Over the last few months, the U.S. Securities and Exchange Commission (“SEC”) discretely disbanded the Climate and ESG Taskforce (“ESG Task Force”) of its Division of Enforcement. The move follows a wave of recent pushback...more
Join attorneys in our appellate, energy regulatory, environmental, tax, securities, and employment practices who will explore how these landmark rulings affect administrative law and practice and what comes next....more
7/10/2024
/ Administrative Law Judge (ALJ) ,
Administrative Procedure Act ,
Administrative Proceedings ,
Chevron Deference ,
Continuing Legal Education ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Government Agencies ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
Penalties ,
SCOTUS ,
SEC v Jarkesy ,
Securities Fraud ,
Seventh Amendment ,
Statute of Limitations ,
Statutory Authority ,
Statutory Interpretation ,
Webinars
For more than a decade, the U.S. Securities and Exchange Commission (the “SEC”) has been able to bring enforcement actions in either federal court or the agency’s internal venue. Not anymore. On June 27, 2024, the U.S....more
7/1/2024
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Article III ,
Civil Monetary Penalty ,
Enforcement Actions ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Securities Fraud ,
Seventh Amendment
On June 11, 2024, the United States Securities and Exchange Commission (the “SEC”) charged Illit Raz, the former CEO and founder of the since-shut-down artificial intelligence recruiting startup Joonko Diversity Inc....more
On May 23, 2024, the Securities Enforcement Forum West debuted its first-ever panel on the impact of artificial intelligence (“AI”) on securities enforcement, regulation, compliance, and practice, signaling an increased focus...more
6/17/2024
/ Artificial Intelligence ,
Department of Justice (DOJ) ,
Enforcement ,
Enforcement Actions ,
Greenwashing ,
Insider Trading ,
Market Abuse ,
Marketing ,
Misleading Statements ,
Securities and Exchange Commission (SEC) ,
White Collar Crimes
The U.S. Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) have been working increasingly collaboratively to combat unlawful trading practices and hold wrongdoers accountable, demonstrating...more
Amidst the government’s ongoing efforts to combat insider trading, a recent dismissal of criminal charges for insider trading gives new insight into this constantly evolving area of law. A federal judge recently dismissed...more
The Securities and Exchange Commission obtained a victory in a closely-watched trial when a jury found Matthew Panuwat liable for insider trading based on a “shadow trading” theory. The jury’s verdict, as well as increased...more
Another Southern District of New York (“SDNY”) court has sided with the Securities and Exchange Commission (“SEC”) in its enforcement campaign against the unregistered sale of cryptocurrency assets. On March 27, 2024, in SEC...more
After much anticipation, on March 6, 2024, the Securities and Exchange Commission (“SEC” or the “Commission”) released its Final Rule—The Enhancement and Standardization of Climate-Related Disclosures for Investors—mandating...more
3/29/2024
/ Business Development Companies ,
Carbon Emissions ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Final Rules ,
Foreign Issuers ,
Form S-8 ,
MD&A Statements ,
PSLRA ,
Regulation S-K ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
After more than three years of regulatory investigation and litigation, Robinhood Financial LLC (“Robinhood”) recently agreed to overhaul its digital engagement practices and pay a $7.5 million fine to settle charges with the...more
The SEC announced on November 22, 2023, an order staying its share repurchase disclosure rule pending further SEC action. Companies therefore do not need to comply with the rule’s previous compliance date subject to further...more
On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.1 The SEC imposed $4.95 billion in...more
Evaluating a broad spectrum of challenges raised by the U.S. Chamber of Commerce and others, a unanimous panel of the U.S. Court of Appeals for the Fifth Circuit recently held that the SEC failed to provide a sufficient...more
11/20/2023
/ Administrative Procedure Act ,
Arbitrary and Capricious ,
Certiorari ,
Chamber of Commerce ,
Disclosure Requirements ,
Final Rules ,
First Amendment ,
Form 10-K ,
Investment Company Act of 1940 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Stock Repurchases
Recent enforcement actions brought by the Securities and Exchange Commission (“SEC”) signal that the SEC is paying close attention to public company financial reporting and will continue to punish misleading accounting and...more
On October 10, 2023, the Securities and Exchange Commission (“SEC”) adopted amendments to the rules governing beneficial ownership1 reporting under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934 (the...more
10/17/2023
/ Beneficial Owner ,
Brokers ,
Derivatives ,
Filing Deadlines ,
Investment Adviser ,
New Rules ,
Passive Investments ,
Reporting Requirements ,
Schedule 13D ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
On February 9, 2022, the Securities and Exchange Commission (“SEC”) proposed new rules under the Investment Advisers Act of 1940 regarding the regulation of private funds.1 A private fund is an investment company, usually a...more
Sarah Morgan, M&A and Capital Markets partner, and Rebecca Fike, Securities Litigation and Government Investigations partner will give a look back at the first half of 2023 through SEC Enforcement actions, public speeches,...more
8/25/2023
/ Best Practices ,
Continuing Legal Education ,
Enforcement Actions ,
Enforcement Priorities ,
Events ,
Investigations ,
Policy Statement ,
Proposed Rules ,
Publicly-Traded Companies ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Securities Violations
In a move to address the implications of integrating emerging technologies into the financial markets, the U.S. Securities and Exchange Commission (the “SEC”) recently proposed new rules aimed at regulating potential...more
On July 31, 2023, Judge Jed Rakoff of the Southern District of New York (“SDNY”) sided with the Securities Exchange Commission in SEC v. Terraform Labs Pte. Ltd. by holding that sales of crypto assets to retail investors on...more
On May 1, 2023, the United States Supreme Court agreed to hear an appeal in Murray v. UBS Securities, LLC.1 There, the United States Court of Appeals for the Second Circuit held that an employee whistleblower suing under the...more
On July 13, 2023, a decision by Federal District Judge Analisa Torres of the Southern District of New York dealt a significant blow to the Securities and Exchange Commission’s enforcement efforts in the crypto space by...more
Director of the Securities and Exchange Commission’s (“SEC”) Enforcement Division reemphasizes robust enforcement, robust remedies, and robust compliance as key priorities for the rest of 2023, while signaling an upcoming...more
On May 23, 2023, Rahul Kohlhatkar, Assistant Regional Director in the Division of Enforcement at the San Francisco Regional Office of the U.S. Securities and Exchange Commission (“SEC”), shared the stage with a group of...more
Cryptocurrency had a rocky 2022. Bitcoin, often touted as a hedge against inflation, lost nearly 65 percent of its value. FTX, one of the most popular and well-known platforms for trading crypto, declared bankruptcy. Its...more