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Whistleblowers: The High Court Rejects the SEC’s Position

The SEC’s position on the scope of the whistleblower protections in Dodd-Frank was rejected by the Supreme Court. In Digital Realty Trust, Inc., v. Somers, No. 16-1276 (Feb. 21, 2018) the Court concluded that the SEC’s...more

Filing of Canadian Securities Class Actions Declines Again

Increasing numbers of securities class actions have been filed in the U.S. in recent years. That trend contrasts sharply with Canada where the number of actions filed last year declined again, according to a new report...more

SEC Disgorgement: A Path For Reform?

One of the guiding principles of the current SEC Enforcement program is to “Impose Sanctions That Most Effectively Further Enforcement Goals.” SEC Division of Enforcement Annual Report 2017. ...more

This Week In Securities Litigation

Each SEC Commissioner joined a statement saying “Thank you Jacob” and fair well to perhaps the longest tenured staff member at the agency, Jacob Stillman. Jake joined the staff in 1962 and served in various capacities for 55...more

SEC Targets Advisers With New Cooperation Initiative

The SEC’s Division of Enforcement announced a new cooperation initiative addressed to investment advisers who have failed to disclose conflicts arising from the receipt of 12b-1 fees from mutual funds. In essence, the...more

SEC Files Another Action Centered on Trading in Opaque Markets

The Commission filed another action centered misrepresentations made in opaque trading markets for mortgage backed securities. Unlike its earlier actions in this area, however, the case settled simultaneous with filing....more

SEC Announces New Cooperation Initiative for Advisers

The SEC’s Division of Enforcement announced a new cooperation initiative addressed to investment advisers who have failed to disclose conflicts arising from the receipt of 12b-1 fees from mutual funds. In essence, the...more

SEC’s OCIE Announces National Exam Program Priorities

The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) published its National Exam Program Examination Priorities. This year’s publication comes in the form of a brochure, much like the one issued by the...more

This Week In Securities Litigation

Cryptocurrencies continued to be an important topic of discussion this week. The Chairman of the SEC and the Chairman of the CFTC testified before the Senate Banking Committee on the subject....more

Dorsey Anti-Corruption Digest - February 2018

Joo Hyun Bahn, real-estate broker and nephew of former U.N. Secretary-General Ban Ki-moon, pleaded guilty to Foreign Corrupt Practices Act (FCPA) charges relating to his role in a scheme attempting to bribe a Qatari official...more

Congress Hears Testimony On Cryptocurrencies from SEC, CFTC

Congress stepped into the crypto currency world this week, holding hearings that focused on the digital currency markets. Specifically, the Senate Committee on Banking, Housing, and Urban Affairs heard testimony from SEC...more

SEC Continues Focus on Retail Customers

The Commission’s enforcement program continued its focus on retail customer protections this week. The agency filed settled administrative proceedings against a broker dealer – investment adviser based on a coding error which...more

Securities Class Action Filings Increase – For Now

Two new reports chronicle the significant upward trend not just in the number of securities class actions filed in 2017 but also the increased chance for U.S. and foreign issuers to be named in such a suit. See Cornerstone...more

This Week In Securities Litigation

Spoofing pushed crypto currencies off the front page of securities litigation this week, although the SEC did bring another action centered on virtual currencies as well as a suspicious trading case. The DOJ filed six...more

SEC Charges Two Advisers With Fraud Tied to Retail Investors

The Commission filed another action centered on retail investors. In this case two employees of a well known Financial Institution took advantage of firm clients over a period of three years, defrauding them of thousands of...more

SEC Obtains Freeze Order Re First “Decentralized Bank” and its ICO

Crypto currencies and Initial Coin Offerings or ICOs continue to be one of the most sought after investments even as regulators repeatedly caution investors, investigate offerings and bring fraud actions centered on crypto...more

DOJ, CFTC File Series of Criminal And Civil Spoofing Cases

The Department of Justice filed six criminal spoofing cases, its largest criminal futures market case. The Commodity Futures Trading Commission simultaneously announced eight spoofing case, five of which parallel the DOJ...more

ICOs - Fraud, Winning Lottery Ticket or Bad Investment?

Investments in virtual currencies and initial coin offerings or ICOs - a kind of IPO for coins - continue to be a key focus in the investment world. Last week as the Davos World Economic Summit unfolded it was almost lost in...more

This Week In Securities Litigation

Distributed ledger technology or DLT, virtual currencies and the related markets were the center of discussion this week. SEC Chairman Jay Clayton delivered remarks at one conference sternly warning that the Commission would...more

The New SEC Enforcement Program: Anchored In A Long Held Tradition

A key focus of the SEC Enforcement Division under Chairman Jay Clayton is retail investors. The program’s new focus comes at a time when it faces new challenges....more

Investors Try To Buy Virtual Currency Expertise – CFTC Claims Fraud

U.S. regulators, such as the SEC and CFTC, continue to caution investors about virtual currencies. New stories recount significant price swings in the markets while Government enforcement actions illuminate the risks of...more

SEC, USAO Charge Six With Misappropriating PCAOB Data

The SEC and the U.S. Attorney’s Office for the Southern District of New York took the unusual step of charging six accounts from KPMG and/or the PCAOB with misappropriating and using confidential information from the Public...more

The Directors of SEC and CFTC Enforcement Warn Would-be Virtual Currency Market Fraudsters

The Enforcement Directors of the SEC and CFTC took the unusual step of issuing a joint statement regarding virtual currency enforcement actions at the close of last week. SEC Enforcement Co-Directors Stephanie Avakian and...more

This Week In Securities Litigation

The Supreme Court agreed to hear the appeal from the D.C. Circuit of Raymond J. Lucia Companies on the question of whether the Constitution’s Appointments Clause applied to SEC ALJs. While the Court will presumably resolve...more

SEC and Retail Customers: Sanctions For Undisclosed Principal Transactions

The Commission’s revamped approach to enforcement, centered in part on retail customers, is reflected in its most recent case. In an action against a managing director at a firm registered as an investment adviser and broker...more

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