General Business Administrative Agency

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
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SEC ALJ Slams Bebo; Summarily Denies ConLaw Challenge

Laurie Bebo, CEO of Assisted Living Concepts, initially got some sympathetic words from the U.S. District Judge who felt constrained to turn away her constitutional challenge to the SEC’s administrative forum: The Court...more

Battle Over SEC’s Admin Forum Moves to 11th Circuit

The battle over the constitutionality of the SEC’s administrative forum now moves to the U.S. Eleventh Circuit. The appellate court issued an order Wednesday, denying the SEC’s bid to upset the trial court’s preliminary...more

SEC Appoints New Head of Examination Program in Atlanta Regional Office

On September 29, the SEC named William Royer as the Atlanta Regional Office’s Associate Director of the examination program. Since June of this year, Royer has served as the examination program’s Acting Associate Director....more

SEC Proposed to Amend Rules Governing its Administrative Proceedings

On September 24, the U.S. Securities and Exchange Commission (the “SEC”) proposed to amend rules governing its administrative proceedings. Key changes to the SEC’s rules of practice include: adjustment of timing of the...more

D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate

On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC, holding that federal courts...more

SEC Announces Second Wave of MCDC Enforcement Actions

The Securities and Exchange Commission (SEC) this week announced enforcement actions under its Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, targeting 22 municipal bond underwriting firms for alleged due...more

D.C. Circuit Repulses Assault on the SEC’s Administrative Citadel

The citadel of the SEC’s administrative forum has been under assault from several vectors over the past year or so, as a chorus of dissenting Respondents have mounted increasing challenges to its constitutional legitimacy, as...more

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

SEC Commissioners Making a “Noisy Exit”

Securities and Exchange Commission members Daniel M. Gallagher and Luis A. Aguilar will soon leave the SEC, but neither is keeping quiet about the SEC’s treatment of chief compliance officers (CCOs). Gallagher recently...more

SEC Administrative Law Judge Appointments Held Likely Unconstitutional

Defendants in SEC administrative enforcement proceedings have increasingly been going to federal court to challenge the SEC’s stepped-up use of its "in-house" tribunal. While the early results were not promising, more recent...more

No Distinction to be Made Between Foreign Commercial and Administrative Law Awards for Exequatur in France

France has had a dual jurisdictional system since the 19th century. On the one hand, the administrative courts have jurisdiction to hear most disputes which involve public entities and, on the other hand, the judicial courts...more

Consumer Rights Act 2015: Private Actions for Breaches of Competition Law – Overview of the New Regime

The entry into force of the Consumer Rights Act 2015 (“CRA15”) on 1 October 2015 sees the overhaul of the private enforcement regime in England & Wales. The CRA15, which amends both the Competition Act 1998 and the Enterprise...more

The New Portuguese Court of Arbitration for Sports

The Portuguese Court of Arbitration for Sport (CAS) is expected to become fully operational in October 2015. The CAS will have mandatory jurisdiction over all administrative disputes arising in relation to sports federations,...more

Is it the End of the Story for Redevelopment in California?

Long, long ago (in 2012 to be exact) in a land not so far away (also known as California), legislation which allowed local governments to establish redevelopment agencies tasked with eliminating blight through the...more

SEC Proposes Changes to Admin Forum

The SEC has announced a series of proposed changes to the Rules of Practice governing its internal enforcement actions. The changes update the decade-old Rules and respond in small part to a groundswell of criticism about the...more

SEC Seeks Respect for its In-House Court

SEC administrative proceedings have long been viewed as a one-sided rocket docket tilted toward giving the SEC every advantage possible. In response, the SEC has proposed amendments to its rules regarding administrative...more

HUBZone Redesignations Looming on October

The next batch of redesignated HUBZone areas is set to lose HUBZone status as of October 1. HUBZone-certified firms located in an expiring HUBZone will be decertified from the HUBZone program unless they have moved their...more

SEC Must Stop 2 Admin Cases Pending 2nd Circuit Constitutionality Decision

Two rulings last week ordered the SEC to stop administrative proceedings in two cases, pending the Second Circuit’s ruling on the constitutionality of its administrative forum. The Second Circuit stayed the SEC’s prosecution...more

Gatekeeper Liability of Inside Asset Management Attorneys "Appearing" Before the SEC

This article addresses the liability of inside attorneys at asset management companies— mutual fund sponsors, investment advisers, broker-dealers, life insurance companies—as gatekeepers under rules of the US Securities and...more

Second Circuit Stays SEC Administrative Proceeding

Defendants continue to pound nails into what may be to be the SEC’s coffin that its administrative proceedings are unconstitutional. If the genie is out of the bottle it’s hard to tell what the far reaching implications...more

Justice Department Issues New Policy Prioritizing Prosecution of Individuals in Corporate Cases

On September 9, 2015, the U.S. Department of Justice issued guidance regarding the prosecution of individuals in cases involving criminal and civil corporate wrongdoing. The first major policy memorandum issued since Attorney...more

SEC ALJ Dismisses Case: Inside-Info Trades, But No Tipper Benefit

An SEC administrative law judge (“ALJ”) found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against...more

Long-Awaited FSMA Final Rules Published

On September 10, 2015, the U.S. Food and Drug Administration (FDA) made public two final Food Safety Modernization Act (FSMA) rules: Current Good Manufacturing Practice, Hazard Analysis, and Risk-Based Preventive Controls...more

SEC ALJ Dismisses Insider Trading Claims Based on Dirks-Newman

When the Second Circuit handed down Newman the SEC joined with the Manhattan U.S. Attorney seeking rehearing en banc and arguing that the case would significantly hinder insider trading enforcement. Many wondered if the...more

New Department of Justice Enforcement Policy Focuses on Corporations Providing Evidence Against Individuals

On September 9, 2015, the U.S. Department of Justice (DOJ) issued a memorandum to federal prosecutors instructing them to increase their focus on the prosecution of individuals involved in corporate fraud and financial...more

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