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General Business Securities Administrative Agency

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.

SEC Charges Chief Compliance Officer with AML Violations

The SEC announced that John David Telfer, the former chief compliance officer and anti-money laundering (AML) officer of a registered broker-dealer, agreed to a securities industry bar to settle charges in a pending...more

Financial CHOICE Act Would Complicate the Choices in Bringing and Defending Against SEC Cases

Legislation passed by the U.S. House of Representatives threatens to shake up the Securities and Exchange Commission’s enforcement program in a historic manner....more

SEC’s Negotiating Power Curbed - U.S. Supreme Court holds disgorgement subject to a five-year statute of limitations

Earlier this week, the U.S. Supreme Court resolved a circuit split among the Tenth and Eleventh Circuit Courts of Appeals by holding that because disgorgement in a Securities and Exchange Commission (SEC) enforcement action...more

In Two Unanimous Rulings, U.S. Supreme Court Limits Penalties in SEC Enforcement and Criminal Actions

In a pair of decisions issued on June 5, the Supreme Court sharply curtailed the scope of financial sanctions available in civil securities enforcement and criminal drug trafficking cases. In addition to the results, which...more

Supreme Court Provides New Leverage for Defendants in SEC Enforcement Actions

by Pepper Hamilton LLP on

For many years, the U.S. Securities and Exchange Commission (SEC) has sought both civil monetary penalties and disgorgement of unlawful gains from those alleged to have violated federal securities laws. While civil monetary...more

Supreme Court Limits SEC Disgorgement Orders With Five-Year Statute of Limitations

by Seyfarth Shaw LLP on

Seyfarth Synopsis: On June 5, 2017, the United States Supreme Court resolved a split among the federal circuit courts by unanimously holding that disgorgement collected by the Securities and Exchange Commission is subject to...more

Supreme Court Limits SEC Disgorgement Orders to a Five-Year Statute of Limitations

by Hogan Lovells on

Recently, the Supreme Court unanimously held in Kokesh v. SEC that disgorgement orders in enforcement actions by the Securities and Exchange Commission are subject to the same five-year statute of limitations as monetary...more

Supreme Court Limits SEC Disgorgement to Five Years

by LeClairRyan on

In a unanimous decision handed down on June 5, 2017, the U.S. Supreme Court has imposed what in many cases may be a substantial limitation on the amount of disgorgement the Securities and Exchange Commission (SEC) may seek as...more

Supreme Court Unanimously Limits the SEC’s Ability to Seek Disgorgement

This week, the United State Supreme Court finally resolved a circuit split and unanimously held that SEC actions seeking to disgorge ill-gotten gains are subject to a five-year statute of limitations on civil fines, penalties...more

Supreme Court: SEC Disgorgement a Penalty Subject to 5-Year Limitations

by Burr & Forman on

A unanimous Supreme Court held June 5 that SEC disgorgement is a “penalty” subject to five-year limitations under 28 U.S.C. §2462 and Gabelli v. SEC, 568 U.S. 442 (2013)(5-year limitations applies to civil monetary...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Heading into a long holiday weekend the Chairman continued to fill out the senior staff of the agency. Peter Uhlmann, a staff veteran who has held several senior management positions, was appointed as Managing Executive in...more

SEC Stays ALJ Cases Subject to 10th Circuit Review

by Burr & Forman on

On Monday, May 22, the SEC stayed all its administrative proceedings assigned to an ALJ in which a Respondent has an option for review by the 10th Circuit. (Securities laws provide appellate review of SEC administrative...more

Amendments to the German Corporate Governance Code for 2017 Published and In Force

by Jones Day on

On 24 April 2017, the Corporate Governance Committee established by the German Federal Government (Regierungskommission Deutscher Corporate Governance Kodex) officially published various amendments to the German Corporate...more

What to Watch for From the New SEC Chairman

Last Thursday, Jay Clayton was officially sworn in as the new Chairman of the Securities and Exchange Commission. As the new Chairman takes office, here are a few things we’re keeping an eye on...more

SEC ALJ Lifts Reg A+ Suspension of Issuer

As we noted here, the SEC temporarily suspended the Tier 2 Regulation A+ offering of Med-X, Inc. The SEC stated it temporarily suspended the offering because Med-X has not filed its annual report on Form 1-K as required by...more

2016 Could Be Peak SEC

2016 was a high-water mark for SEC enforcement activity; however, with the uncertainties associated with the new administration’s enforcement regime, we could be seeing a downturn going forward. According to a recent report...more

Circuits Split Over Constitutionality of SEC’s Administrative Law Judges

by Carlton Fields on

The Tenth Circuit Court of Appeals, in Bandimere v. SEC, recently held that the SEC’s administrative law judges (ALJs) are “inferior officers” whose appointments violate the Appointments Clause of the U.S. Constitution...more

Hold the Phone: SEC Takes One Last Stand Before the Tenth Circuit regarding the Constitutionality of the SEC’s Administrative Law...

Last week, the United States Securities and Exchange Commission filed a petition for rehearing en banc with the Tenth Circuit Court of Appeals, imploring the court to reconsider a divided panel’s ruling on the...more

The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

by Foley & Lardner LLP on

On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more

SEC Reportedly Centralizing Authority to Issue Formal Investigation Orders

According to a report in the Wall Street Journal, the acting Chairman of the Securities and Exchange Commission has centralized authority to issue formal orders of investigation – a critical authority that triggers the...more

OMB Provides Guidance on Trump’s 2 for 1 Regulatory Cuts

OMB’s Office of Information and Regulatory Affairs has provided interim guidance on the requirements in Section 2, “Regulatory Cap for Fiscal Year 2017,” of the Executive Order of January 30, 2017, titled “Reducing Regulation...more

Supreme Court to Review SEC Enforcement Limitations

by Burr & Forman on

On Friday, January 13, the Supreme Court granted certiorari to resolve a Circuit split on the extent to which SEC enforcement actions are restricted by the five-year statute of limitations in 28 U.S.C. § 2462. Section...more

The Tenth Circuit Rules SEC Administrative Judges Are Unconstitutional, Setting Up Potential Supreme Court Review

The constitutionality of the SEC’s in-house administrative proceedings is in doubt following the 10th Circuit Court of Appeals’ ruling in Bandimere v. SEC. In Bandimere, a three-judge panel held, by a 2-1 decision, that SEC...more

Not So Fast: The Tenth Circuit Creates a Split by Denying the Constitutionality of the SEC’s Administrative Law Judges

Just before the clock struck 2017, the United States Court of Appeals for the Tenth Circuit weighed in on the constitutionality of the United States Securities and Exchange Commission’s (“SEC” or “Commission”) administrative...more

SEC Watchdog to Watch Watchdog

by Carlton Fields on

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

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