Securities Administrative Agency

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Former CFO Awarded $1.9 Million In SOX Case

An ALJ at the U.S. Department of Labor (DOL) recently ruled that a former CFO was entitled to approximately $1.9 million in back pay, front pay, and compensatory damages, concluding that he was retaliated against in violation...more

Financial Regulatory Developments Focus - November 2016

In this 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 managers and...more

SEC Division of Corporation Finance Update

At the American Bar Association’s Fall Meeting, Keith Higgins, Director of the SEC’s Division of Corporation Finance (the “Division”), gave his last “Dialogue with the Director” given the upcoming change in administration. ...more

New FINRA Capital Acquisition Broker Rules May Offer Limited Relief to Private Investment Fund Advisers

The U.S. Securities and Exchange Commission (“SEC”) recently approved a Financial Industry Regulatory Authority (“FINRA”) proposal to adopt a new regime for the regulation of electing broker-dealer firms that meet the...more

SEC Shake-Up: President-Elect Trump Expected to Make Key Appointments

In the wake of the election of Donald Trump as the 45th President of the United States, Mary Jo White has announced her intent to step down from her role as Chair of the Securities and Exchange Commission. Chair White, the...more

CFTC Proposes New Rule Allowing it to Obtain Trading Firm’s Trade Secrets Without Due Process

As the Obama administration winds down, its regulators are showing no signs of letting up. Last week the Commodities Futures Trading Commission (CFTC) decided that it should no longer be constrained by its subpoena power...more

Private equity’s top ten issues for the next president

Many of the issues on the next President’s plate have unique resonance within the private equity world. Here is our list of the top ten private equity issues that the new President and Congress may tackle in the upcoming...more

Enforcement at the Gates: SEC Action against Big Four Firm and New International Standards Highlight the Role of Accountants as...

In late September 2016, Andrew Ceresney, Director of Enforcement of the Securities and Exchange Commission (“SEC”), signaled the SEC’s renewed focus on the key role played by audit committee members and external auditors as...more

D.C. Circuit: SEC’s In-House Court is Constitutional

Previously, we advised that the Securities and Exchange Commission’s increased preference for bringing enforcement actions in its in-house court had triggered jurisdictional and constitutional challenges to SEC administrative...more

SEC's Focus on Private Equity Firms Continues with Recent Action

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

MSRB Responds to Issuer Complaints and Improves Bank Loan Disclosures on EMMA

In late September, the Municipal Securities Rulemaking Board (“MSRB”) announced that it had taken steps to enhance the bank loan disclosure submission process and the display of these documents on MSRB’s Electronic Municipal...more

SEC Announces Record Number of Investment Adviser Cases for FY 2016

The Securities and Exchange Commission today announced its enforcement results for fiscal year 2016, reaching new highs in the number of actions filed and money ordered forfeited through disgorgement and penalties. The SEC...more

A Review of Recent Whistleblower Developments

SEC Brings First Stand-Alone Whistleblower Retaliation Enforcement Action - On September 29, 2016, the U.S. Securities and Exchange Commission (SEC) brought its first stand-alone whistleblower retaliation case under...more

Structured Thoughts: News for the financial services community, Volume 7, Issue 10

FINRA Revises its Proposed Amendments to Rule 2210 - In our recent Client Alert, we wrote about the Financial Industry Regulatory Authority, Inc.’s proposed changes to Rule 2210, Communications with the Public. One of...more

Small Business Securities Bulletin: Standard Confidentiality Provisions May Be Prohibited "Pretaliation" in Eyes of SEC

As we discussed in our June 2011 Bulletin, available here, SEC rules promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), pursuant to Section 21F thereunder as enacted by the Dodd-Frank Wall...more

Inside the Courts: An Update From Skadden Securities Litigators - September 2016 / Volume 8 / Issue 3

We are pleased to present Inside the Courts (Volume 8, Issue 3), Skadden’s securities litigation newsletter. This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between...more

Proskauer Joins Heads of SEC & OSHA Whistleblower Programs in Webinar

On September 27, 2016, Proskauer Partner Steven J. Pearlman, co-head of the Whistleblowing & Retaliation Practice Group, participated in a Bloomberg webinar with Jane Norberg, Acting Chief of the SEC Office of the...more

Three Key Takeaways from the Nu Skin FCPA Settlement for a Corrupt Charitable Donation

In a rare enforcement action, the SEC settled an FCPA enforcement action for $766,000 for a charitable donation of $154,000 to improperly influence a high-ranking Chiese Communist party official to prevent a provincial agency...more

The SEC Wins First Jury Trial in a Muni Case: SEC v. City of Miami and Michael Boudreaux

In what the SEC called “the first federal jury trial by the SEC against a municipality or one of its officers for violations of the federal securities laws,” a jury in the U.S. District Court for the Southern District of...more

Investment Management Update

The Securities and Exchange Commission Adopts Amendments to Form ADV and Investment Adviser Act Rules - The Securities and Exchange Commission (SEC) adopted amendments to Form ADV and Investment Advisers Act of 1940...more

SEC Wins Jury Verdicts Against City of Miami, Budget Director

The SEC prevailed at trial in an action against the City of Miami and its former budget director, Michael Boudreaux centered on three bond offerings. Specifically, the jury returned verdicts in favor of the Commission as to...more

Tilton Tilts at SEC Enforcement, Again

Having lost her initial suit (and appeal) to enjoin an SEC administrative enforcement action against her, the so-called “diva of distressed,” Lynn Tilton recently filed another lawsuit trying to halt her upcoming October 24...more

Tennessee Securities Division Ramps Up Enforcement

The Securities Division of Tennessee’s Department of Commerce and Industry has increased its enforcement activity during 2016. The recent actions include: Final Administrative Orders: Clifton Alexander and HugeROI.com...more

Your daily dose of financial news - The Brief – 9.9.16

We’ve got a number for that Wells Fargo settlement/fine, and it’s a doozy: $185 million for illegal banking practices (including secretly issuing credit cards without customer consent, signing up customers for online banking...more

CFTC Proposes Amendments to Whistleblower Awards Process and Anti-Retaliation Authority

The amendments would make the CFTC’s whistleblower awards process more uniform with the SEC’s program and would enable the CFTC to bring enforcement actions against employers that retaliate against whistleblowers....more

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