondents”) failed to disclose...more

NDGA Judge Halts Another SEC Admin Proceeding

Atlanta federal Judge Leigh Martin May enjoined the SEC from proceeding in yet another administrative enforcement action Tuesday. Ironridge Global IV, Ltd. v. SEC, No. 1:15-CV-2512 (USDC NDGA Nov. 17, 2015)....more

Court Enjoins SEC Administrative Proceeding

Last March, I posed the following question:   But if you were hailed before an unconstitutional tribunal with the ostensible authority to fine you and bar you from working, would you want a “real” court to step in and...more

Your daily dose of financial news The Brief – 11.18.15

The Journal reports that Federal prosecutors are “actively pursuing” criminal cases against executives from RBS and JPMorgan for the toxic securities sold in the lead-up to the 2008 financial crisis. If filed, the charges...more

The Dos and Don’ts of an SEC Examination

The regulatory environment for SEC-registered advisers has become more complex as the result of a more aggressive and interconnected Securities and Exchange Commission (SEC). The connecting hub within the SEC is the Office of...more

SEC Announces Further Enforcement Actions in the Municipalities Continuing Disclosure Cooperation Initiative

The U.S. Securities and Exchange Commission (SEC or Commission) announced enforcement actions against 22 municipal underwriters on September 30, 2015, as part of its Municipalities Continuing Disclosure Cooperation Initiative...more

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