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Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Eleventh Circuit Joins Peers in Preserving SEC’s Home Court Advantage

After four failed attempts at persuading federal appellate courts to hear constitutional challenges to SEC administrative courts, it is increasingly clear that defendants in SEC in-house proceedings will not be able to pursue...more

D.C. Circuit Rejects Challenge to SEC Regulation A+

The Commission prevailed in the D.C. Circuit which rejected a challenge to Regulation A+. Petitioners, the chief security regulators for Massachusetts and Montana argued that the SEC’s rules were contrary to the Supreme...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

The SEC’s Return to Accounting Fraud Enforcement

Just like the ups and downs of the business cycle, SEC enforcement of accounting fraud cases follow an up and down trend as well. For example, during the financial crisis, SEC enforcement of accounting fraud cases took a back...more

No Bounty For Purported Tipster

On May 31, 2016, the U.S. Securities and Exchange Commission (“SEC”) issued an order upholding the SEC Claims Review Staff’s (“CRS”) Preliminary Determination denying a claim for a whistleblower award in connection with the...more

In Apparent First, Eleventh Circuit Extends Five-Year Statute of Limitations to Declaratory Relief and Disgorgement Actions by SEC...

A federal appellate court recently held that the five-year statute of limitations in 28 U.S.C. § 2462 applies to actions by the Securities and Exchange Commission for declaratory relief and disgorgement. The decision extends...more

This Week In Securities Litigation

The Second Circuit rejected a challenge to the SEC’s venue selection decisions, concluding that the district court did not have jurisdiction to hear an issue regarding the Appointments Clause. This is the third circuit court...more

2nd Cir. Joins 7th & D.C. Requiring Exhaustion to Challenge SEC ALJs

The Second Circuit has affirmed dismissal of “diva of distressed” Lynn Tilton’s constitutional challenge to the SEC’s administrative forum, holding that issue isn’t reviewable by the courts until an appeal after two levels of...more

Second Circuit Rejects Challenge to SEC Venue Decision

The second circuit joined the two other circuits which have rejected challenges to the SEC’s venue selection decisions, concluding that district courts do not have jurisdiction to hear the suits presenting the question while...more

Recent Criticisms of the SEC: Fair or Unfair?

Over the last few years, the SEC has been criticized for (1) failing to “consistently and aggressively enforce the securities laws and protect investors and the public,” (2) obtaining sanctions that amount to only a slap on...more

SEC Opinion Examines Reasonable Belief and Accredited Investor Status

The SEC opinion In the Matter of Joseph P. Doxey examines compliance with Rule 506 in an alleged unlawful offering of stock totaling $57,654. The administrative law judge on summary disposition determined that Mr. Doxey...more

SEC Grants Sub-Advisers No-Action Relief from Custody Rule Audit Requirements

A U.S. Securities and Exchange Commission (SEC) no-action letter issued on April 25, 2016 provides relief from the annual surprise audit requirement of the “Custody Rule” for a registered investment adviser (RIA)...more

Financial Services Weekly News - April 2016 #4

Regulatory Developments - Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio - The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more

Will Supreme Court Hear A Challenge to SEC Venue Decisions?

The SEC continues to prevail in actions brought challenging its venue selections. On March 28, 2016, the Supreme Court denied a request for a writ of certiorari in Bebo v. SEC, 799 F. 3d 765 (7th Cir. 2015). Ms. Bebo’s case...more

SEC Administrative Case Reinforces Current Emphasis on Internal Controls

Consistent with its current focus on internal control over financial reporting (ICFR), the Securities and Exchange Commission recently sanctioned a company and individuals for failing to adequately evaluate and audit the...more

Upper Tribunal Decision Published on Whether a Third Party was Identified in a UK Regulator's Notice

A decision of Upper Tribunal Tax and Chancery Chamber on whether a Decision Notice issued by the Financial Conduct Authority prejudicially identified a third party was published. On April 23, 2015, the FCA issued Deutsche...more

Dress Barn Finance Department Yields Another SEC Insider Trading Action

The SEC filed another insider trading action as an administrative proceeding – a continuing trend. This action may also represent another trend – it is the second which names as a Respondent a member of the finance department...more

Another SEC Insider Trading Case As An Administrative Proceeding

The SEC filed another settled insider trading case. In the Matter of Abdallah Fadel, Adm. Proc. File No. 3-17111 (February 10, 2016). While the case is straight forward, what may be of interest is the fact that it is the...more

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

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

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

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

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

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