The US Department of Justice (DOJ) continues to enhance its tougher-on-corporate-crime policy stance as first announced by Deputy Attorney General Lisa Monaco in 2021. In remarks on March 7 and March 8, DAG Monaco and Acting...more
The US Securities and Exchange Commission (SEC) adopted on July 26, 2023 final rules and amendments for mandating disclosure regarding cybersecurity risk management, strategy, governance, and incident reporting, including...more
8/2/2023
/ Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Final Rules ,
Form 10-K ,
Form 8-K ,
Publicly-Traded Companies ,
Regulation S-K ,
Reporting Requirements ,
Risk Management ,
Securities and Exchange Commission (SEC)
The US Securities and Exchange Commission (SEC) and Department of Justice (DOJ) on June 29, 2023 brought insider trading charges against several defendants in four proceedings. The insider trading cases demonstrate key focus...more
Due to a recent agreement between the Public Company Accounting Oversight Board and Chinese securities regulators, many US exchange–listed companies audited by accounting firms based in mainland China and Hong Kong may be...more
The Morgan Lewis Year in Review highlights key US Securities and Exchange Commission (SEC or the Commission) and Financial Industry Regulatory Authority (FINRA) enforcement and examination developments, and summarizes...more
3/2/2021
/ Biden Administration ,
BSA/AML ,
Disgorgement ,
Enforcement Actions ,
Exchange-Traded Products ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Spoofing ,
Swaps ,
TRACE ,
Whistleblowers
Most media accounts suggest that the incoming Biden administration will usher in a more “aggressive” SEC enforcement posture, with renewed emphasis on investigating potential fraud and controls deficiencies at public...more
1/14/2021
/ Analytics ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Disgorgement ,
Enforcement Actions ,
Infectious Diseases ,
Insider Trading ,
Public Disclosure ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Share Buybacks
A new report shows that the number of women on California corporate boards has increased 66.5% since 2018 after the state required corporations to have at least one to three female directors by 2021. Despite the significant...more
Diversity and inclusion in business has taken center stage in public discourse, and by-and-large, businesses have stated their commitment to diversity and inclusion, announcing various new initiatives to address racial...more
The growing frequency and public awareness of cyberincidents, evolution of technologies employed by intruders, and proliferation of personal data and infrastructure vulnerable to attack have all contributed to heightened...more
9/11/2020
/ Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Department of Justice (DOJ) ,
Disclosure Requirements ,
FBI ,
Federal Trade Commission (FTC) ,
Insider Trading ,
Internal Controls ,
Popular ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC)
In a recent keynote speech, Co-Director of the US Securities and Exchange Commission’s Division of Enforcement Steven Peikin made it clear that the Division has made coronavirus (COVID-19) related enforcement matters a top...more
5/15/2020
/ Accounting Fraud ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Failure To Disclose ,
Government Investigations ,
Insider Trading ,
Securities and Exchange Commission (SEC) ,
Share Redemption ,
Steering Committees ,
Trading Suspension ,
Vaccinations ,
Whistleblowers
Investors and investment managers around the globe are seeing increasing rules and regulations on how they can deploy their money, how they can advertise their services, and how they have to report to regulators.
...more
2/3/2020
/ Advertising ,
Anti-Bribery ,
Anti-Corruption ,
Anti-Money Laundering ,
Banks ,
Bribery ,
Consumer Financial Products ,
Corruption ,
Equity Markets ,
Fair Access to Credit ,
False Claims Act (FCA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud and Abuse ,
Investment ,
Investors ,
Japan ,
Loans ,
Mutual Funds ,
Private Funds ,
Proposed Rules ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Solicitation ,
United Arab Emirates (UAE) ,
Volcker Rule ,
White Collar Crimes
In a decision beneficial to the US Securities and Exchange Commission, the US Supreme Court has affirmed that those persons who disseminate statements containing material misrepresentations or omissions are primarily liable...more
3/28/2019
/ Appeals ,
Enforcement Actions ,
False Statements ,
Fines ,
Intent to Defraud ,
Investment Banks ,
Lorenzo v SEC ,
Material Dissemination ,
Misleading Statements ,
Reaffirmation ,
Rule 10b-5 ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Suspensions
The US Securities and Exchange Commission’s Division of Enforcement (SEC) issued an investigative report on October 16 on nine public companies that were victims of cyber-related frauds, and considered whether these companies...more
On June 21, in Lucia v. Securities and Exchange Commission, the US Supreme Court held that administrative law judges of the US Securities and Exchange Commission are not mere federal employees but qualify as “Officers of the...more
6/25/2018
/ Administrative Agencies ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
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)
In a 9-0 decision in Digital Realty Trust Inc. v. Somers, the US Supreme Court held that the whistleblower protection provisions contained in the Dodd-Frank Wall Street Reform and Consumer Protection Act apply only to...more
2/26/2018
/ Anti-Retaliation Provisions ,
Digital Realty Trust Inc v Somers ,
Dodd-Frank ,
Internal Reporting ,
Reporting Requirements ,
Retaliation ,
Sarbanes-Oxley ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Whistleblower Protection Policies ,
Whistleblowers
In an environment where even the largest and most powerful corporations have fallen victim to data breaches, it can be challenging to fathom how to protect against the sophisticated and ever-evolving threat of cyber attacks....more
10/12/2015
/ Broker-Dealer ,
Corporate Governance ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Data Loss Prevention ,
Data Privacy ,
Data Protection ,
Data Security ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
FTC v Wyndham ,
Identity Theft ,
OCIE ,
Personally Identifiable Information ,
Policies and Procedures ,
Popular ,
Registered Investment Advisors ,
Regulation S-P ,
Risk Alert ,
Sanctions ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Security Risk Assessments ,
Training ,
Vendors
SEC proposes modest amendments to AP process to enhance efficiency and address concerns regarding fairness.
In an effort to enhance the efficiency of its processes in administrative proceedings (APs) and bolster its...more
9/28/2015
/ Administrative Proceedings ,
Amended Regulation ,
Appointments Clause ,
Comment Period ,
Depositions ,
Discovery ,
Due Process ,
Expert Witness ,
Federal Register ,
Federal Rules of Civil Procedure ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Companies are reminded of the need for strong internal controls.
The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) recently filed civil and criminal actions in the largest hacking and...more
9/15/2015
/ Cyber Attacks ,
Cyber Incident Reporting ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Data Transfers ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
FTC v Wyndham ,
Hackers ,
Internal Controls ,
OCIE ,
Risk Alert ,
Risk Management ,
Risk Mitigation ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Third-Party ,
Unfair or Deceptive Trade Practices
Twin reports provide a roadmap to best practices.
U.S. financial markets and participants, much like other segments of the U.S. economy, are prime targets for technological hacks, intrusions, and breaches that can occur...more
Stung by adverse court rulings in some of its enforcement cases, the SEC is bringing more of those cases in its own forum—an SEC administrative proceeding.
...more
The Commission has announced an unprecedented enforcement initiative against officers, directors, and major stockholders for violating beneficial ownership reporting requirements and against public companies for their roles...more
Participants recognize the importance of board oversight and risk disclosures.
On March 26, the U.S. Securities and Exchange Commission (SEC) hosted a roundtable to discuss cybersecurity and the issues and challenges...more