Enforcement Actions Securities & Exchange Commission

News & Analysis as of

The Year In Review: SEC Enforcement Actions Against Investment Advisers

The Securities and Exchange Commission’s enforcement program is highly focused on investment advisers for an obvious reason: they manage more than $67 trillion in assets for approximately 30 million clients. In addition,...more

SEC Takes Issue with Employee Confidentiality Obligations and Waivers of Monetary Awards

The Securities and Exchange Commission's (the "SEC" or "Commission") Office of Compliance Inspections and Examinations ("OCIE") issued a risk alert on October 24, 2016, announcing that it will be reviewing registrants'...more

United Airlines Settles with SEC for Side-Stepping Its Own Anti-Corruption Controls: Management Override for a Ride Over to South...

In a settlement highlighting the need for public companies to implement – and adhere to – effective internal controls, United Airlines “United” recently paid a $2.4 million civil penalty to the Securities and Exchange...more

The Chairman’s Flight and the US Corrupt Practices Act

Earlier this week a most interesting non-Foreign Corrupt Practices Act (FCPA) bribery and corruption enforcement, actions was announced by the Securities and Exchange Commission (SEC). It involved a clear quid pro quo benefit...more

FINRA Imposing Increasingly Major Fines for AML Failures

Staying true to its Chairman’s message regarding its focus in 2016 on anti-money-laundering (“AML”) compliance, the Financial Industry Regulatory Authority (FINRA) just settled claims of inadequate AML controls with the...more

Loss Contingency Disclosures - A Warning from the SEC

Companies frequently struggle with how to account for loss contingencies and when to make the related disclosures. A recent complaint by the SEC against RPM International, Inc. and its General Counsel highlights the...more

Twelve Things to Know About the SEC’s Whistleblower Program

The Securities and Exchange Commission’s whistleblower program, like the whistleblower programs of other government agencies, provides bounties to persons who provide information that leads to successful enforcement actions....more

Anti-bribery compliance in India: Both sword and shield

In recent years, both the United States Department of Justice (DOJ) and the Securities and Exchange Commission (SEC) have stepped up their enforcement of the Foreign Corrupt Practices Act (FCPA), including to address...more

This Week In Securities Litigation

The focus this week was offering fraud actions. Three cases were brought. One involved a registered transfer agent. A second centered on claims that the defendant was an expert trader. The third was based on false claims...more

The SEC’s Annual Report on the Dodd-Frank Whistleblower Program Shows Increased Activity

On November 15, 2016, the Securities and Exchange Commission (SEC) released its Annual Report on the Dodd-Frank Whistleblower Program. The Whistleblower Program was established by Section 21F of the Dodd-Frank Act, which...more

Securities and Exchange Commission Enforcement Trends

At a recent Practicing Law Institute panel, several of the regulators, including the Director of the Division of Enforcement at the Securities and Exchange Commission (SEC), spoke about the general priorities and trends in...more

Lessons Learned in London

Earlier this month, I spent a week in the birthplace of D&O insurance, London. In addition to moderating a panel at Advisen’s European Executive Risks Insights Conference, I met with many energetic and talented D&O insurance...more

SEC Files Two More Offering Fraud Actions

Offering fraud actions are a staple of SEC Enforcement. While each action is different, yet typically each involves raising substantial amounts of cash from investors who are promised significant to outsized returns from a...more

Anti-Corruption Enforcement Has Gone International

Matt Stephenson, myself and others have engaged in a dialogue about where Foreign Corrupt Practices Act (FCPA) enforcement may be headed under the incoming administration. I have tried to focus on why compliance with...more

Financial Services Weekly News - November 2016 #4

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

FINRA Sanctions Firm For Conflicts

Conflicts of interest are at the center of many of the Commission’s recent enforcement action. Typically those conflicts are not disclosed. Indeed, the SEC has brought a series actions against private equity firms and...more

White Collar Crime Law Enforcement in a Trump Justice Department - 8 Predictions

After a conventional presidential campaign, determining the policy priorities and direction of the incoming administration with respect to the Justice Department’s white collar law enforcement responsibilities can be a...more

Outgoing SEC Chair Reflects on the Agency’s Enforcement Program and Advocates for Increased Authority

On November 18, 2016, outgoing SEC Chair Mary Jo White delivered a speech at New York University School of Law entitled “A New Model for SEC Enforcement: Producing Bold and Unrelenting Results.”  Chair White’s remarks covered...more

This Week In Securities Litigation

In a holiday shortened week, the SEC brought actions involving: a financial fraud naming against the president of the firm who, assisted by two other officers named as defendants in an earlier Commission enforcement action,...more

JPMorgan Sons and Daughters FCPA Enforcement Action, Part III-St. Mark’s Revealed

This week I am exploring the JP Morgan Chase (JPM) and its subsidiary, JPMorgan Securities (Asia Pacific) Limited (JPM-APAC), (collectively ‘the company’) Foreign Corrupt Practices Act (FCPA) enforcement action which...more

Lessons Learned From FCPA Enforcement Against JP Morgan for Sons and Daughters Referral Program

Last week, the Justice Department and the SEC finally brought to a close the Sons and Daughters or Princelings investigation. Pending investigations against four other companies still remain to be resolved....more

Employers Beware: SEC Continues Offensive on Employment Agreements That Inhibit Whistleblowers

Risk Alert (literally)! Standard provisions in employment agreements, severance agreements and policies may run afoul of the SEC’s whistleblower regulations. In the wake of several highly publicized enforcement actions by the...more

SEC Charges Audit Firms With Unprofessional Conduct

When Congress created the PCAOB many commentators thought that actions against accounting firms and their professionals would be handled by the Board rather than the SEC. While the Board does conduct investigations and bring...more

SEC Hands Out Millions While Leaving The Public In The Dark

Last week, the Securities and Exchange Commission issued a press release announcing its decision to award $20 million “to a whistleblower who promptly came forward with valuable information that enabled the SEC to move...more

SEC's Whistleblower Program Is Alive and Well

The U.S. Securities and Exchange Commission (the “Commission”) has reported to Congress that its Whistleblower Incentives and Protections program continues grow, not only in terms of the number of tips received and the number...more

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