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Surprise Year-End SEC Disgorgement Legislation Settles Some Issues but Raises Others

The legitimacy and scope of the SEC’s “disgorgement” remedy have been the focus of increasing scrutiny for the better part of the past decade. Among other things, two Supreme Court decisions in the past four years placed...more

SEC Reinforces and Elevates Cybersecurity Guidance; Board Oversight of Cybersecurity at the Forefront

On February 21, 2018, the Securities and Exchange Commission (“SEC”) published interpretive guidance on public company cybersecurity disclosures. While the new guidance confirms the SEC’s intensified focus on cybersecurity...more

Financial Industry Regulatory Priorities In 2018 FINRA and OCIE Announce Examination Areas of Focus

In early 2018 both the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) and FINRA announced their examination priorities for 2018. As in previous years, both OCIE and FINRA share many examination priorities...more

Reflections on Kokesh v. SEC: Potential Ramifications of SEC Disgorgement Being a Penalty

In the week since the Supreme Court’s unanimous decision in Kokesh v. SEC, which rejected the Securities and Exchange Commission’s longstanding position that disgorgement was an equitable remedy not subject to the five-year...more

2017 Financial Industry Regulatory Priorities - OCIE and FINRA Announce Examination Areas of Focus

In early January, both the SEC’s Office of Compliance Inspections and Examinations (“OCIE”) and FINRA announced their examination priorities for 2017. As in previous years, both the SEC and FINRA share many examination...more

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