News & Analysis as of

Civil Monetary Penalty Securities and Exchange Commission (SEC) Securities Exchange Act of 1934

Bracewell LLP

Supreme Court Declares SEC Lacks In-House Authority to Impose Civil Penalties

Bracewell LLP on

The United States Supreme Court struck another major blow to the Securities Exchange Commission’s enforcement arsenal, finding that its oft-used practice of imposing monetary penalties in its in-house administrative...more

Vinson & Elkins LLP

The Supreme Court Strips SEC of Fraud-Fighting Forum, Sparking Debate on Broader Implications for Federal Enforcement

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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

Proskauer - Corporate Defense and Disputes

Supreme Court Bars SEC Administrative Proceedings for Civil Penalties

The U.S. Supreme Court held that the Seventh Amendment to the U.S. Constitution entitles a defendant to a jury trial when the Securities and Exchange Commission seeks to impose civil penalties for violations of the federal...more

DarrowEverett LLP

Actions vs. J.P. Morgan, Monolith Serve as SEC Compliance Check Reminders

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The Securities and Exchange Commission (SEC) recently settled charges against J.P. Morgan Securities LLC (JPMS) for impeding hundreds of advisory clients and brokerage customers from reporting potential securities law...more

Akin Gump Strauss Hauer & Feld LLP

SEC Fines 16 Firms More Than $81 Million for Off-Channel Communications

Key Points - Last week, the SEC announced settlements with 16 broker-dealers, dually registered broker-dealers and investment advisers, and affiliated investment advisers in connection with their failures to maintain and...more

Seward & Kissel LLP

SEC Settles Charges Against Firm for Disclosing MNPI on Block Trades

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Who may be interested: Registered Investment Companies, Investment Advisers, Broker-Dealers - Quick Take: The SEC settled charges against a firm and the former head of the firm’s equity syndicate desk, arising out of a...more

White & Case LLP

The SEC’s Charges Against SolarWinds and its Chief Information Security Officer Provide Important Cybersecurity Lessons for Public...

White & Case LLP on

On October 30, 2023, the US Securities and Exchange Commission ("SEC") announced that it filed charges against SolarWinds Corp. ("SolarWinds" or the "Company") and its Chief Information Security Officer ("CISO") in connection...more

Freiberger Haber LLP

Enforcement News: SEC Charges Investment Advisor With Violating Whistleblower Protection Rule

Freiberger Haber LLP on

We have often written about the SEC’s whistleblower program and, in particular, the success of the program with respect to detecting and preventing violations of the federal securities laws. The success of the program...more

Akin Gump Strauss Hauer & Feld LLP

SEC Announces Charges for Schedule 13D, Schedule 13G and Section 16 Reporting Violations

On September 27, 2023, the Securities and Exchange Commission (SEC) issued a press release announcing charges against officers, directors and large investors in public companies for failure to timely make Section 16, Schedule...more

Robinson & Cole LLP

With $1.1 Billion Penalty Deal, SEC Joins DOJ in Firing Warning Shot at Financial Services Industry About Outdated Employee...

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Last week, the United States Securities and Exchange Commission (SEC) fined 16 Wall Street firms a total of $1.1 billion for recordkeeping violations based on the failure to maintain employees’ electronic communications, such...more

Seward & Kissel LLP

Gotta Catch Them All? SEC Brings First Crypto Insider Trading Action

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On July 21, 2022, the Securities and Exchange Commission (“SEC”) announced insider trading charges against a former Coinbase product manager, Ishan Wahi, his brother, Nikhil Wahi, and a friend, Sameer Ramani, for trading...more

Bracewell LLP

Fifth Circuit's Constitutional Carve-Back of the SEC's ALJ Enforcement Proceedings Likely to Lead to More Federal Court Cases

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On May 18, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) dealt a major blow to the U.S. Securities and Exchange Commission’s (“SEC”) enforcement program. In Jarkesy v. SEC, the Fifth...more

King & Spalding

Reviving the Holiday Gathering This Year? Avoid Adding Insider Trading Liability to the Mix.

King & Spalding on

As we each cautiously approach the holidays with our own versions of in-person holiday parties and family gatherings, and with many of us now exploring the “hybrid” working environment, we are here to remind you that insider...more

Goodwin

Northern District of California Dismisses Traders’ Suit Against Bitmex Crypto Exchange with Prejudice

Goodwin on

Northern District of California Dismisses Traders’ Suit Against Bitmex Crypto Exchange with Prejudice; Delaware Supreme Court Upholds Chancery Court Ruling That Stockholder Appraisal Rights Can Be Waived by Contract;...more

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