News & Analysis as of

The SEC Will Take “Your” Money, Thanks

So let’s say you work for a hedge fund or some other financial institution that engages in proprietary trading , and you’re inclined to do some insider trading on your employer’s behalf. You make your trades, but you’re a...more

Corporate and Financial Weekly Digest - Volume IX, Issue 9

In this issue: - CFTC Issues Advisory on Compliance with Gramm-Leach-Bliley Act Security Safeguards - SEC Issues Guidance on Aggregate Advisory Fee Rates for Multi-Manager Funds - Supreme Court Rules that...more

The Ins and Outs of Insider Trading (Part 2 of 2)

In our earlier client update on 4 February 2014 (click here to view) we: - outlined the nature and scope of the insider trading prohibition under the Corporations Act; and - highlighted the extent of ASIC's...more

New FINRA Supervision Rules Impact Broker-Dealers’ Insider Trading Procedures and Supervisory Controls

Financial Industry Regulatory Authority (FINRA) rules require member firms to establish and maintain a system of written procedures to supervise the activities of its members. On December 23, 2013, the SEC approved new FINRA...more

This Week In Securities Litigation (The week ending January 17, 2014)

The high profile insider trading trial of Matthew Martoma moved forward in New York this week with testimony on behalf of the prosecution. The SEC and four other agencies joined in granting relief from a provision of the...more

SEC Collects Record $3.4 Billion in 2013 Enforcement Actions

The Securities and Exchange Commission (SEC) announced that it levied a record $3.4 billion in sanctions in its fiscal year 2013 ending September 30, 2013. This is an increase of 10% from the previous year, augmented by a...more

This Week In Securities Litigation (The week ending January 10, 2014)

The insider trading trial of former SAC Capital official Matthew Martoma opened this week in Manhattan with jury selection. The SEC announced the resignation of George Canellos, Co-director of the Division of Enforcement....more

Insider Trading Annual Review - 2013

Looking Back - 2013 witnessed several long-anticipated developments in the world of insider trading, punctuating another year of aggressive enforcement in the United States and abroad. After years of pursuit, the...more

The SEC: The Future Path of Enforcement

SEC Enforcement is in transition. The agency has a new Chair, new Commissioners and a new Director of the Division of Enforcement. Aggressive new approaches have been outlined, building on the notion that the enforcement...more

Robocop On The Beat: What The SEC’s New Financial Reporting And AQM Initiative May Mean For Public Companies

Since her confirmation as Chair of the U.S. Securities and Exchange Commission (“the SEC”), Mary Jo White has made clear that her administration will focus on identifying and investigating accounting abuses at publicly traded...more

Is Exercising Employee Stock Options Illegal Insider Trading? Maybe

Amidst the flurry of Securities and Exchange Commission (SEC) cases involving improper employee stock option backdating several years ago, many commentators opined on the potential insider trading implications of companies'...more

SAC Civil Forfeiture Action Raises Stakes for Insider Trading

The U.S. Department of Justice (“DOJ”) has unveiled a potentially potent new weapon for pursuing financial crimes. On July 25, 2013, U.S. Attorney Preet Bharara criminally indicted Steven A. Cohen’s eponymous hedge fund,...more

SAC Pleads Guilty To Five Counts Of Securities Fraud; Agrees To Pay Largest Fine In History for Insider Trading Offenses

SAC Capital Advisors pleaded guilty last Friday to securities fraud claims brought by the U.S. Attorney in Manhattan. If approved, the deal would require SAC to pay a $1.2 billion penalty, including a $900 million criminal...more

Hedge Funds Plead Guilty to Insider Trading with Historic Penalty and Five-Year Probation

A major plea agreement in the Southern District of New York, which imposed the largest insider trading penalty in history, indicates federal prosecutors aim to follow through on long-standing promises of cracking down on...more

Financial Institutions Practice - Quarterly Review (October 2013)

In This Issue: - “The Upfront Costs of Compliance Are Looking More Like a Bargain Every Day” and “How to Minimise the Risk of Insider Trading and Leaking of Material Information” (October-December), Risk &...more

Financial Fraud Law Report: October 2013 - Insider Trading in Mutual Funds: Do Traditional Theories Apply?

A federal court of appeals recently held out the possibility that insider trading prohibitions — at least under the classic theory — do not apply to mutual fund redemptions. The U.S. Court of Appeals for the Seventh...more

Why You Should Revisit The Terms Of Your Corporate Insider Trading Policy In Light Of Increased Public And SEC Scrutiny

Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 prohibit the employment of manipulative and deceptive devices in connection with the purchase or sale of securities, including transacting in securities “on...more

Two More Municipal Fraud Cases From the SEC

July 2013 was a big month for the Securities and Exchange Commission (the "SEC") in its quest to increase enforcement in the municipal market. On July 19, 2013, the SEC charged the City of Miami, Florida ("Miami"), and its...more

A Compilation of Enforcement and Non-Enforcement Actions - July 31, 2013

Non-Enforcement Matters - Insider Trading in Mutual Fund Shares - Incentive for Whistleblowers to Bypass Internal Reporting - SEC Announces Compliance Outreach Sessions - Implementation of FATCA Reporting...more

Operational Regulatory Risks Facing Private Equity Firms

If you work in the private equity world, you probably know that you are already exposed to a variety of regulatory risks and obligations that can have a significant impact on your firm’s operations and financial rate of...more

Compliance Communicator: July 2013

Memo to Managers - Insider Trading Misconception - A common misconception among employees is that insider trading is only an issue for senior executives, because employees at lower levels don’t have access to...more

SEC continues to focus on “fair value” practices of investment advisers

The media has been shining a strong spotlight on SEC insider trading cases, but in recent years, with much less fanfare, the SEC has brought nearly three times as many cases against investment advisers. ...more

Best Laid Plans Gone Awry: Practices for Rule 10b5-1 Trading Plans

Rule 10b5-1 trading plans are in the limelight due to investigations initiated by U.S. Attorney’s Offices and the SEC into possible abuses by corporate executives of such plans. Now, more than ever, companies and their boards...more

A Compilation of Enforcement and Non-Enforcement Actions - February 28, 2013

In This Issue: Non-Enforcement Matters - Registered Investment Advisers’ Annual Review of Compliance Policies and Procedures - Mutual Fund Boards and Oversight of Fair Valuation - Mutual Funds and...more

FINRA Issues 2013 Regulatory and Examination Priorities Letter

Overview: On January 11, 2013, the Financial Industry Regulated Authority (FINRA) issued its 2013 Annual Regulatory and Examination Priorities Letter (Priorities Letter). This letter is issued annually to highlight...more

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