Securities & Exchange Commission

The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and... more +
The United States Securities and Exchange Commission was created in 1934 in response to the Great Stock Market Crash of 1929. The Commission was created to protect investors, ensure fairness in the market, and encourage capital formation. The Commission is headed by five presidentially-appointed Commissioners who oversee the Commission’s five divisions: Division of Corporation Finance, Division of Trading and Markets, Division of Enforcement, Division of Investment Management, and the Division of Risk, Strategy and Financial Information.  less -
News & Analysis as of

February FCPA Compliance Digest: If You Haven’t Started Your FCPA Compliance Training, Now Might Be A Great Time…

This might be our most exciting FCPA Compliance Digest thus far – we get to write about a DECLINATION! It feels a little bit like seeing a compliance unicorn. Cobalt Energy Announces SEC FCPA Declination - It’s...more

First SEC Whistleblower Award To Former Company Officer

On March 2, 2015, the SEC announced an expected award of $475,000 to $575,000 to a former company officer “who reported original, high-quality information about a securities fraud that resulted in an SEC enforcement action...more

Is Strict Liability Coming to FCPA Enforcement?

I think that a strict liability standard is coming to Foreign Corrupt Practices Act (FCPA) enforcement. A number of factors have caused me to come to this conclusion. While there may well be wide disagreement as to whether...more

Goodyear Rolls Out $16 M Settlement With SEC, Putting Brakes on FCPA Charges

On February 24, 2015, the SEC announced that it had reached an agreement with Goodyear Tire & Rubber Co. (“Goodyear”) for Goodyear to disgorge more than $16 million to settle FCPA charges stemming from its Kenyan and Angolan...more

SEC Proposes Dodd-Frank Hedging Policy Disclosure Rules

The Securities and Exchange Commission (SEC) recently released long-awaited proposed rules, as mandated by Section 955 of the Dodd-Frank Act, that would require a public company to disclose whether the company permits its...more

Minnie Minoso Broke Barriers; Goodyear Pushes Compliance Forward

Yesterday we celebrated the hard-nosed playing style of Anthony Mason, who recently passed away. Today we honor a true pioneer in professional baseball, Minnie Minoso, or Mr. White Sox. Minoso was the first black Cuban to...more

Foreign Corrupt Practices Act 2014 Year End Update

Over the course of 2014, the Department of Justice (“DOJ”) and the Securities and Exchange Commission (“SEC”) have continued their aggressive enforcement of the Foreign Corrupt Practices Act (“FCPA”). This has led to critical...more

Blog: House Republicans Pressure SEC To End Court Battle Over Conflict Minerals Rule

According to this article from The Washington Post with Bloomberg, in February, House Financial Services Committee Chair Jeb Hensarling and three other House members (Scott Garrett of New Jersey, Bill Huizenga of Michigan,...more

Notes from SEC Chair Mary Jo White’s Speech at SEC Speaks 2015

On February 20, 2015, Chairwoman of the United States Securities and Exchange Commission (“SEC”), Mary Jo White, spoke at the 2015 SEC Speaks Conference in Washington, D.C. During her speech, Chairwoman White addressed a...more

Fleet-Footed Investigations and Prompt Remedial Action: The New Normal

Does your company respond to all internal concerns immediately, investigate them thoroughly and remediate them with unmatchable speed? What if the concern comes from an officer, director, lawyer, compliance professional,...more

SEC’s enforcement priorities for 2015 – conflicts

In “Conflicts, Conflicts Everywhere,” her speech at the recent IA Watch 17th Annual Compliance Conference, Julie M. Riewe, Co-Chief of the Securities and Exchange Commission’s Enforcement Division’s Asset Management Unit),...more

SEC Staples: Trading Suspensions, Market Manipulation and Ponzi Schemes

Trading suspensions, market manipulation and Ponzi scheme actions – staples of SEC enforcement. The Commission suspended trading for 128 dormant shell companies this week while bringing a market manipulation action involving...more

Advisory Committee on Small and Emerging Companies Meets Wednesday

The SEC’s advisory committee will meet this Wednesday to discuss and address means of promoting secondary market liquidity for the securities of small and emerging companies, including addressing the Section 4(a)(1-1/2)...more

Orrick's Financial Industry Week in Review

New FAQ's Regarding the Scope and Implementation of the Volcker Rule Issued by the U.S. Banking, Securities and Commodities Regulatory Agencies - On February 27, the Board of Governors of the Federal Reserve System,...more

Goodyear Settles SEC’s FCPA Charges for $16M – Investigation Underscores Importance of Pre-Acquisition Due Diligence and Oversight...

On February 24, 2015, the Securities and Exchange Commission (SEC) announced that it had settled its Foreign Corrupt Practices Act (FCPA) investigation of payments made by two subsidiaries of The Goodyear Tire & Rubber...more

Fighting the Fiduciary Rule Before It’s Been Even Proposed

Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more

SEC Advisory Committee to vote on definition of “Accredited Investor”, and to consider secondary market liquidity for securities...

The Securities and Exchange Commission announced today that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on ways to increase the opportunities for investors in small and emerging...more

SEC Provides Guidance on Receipt of Gifts by Fund Advisory Personnel

On February 23, 2015, the SEC’s Division of Investment Management issued guidance concerning the conflict of interest that arises when persons doing business, or hoping to do business, with a fund provide gifts, entertainment...more

SEC Sweep on NDAs Restricting Whistleblowers

The Wall Street Journal reported Thursday that the SEC is in the midst of a sweep to crack down on companies’ use of NDAs or employment agreements that might impede whistleblower reporting in violation of Dodd-Frank...more

The SEC Will Be Your Employment Law Agency, Too

The nature of the SEC’s business a regulator of public companies lends a certain expansive aspect to its jurisdiction. That is, when your job as a government agency is to be sure public companies are making complete and...more

Does Former Officer Have An Obligation To Turn Over Whistleblower Award?

Monday, the Securities and Exchange Commission announced “a whistleblower award payout between $475,000 and $575,000 to a former company officer who reported original, high-quality information about a securities fraud that...more

Goodyear FCPA Fine Highlights Benefits of Cooperation and Robust Compliance Controls

The Goodyear Tire & Rubber Company (“Goodyear”), one of the world’s largest tire companies, reached a significant settlement with the U.S. Securities & Exchange Commission (“SEC”) in connection with charges that two of its...more

Adviser’s Principal Banned for False Statements of Eligibility, Failure to Maintain Records and Compliance Manual

A February SEC enforcement case provided a reminder to investment advisers of the importance of meticulous compliance with requirements regarding record retention and compliance manuals. In the orderi, the SEC settled an...more

China Update February 2015: Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers, and EB-5...

Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers - Earlier this month the US Securities and Exchange Commission (SEC) agreed to “stay” the administrative action (meaning the SEC...more

MSRB Moves Foward Professional Qualification Standards For Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to create baseline standards of professional qualification for municipal advisors. The new standards will be incorporated through...more

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