Securities Administrative Agency

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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

"EU Lawmakers May Delay MiFID 2 Implementation"

Yesterday’s press reports indicate that European Union lawmakers are likely to delay MiFID 2 implementation. MiFID 2 is the name given to the EU laws which will reform EU securities and derivatives markets. Once implemented,...more

FINRA’s Cancelled CARDS

A little over one year ago, the Financial Industry Regulatory Authority (FINRA) announced a proposal to increase substantially its collection of brokerage data. That proposal, named the Comprehensive Automated Risk Data...more

This Week In Securities Litigation

The SEC’s apparent preference for administrative proceedings as a venue for its enforcement actions continues to draw criticism. H.R. 3798 is now pending in the House of Representatives. The bill is tilted the “Due Process...more

White House Announces Nominations for SEC Commissioner

On October 20, the White House announced two intended nominations for Daniel Gallagher’s replacement as SEC Commissioner, Hester Maria Pierce and Lisa M. Fairfax. Currently, Ms. Pierce is a Senior Research Fellow and Director...more

U.S. Chamber of Commerce Joins Chorus Pushing For Overhaul in SEC Enforcement Practices

A recent report by the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce (Chamber Report) regarding the enforcement program of the Securities and Exchange Commission (SEC or Commission) identified...more

Corporate Investigations & White Collar Defense - October 2015

"Wherefore Art Thou Due Process?" Part III - Why it matters: It is time for another installment in our continuing "Wherefore Art Thou Due Process?" coverage into the ongoing constitutional challenges to the SEC's...more

SEC Administrative Law Judges Ruled Unconstitutional

A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission (“SEC”) are appointed...more

SEC Enforcement Actions Against Investment Advisers

According to the SEC’s most recent financial report, as of August 2014, SEC-registered investment advisers managed $62.3 trillion in assets. Not surprisingly, investment advisers attract a great deal of attention from the...more

Another Round of Favorable SEC Settlements, But Only for Underwriters that Self-Reported

The SEC has rolled out its second wave of enforcement actions against 22 municipal underwriting firms for alleged securities violations in municipal bond offerings in connection with its Municipalities Continuing Disclosure...more

Defending The SEC’s Choice Of The Administrative Home Court

Wharton Associate Professor David Zaring has written an article defending the Securities and Exchange Commission’s choice to litigate in administrative rather than federal courts.  He argues that administrative adjudication...more

Facing Legal Challenges, SEC Proposes To Reform Administrative Proceedings

As has been widely reported elsewhere, the Securities and Exchange Commission has been facing a spate of challenges to its administrative court. It should come as no surprise then that the SEC recently announced a number of...more

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

Will the “Yates Memo” Impact Maryland State Prosecutions?

“SEC. 3. (a) The Attorney General shall: (1) Prosecute and defend on the part of the State all cases pending in the Appellate Courts of the State, in the Supreme Court of the United States or the inferior Federal Courts,...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

Hacked Investment Advisor Fined $75,000 for Lack of Cyber-Security Measures

Many in the investment advisory community are following the story of R.T. Jones Capital Equities Management, an investment advisor that, according to the Securities and Exchange Commission (SEC), suffered a hack exposing the...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 Charges HFT Firm with Regulation NMS Violations

The SEC recently charged the high-frequency trading firm Latour Trading LLC (“Latour”) for violating Securities Exchange Act (“Exchange Act”) rule 15c3-5 (the “Market Access Rule”) and Exchange Act rule 611(c) (the “Order...more

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