News & Analysis as of

Broken Windows

Consultant, Long Time Friend Settle SEC Insider Trading Charges

by Dorsey & Whitney LLP on

SEC Enforcement is shifting focus to consumers and cyber-security according to the Chairman. Whether that marks the end of “broken windows” and many of the programs the approach spawned is yet to be seen. Regardless, insider...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period for bringing suits based on Section 11 of the Securities Act is a statute of repose – it cannot be extended. The High Court also agreed to hear next term a...more

SEC Enforcement: 2016 in Review and Looking Ahead to 2017

by WilmerHale on

Enforcement activity increased again in fiscal year 2016, and the U.S. Securities and Exchange Commission (“SEC”) continued to pursue a broad agenda. Consistent with former Chair Mary Jo White’s “broken windows” enforcement...more

Chair Mary Jo White to Step Down as SEC Commissioner at End of President Obama’s Term

On Tuesday, November 15, 2016, the Securities and Exchange Commission (SEC) announced that Chair Mary Jo White will resign as SEC Commissioner effective January 20, 2017, concurrently with the end of President Obama’s term of...more

Effective SEC Enforcement – Built on Fundamental Fairness

by Dorsey & Whitney LLP on

How effective is the SEC enforcement program at deterrence? With the adoption of the “broken windows” theory of enforcement the agency adopted a theory of market policing borrowed from the New York City police department. It...more

A New Direction For SEC Enforcement in 2016?

by Dorsey & Whitney LLP on

As the new year begins SEC Enforcement appears to be at a cross-roads. Commissioners have, or will, depart; there are, or will be, new appointees. The reconstituted agency will have to determine if its current...more

Dorsey Anti-Corruption Digest - October 2015

by Dorsey & Whitney LLP on

Welcome to Dorsey & Whitney’s monthly Anti-Corruption Digest. In this digest, we draw together news of enforcement activity throughout the world and aim to reduce your information overload. Our London, Minneapolis, New York...more

U.S. Chamber of Commerce Joins Chorus Pushing For Overhaul in SEC Enforcement Practices

by Dechert LLP on

A recent report by the Center for Capital Markets Competitiveness at the U.S. Chamber of Commerce (Chamber Report) regarding the enforcement program of the Securities and Exchange Commission (SEC or Commission) identified...more

Broken Windows: SEC Files Six Settled Rule 105 Actions

by Dorsey & Whitney LLP on

Broken Windows – the SEC initiative cloned from the NYC Police Department which prosecutes every case large and small based on the a deterrence theory – is alive and well in the form of the Rule 105 Initiative. This week the...more

Financial Services Quarterly Report - Third Quarter 2015: Developing and Maintaining a Modern U.S. Compliance Program

by Dechert LLP on

When the SEC adopted Rules 38a-1 under the Investment Company Act of 1940 (Investment Company Act) and 206(4)-7 under the Investment Advisers Act of 1940 (Advisers Act) in 2003 – which required registered funds and registered...more

SEC Settles Microcap Fraud Scheme With Attorney, Two Audit Firms, Seven Auditors

by Dorsey & Whitney LLP on

Microcap fraud is a key part of the broken windows enforcement approach. One of the more significant actions brought in this regard is In the Matter of John Briner, Esq., Adm. Proc. File No. 3-16339 (Jan. 15, 2015). There the...more

US Chamber Recommends SEC Enforcement Changes

by Burr & Forman on

Last week the US Chamber of Commerce, through its Center for Capital Markets Competitiveness, issued a white paper proposing wide-ranging changes to the SEC’s enforcement process. Most of the 28 recommendations were...more

The U.S. Chamber On SEC Enforcement

by Dorsey & Whitney LLP on

The U.S. Chamber of Commerce published a report regarding the enforcement practices of the SEC titled “Examining U.S. Securities and Exchange Commission Enforcement: Recommendations on Current Processes and Practices, July...more

More “Broken Windows”: SEC Charges Schedule 13D Filers with Disclosure Violations for Failing to Update Ownership Reports

When a significant stockholder in a publicly-held company is considering plans to take the company private, how soon must the stockholder disclose those plans in a Schedule 13D filing?...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The broken windows approach to enforcement continued this week. The Commission bundled together eight settled administrative proceedings centered on going private transactions in which the Respondents failed to update their...more

Broken Windows Continues: SEC Brings Group of Actions Centered on Section 13(d)(2) Violations

by Dorsey & Whitney LLP on

The “broken windows” approach to enforcement is alive, well and continuing. This time the Commission bundled together three groups of actions and eight proceedings, all centered on a failure to update disclosures tied to...more

Blog: SEC Enforcement Tries To Fix More “Broken Windows”

by Cooley LLP on

On Friday, the SEC charged eight officers, directors and major shareholders for failing to update their Schedule 13D stock ownership reports to reflect material changes in connection with several going-private transactions. ...more

Of Broken Leases and ‘Broken Windows’

by Fenwick & West LLP on

On Dec. 3, 2014, the Division of Enforcement of the U.S. Securities and Exchange Commission brought an enforcement action against two former top executives of Assisted Living Concepts LLC, a large provider of senior living...more

Securities Enforcement 2014 Year-End Review

by Shearman & Sterling LLP on

Fiscal year 2014 proved to be another eventful and record-breaking year for the Division of Enforcement (Enforcement Division) of the United States Securities and Exchange Commission (SEC or the Commission). Indeed, the...more

Private Equity Fund Managers: Takeaways From The SEC’s Past Year in Enforcement

by Latham & Watkins LLP on

After a year of “first ever” actions targeting private equity, fund managers should be vigilant, even about seemingly small issues. In reviewing the results of SEC Enforcement’s fiscal year that ended on September 30,...more

In Case You Missed It - Interesting Items for Corporate Counsel - November 2014

by Stoel Rives LLP on

1.As the year moves to a close, expect lots of chatter about the upcoming 2015 proxy season. Including from us beginning right now. 2.Almost certainly because good corporate governance practices just change so darn...more

SEC Brings Its Sixth Insider Trading Action As An Administrative Proceeding Since September

by Dorsey & Whitney LLP on

The SEC is clearly bringing more cases as administrative proceedings. To be sure, many of its “broken windows” actions are brought in that forum. At the same time, it is brining other cases which are traditionally brought as...more

SEC Ramps Up Municipal Enforcement

by Burr & Forman on

The SEC continues to ramp up its Enforcement efforts in the municipal-securities realm. The agency announced a series of settled actions on November 6....more

Blog: More “Broken Windows” Enforcement From The SEC?

by Cooley LLP on

Yesterday, the SEC announced that it had sanctioned ten companies (generally, smaller reporting companies traded on OTC Link) for failing to make required Form 8-K disclosures related to financings and unregistered stock...more

The SEC’s Broken Windows Program – A Success?

by Dorsey & Whitney LLP on

Broken windows entered a new chapter. Previously, the program focused on the custody rule, Rule 105 and the filing of certain forms such as Form 4 and Schedule 13D. The point is to create SEC omnipresence – the cop on the...more

30 Results
|
View per page
Page: of 2
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.