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Enforcement Actions Settlement Neither Admit Nor Deny Settlements

Goodwin

CFTC Commissioner Romero Calls on Agency to Bring the “HEAT” in Enforcement Actions

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CFTC Commissioner Christy Goldsmith Romero recently criticized the agency’s longstanding practice of settling enforcement cases without seeking admissions of wrongdoing (so-called “no-admit/no-deny” settlements). She suggests...more

BakerHostetler

There Is Bad Press: FTC Defendant Sues the Agency Over an Over-the-Top Release

BakerHostetler on

P.T. Barnum famously said, “There’s no such thing as bad publicity.” Oscar Wilde, however, gave that quote his own spin and said, “There’s only one thing in the world worse than being talked about, and that is not being...more

Goodwin

Financial Services Weekly News - October 2015 #3

Goodwin on

Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

Proskauer on Privacy

SEC Announces Cybersecurity Enforcement Action

Proskauer on Privacy on

On September 22, 2015, the Securities and Exchange Commission (SEC) announced the settlement of an enforcement action against a St. Louis-based registered investment adviser (Adviser) brought under Rule 30(a) of Regulation...more

Goodwin

SEC Settles Enforcement Proceeding Against Former Portfolio Manager over Prohibited Joint Transaction Involving Registered...

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The SEC settled administrative proceedings against Christopher B. Ruffle (the “Portfolio Manager”) over his role in causing The China Fund, Inc., a U.S. registered closed-end fund (the “Registered Fund”), to engage in a...more

Cozen O'Connor

The Second Circuit Confirms the SEC’s Ability to Settle Without Requiring Admissions of Wrongdoing

Cozen O'Connor on

In November 2011, Judge Jed Rakoff of the Southern District of New York ignited a firestorm of commentary and concern among the securities bar by declining to approve a settlement between the SEC and Citigroup in which the...more

Dechert LLP

SEC Brings Settled Administrative Proceedings Against NYSE Relating to Informational Advantages, Electronic Trading and Other...

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The Securities and Exchange Commission (SEC or Commission) on May 1, 2014 announced a settlement (Settlement) with the New York Stock Exchange LLC and certain of its affiliates (collectively, the NYSE), addressing a variety...more

Foley & Lardner LLP

Recent Notable Industry Developments

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Following SEC Chair Mary Jo White’s recent remarks suggesting a change to the SEC’s long-standing policy of permitting defendants to settle cases “without admitting or denying” the SEC’s allegations of wrongdoing,...more

Cadwalader, Wickersham & Taft LLP

The SEC's New Policy on Seeking Admissions in Settlements

On June 18, 2013, in comments to the Wall Street Journal CFO Network Conference in Washington, D.C., SEC Chairman Mary Jo White announced that the Securities and Exchange Commission will begin to press for admissions of...more

Baker Donelson

SEC Modifies Its "Neither Admit Nor Deny" Policy in Enforcement Actions

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For many years, the Securities and Exchange Commission (SEC) has permitted defendants in enforcement actions to settle actions by entering into settlement agreements in which the defendants neither admitted nor denied the...more

Ballard Spahr LLP

SEC Announces Policy Shift on ‘Neither Admit Nor Deny’ Settlements

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Earlier this week, the Securities and Exchange Commission (SEC) announced a policy shift concerning settled enforcement actions. The SEC has indicated that certain defendants will have to admit wrongdoing as a condition of...more

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