Enforcement Heads Reveal All at SIFMA Annual Seminar

more+
less-

The federal budget sequester and recent Supreme Court decision in Gabelli et al. v. Securities and Exchange Commission, 568 U.S. ____ (2013), will not substantially slow down regulators’ enforcement efforts, according to senior enforcement officials and other top regulators who spoke at the Annual Seminar of SIFMA’s Compliance & Legal Society this week. While conceding that those recent events might impose some limitations on their work, the officials presented an impressive array of enforcement priorities for the year, and provided strong suggestions to the industry and securities bar attendees about how to make investigations easier on both the enforcers and “enforcees.”

What is compromised by the sequester at the SEC, according to George Canellos, Acting Director of the SEC’s Division of Enforcement, is the ability to hire examination staff and to continue the SEC’s efforts to upgrade technology. According to Enforcement Division Director David Meister, the CFTC is substantially underfunded, with the Enforcement Division smaller than when Meister became its Director three years ago. The limited resources are particularly troubling, he said, when the agency has been charged with dramatically enhanced jurisdiction under Dodd-Frank. Meister then explained that Chairman Gary Gensler’s recent remarks about “shelving Enforcement investigations” means just that—putting them on the shelf, but not closing them.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:

more+
less-

Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×