In SEC v. Jarkesy, No. 22-859, 603 U.S. __ (2024), the Supreme Court held that the Seventh Amendment prohibits the Securities and Exchange Commission (SEC or Commission) from seeking civil penalties in certain enforcement...more
On April 2 and 3, 2024, U.S. Securities and Exchange Commission Chair, Gary Gensler, Division of Enforcement Director, Gurbir Grewal, and other senior SEC officials convened at the SEC Speaks conference held in Washington, DC...more
On December 14, 2022, the U.S. Securities and Exchange Commission (SEC) unanimously adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934, which adds new conditions to the use of the affirmative defense...more
On Sept. 8 and 9, 2022, Securities and Exchange Commission Chairman Gary Gensler, Division of Enforcement Director Gurbir Grewal and senior officials from the Enforcement Division convened at the annual SEC Speaks conference....more
The Securities and Exchange Commission (“SEC”), under Chairman Gary Gensler, continues to propose rules at a rapid pace. Three of the most recent proposed rules would significantly impact investment advisers by:...more
Throughout 2021, the SEC followed through on its commitment to aggressively enforce the federal securities laws in digital assets markets. These efforts have resulted in the SEC sharpening its focus on cryptocurrency...more
On Nov. 17, 2021, the U.S. Securities and Exchange Commission (SEC) announced the adoption of final rules, including a new Rule 14a-19 and amendments to existing rules under the Securities Exchange Act of 1934. The new rules...more
On Oct. 13, 2021, senior officials from the U.S. Securities and Exchange Commission’s Division of Enforcement* convened for a panel discussion at the annual SEC Speaks conference, held virtually for the second consecutive...more
Global expansion without adequate controls is asking for trouble. That’s the lesson of a $19 million settlement between WPP, the world’s largest advertising agency, and the U.S. Securities and Exchange Commission (SEC) to...more
Yesterday, the Securities and Exchange Commission (SEC) announced a new “Climate and ESG Task Force” to be housed within its Division of Enforcement and to be led by Acting Deputy Director of Enforcement Kelly L. Gibson. Ms....more
On January 1, 2021, the United States Senate joined the House of Representatives in overriding President Trump’s veto, and the National Defense Authorization Act (NDAA) became law. The NDAA was passed chiefly to authorize...more
Senior officials from the U.S. Securities and Exchange Commission Division of Enforcement convened at a panel as part of the first entirely virtual The SEC Speaks conference to discuss the SEC’s fiscal year 2020 enforcement...more
On Aug. 26, 2020, the Securities and Exchange Commission (SEC) adopted amendments to the definition of “accredited investor” under Rule 501 of Regulation D and the definition of “qualified institutional buyer” under Rule 144A...more
As the pandemic continues, firms have begun to consider whether certain practice and cultural changes spurred by COVID-19 should become more permanent. To date, the U.S. Securities and Exchange Commission (SEC) and Financial...more
In Liu v. SEC, the Supreme Court answered the question that remained following its 2017 opinion in Kokesh v. SEC: “whether, and to what extent, the SEC may seek ‘disgorgement’ in the first instance through its power to award...more
6/25/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Counsel ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
Since the outbreak of COVID-19, the U.S. Securities and Exchange Commission and FINRA have led the way among regulators in providing guidance and relief to market participants as the financial industry continues to confront...more
U.S. SECURITIES AND EXCHANGE COMMISSION (SEC) -
SEC Staff No-Action Letter to FINRA: Allowing Technical or Temporary Relief by FINRA -
On May 13, 2020, the Staff of the SEC’s Division of Trading and Markets issued a...more
The Financial Industry Regulatory Authority (FINRA) continues to provide assistance and insight to member firms as the industry deals with COVID-19. Last week, FINRA Executive Vice President Bill Wollman participated in a...more
For many years, the U.S. Securities and Exchange Commission (SEC) has advocated for increased transparency for municipal securities investors. Given the absence of a statutory scheme for municipal securities reporting, the...more
As reported in prior McGuireWoods alerts, financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies continue to deal with the impact COVID-19...more
As reported in prior McGuireWoods alerts (see April 15, April 6, March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and...more
Public companies, proxy advisors, government agencies and market participants collectively are responding to the economic and market disruption caused by the coronavirus (COVID-19) pandemic. ...more
As reported in prior McGuireWoods alerts (see April 6, March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public...more
As McGuireWoods reported in an April 6, 2020, legal alert, the U.S. Securities and Exchange Commission (SEC) has indicated that it will not be delaying the June 30, 2020, compliance deadline for Regulation Best Interest (Reg...more
As reported in prior McGuireWoods alerts (see March 26 and March 17 updates), financial services regulators have been issuing guidance and relief to assist the industry as financial services firms and public companies...more