Stop-And-Frisk Judge Removed, Fights Back
Introduction - On 18 April 2023, the UK’s Insolvency Service (“TIS”) published statistics on its enforcement activities and outcomes during the last financial year (the “Report”). The Report describes TIS’s enforcement...more
Welcome to the latest issue of Bracewell’s FINRA Facts and Trends, a monthly newsletter devoted to condensing and digesting recent FINRA developments in the areas of enforcement, regulation and dispute resolution. This...more
The new Administration in Washington brings an expectation of change at the SEC in many areas, one of them being SEC Enforcement, where a shift toward more aggressive enforcement is anticipated. That change has already begun....more
On February 11, SEC Acting Chair Lee announced that the Commission no longer would permit settlements in enforcement actions to include, or be contingent on the grant of, waivers of statutory disqualifications that flow from...more
The judgment has important implications for the competition law compliance responsibilities of company directors. On 3 July 2020, the High Court disqualified Michael Martin from acting as a director for seven years. The...more
On 9th December High Court heard one of the first applications to vary Company Director Disqualification Undertakings (“CDU”) given by two directors of a group of companies previously found guilty by the Competition & Markets...more
Over the past several weeks, competing views have emerged from Capitol Hill and the SEC over how the Securities and Exchange Commission (“SEC” or “Commission”) should approach waivers of collateral consequences for parties...more
On July 3, 2019, SEC Chairman Jay Clayton issued a “Statement Regarding Offers of Settlement” (the “Statement”), announcing important changes to how the SEC will consider future requests for waivers from disqualifications in...more
US Securities and Exchange Commission Chairman Jay Clayton issued a statement on July 3 that should help to rationalize the process for firms seeking waivers from disqualification resulting from certain enforcement actions....more
This edition provides an overview of key regulatory developments in the past three months relevant to companies listed, or planning to list, on The Stock Exchange of Hong Kong Limited (HKEx), and their advisers. In...more
A recent bill has been introduced again in the US House of Representatives that would make it much tougher for firms subject to SEC enforcement actions to obtain waivers for bad actor disqualifications in federal securities...more
For only the second time in its history, the Competition and Markets Authority (CMA) has secured the disqualification of directors whose companies have infringed competition law. ...more
Today, the UK Competition and Markets Authority (CMA) published a 60-second summary for company directors to avoid disqualification for breaches of competition law. Please see the full text of the guidance here. This is part...more
This Hong Kong regulatory update is intended to provide a brief overview of the principal Hong Kong regulatory developments in the preceding three months relevant to companies listed or proposed to be listed on The Stock...more
SEC Focus on Disqualification Waivers. When negotiating a settlement of an SEC enforcement action against a registered financial services firm – or one that hopes one day to become registered – it is vital to consider the...more
One key debate regarding current SEC enforcement policy centers on the application of the so-called “bad actor” provisions. Previously the Commissioners split over the nature, use and application of those provisions. ...more
SEC Commissioner Daniel M. Gallagher delivered a speech where he considered the role of bad actor disqualifications in the context of the SEC’s enforcement initiatives. According to the Commissioner, the purpose of bad actor...more