On June 28, 2024, the Supreme Court issued a significant decision that could have wide-ranging consequences for administrative agency enforcement actions. In Securities and Exchange Commission v. Jarkesy, the Court held that...more
7/3/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Enforcement Actions ,
Judicial Authority ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Regulation ,
Seventh Amendment
In SEC v Panuwat, a federal jury in California will hear a novel insider trading theory that the court has allowed to proceed to trial. In Panuwat, the SEC says it is unlawful for an individual to purchase securities of a...more
2/29/2024
/ Confidential Information ,
Corporate Counsel ,
Corporate Issuers ,
Enforcement Authority ,
Insider Trading ,
Material Nonpublic Information ,
Misappropriation ,
Put and Call Options ,
Rule 10b-5 ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Stock Options
The U.S. Securities and Exchange Commission sued Coinbase, Inc., alleging the crypto assets Coinbase made available for trading on its exchange met the definition of “securities.” Because Coinbase did not register the assets...more
6/19/2023
/ Bitcoin Mining ,
Coinbase ,
Crypto Exchanges ,
Howey ,
Investment Contract ,
Jurisdiction ,
Registration Requirement ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Trading Platforms ,
Unregistered Securities
If your Michigan business issues promissory notes or other evidence of indebtedness, or if you purchase such debt instruments, it is important to understand whether those debt instruments could be considered “securities”...more
Key Takeaways -
..The U.S. Supreme Court is poised to hear cases that may curtail the administrative powers of the SEC.
..These rulings may portend greater limits on federal administrative agencies generally....more
On May 5, 2020, the U.S. Securities and Exchange Commission (“SEC”) issued broad modified guidance on its regulation and enforcement of the markets during the coronavirus (COVID-19) pandemic. The Financial Industry Regulatory...more
The Corporations, Securities, & Commercial Licensing Bureau of the Michigan Department of Licensing and Regulatory Affairs ("the Bureau") has issued new Securities Rules interpreting and enforcing the Michigan Uniform...more
The SEC Speaks conference held in Washington, D.C., on April 8-9, 2019 offered perspectives from the current Securities and Exchange Commission Chairman, Commissioners, Division Directors, and Staff about the current...more
4/15/2019
/ Best Interest Standard ,
Corporate Officers ,
Digital Assets ,
Enforcement Actions ,
Investment Funds ,
Lorenzo v SEC ,
OCIE ,
Proposed Rules ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC)
The U.S. Supreme Court has held that administrative law judges (ALJs) of the Securities and Exchange Commission are "Officers of the United States" under the Appointments Clause of the U.S. Constitution, and are not mere...more
6/26/2018
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Corporate Counsel ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
The U.S. Supreme Court continues to limit the timeframe in which the U.S. Securities and Exchange Commission (“S.E.C.”) can seek to levy monetary penalties in enforcement actions it brings against violators of the federal...more
The Securities and Exchange Commission is incorporating economic and technology-based data analytics and statistical analyses to support its regulatory functions, SEC Chair Mary Jo White revealed at the 43rd annual “The SEC...more
SEC commissioners called for a more regulations and oversight to protect investors from fraud and other dangers, reports Miller Canfield securities compliance and enforcement lawyer Matt Allen.
Allen attended the 42nd...more
Today, the Securities and Exchange Commission and the Department of Justice released A Resource Guide to the U.S. Foreign Corrupt Practice Act....more