News & Analysis as of

Dodd-Frank Wall Street Reform and Consumer Protection Act Cease and Desist Orders

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
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

Jackson Walker

White Collar Docket Check: US Supreme Court to Decide Key Administrative, Whistleblower, and Due Process Cases This Term

Jackson Walker on

The U.S. Supreme Court began its new term this week and is taking cases government enforcement practitioners will want to follow. Specifically, the Court will address issues concerning: the interplay between SEC...more

Sherman & Howard L.L.C.

The SEC Blows the Whistle on Improper Confidentiality Provisions

On Friday, September 29, 2023, the Securities and Exchange Commission (“SEC”) issued a cease and desist and $10 million civil money penalty against D.E. Shaw & Co, L.P. (“DESCO”). DESCO is a registered investment advisor...more

SECIL Law

Companies Should (Again) Review Releases They Sign With Departing Employees—The SEC Is Not Going To Lose Interest In This Issue

SECIL Law on

The U.S. Securities and Exchange Commission (“SEC”), in a couple of recent settled actions, continues to warn companies that the practice of requiring departing employees to sign comprehensive releases in return for...more

Kramer Levin Naftalis & Frankel LLP

SEC Settlement Invokes Rarely Used Sarbanes-Oxley Act Provision Requiring Reimbursement of Incentive Compensation

Introduction - On Feb. 2, 2021, the Securities and Exchange Commission (SEC) issued a cease-and-desist order settling charges against the former CEO and CFO of WageWorks Inc. (WageWorks, or the Company), stemming from the...more

Thomas Fox - Compliance Evangelist

Tribute to Picasso: Phases of a Whistleblower Program

Just as Picasso had several phases of his career, the lifecycle of the Goldman Sachs internal whistleblower program may be getting ready to have more phases....more

A&O Shearman

Financial Regulatory Developments Focus - February 2018 #2

A&O Shearman on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Dechert LLP

SEC's Focus on Private Equity Firms Continues with Recent Action

Dechert LLP on

A settled enforcement action, announced by the U.S. Securities and Exchange Commission (SEC) on September 14, 2016, continues the trend of increased SEC scrutiny of private equity advisers concerning the allocation and...more

Orrick, Herrington & Sutcliffe LLP

This Cold Bud Is For You: SEC Sanctions Anheuser-Busch for “Chilling” Employee from Communicating with SEC

On September 28, 2016, the SEC announced that Anheuser-Busch agreed to pay $6 million to settle charges of Foreign Corrupt Practices Act and Dodd-Frank whistleblower violations. The SEC’s order stated that AB InBev violated...more

Thomas Fox - Compliance Evangelist

Anheuser-Busch InBev and Lessons in Joint Venture FCPA Compliance

Just in time for National Beveridge Day comes the Foreign Corrupt Practices Act (FCPA) enforcement action involving Anheuser-Busch InBev (ABI), where the company paid $6 million to settle charges that it violated the FCPA and...more

BCLP

You May Not Stack the Deck: SEC Announces Penalties Against Companies Requiring Employees to Waive Whistleblower Protections to...

BCLP on

The Securities and Exchange Commission (“SEC”) recently announced that two companies agreed to pay penalties of more than $500,000, combined, for illegally requiring employees to waive their rights to monetary awards from the...more

Epstein Becker & Green

SEC Finds Certain Separation Agreement Provisions Unlawful Under Dodd-Frank Whistleblower Rule

Epstein Becker & Green on

Twice in the past two weeks, the Securities and Exchange Commission (“SEC” or “Commission”) issued a cease-and-desist order settling proceedings against companies for using confidentiality and waiver of claims provisions in...more

Goodwin

SEC Enforcement Expands Scope of Prohibited Provisions in Employment-Related Agreements

Goodwin on

Summary - The U.S. Securities and Exchange Commission (SEC) announced its second significant enforcement action against an employer based on confidentiality and release provisions that the SEC asserts will discourage...more

Troutman Pepper

SEC Applies Advisers Act Provisions to Nonadvisor Fund Service Providers

Troutman Pepper on

The SEC continues to expand the scope of responsibilities and standards applicable to gatekeepers. In an application of the Investment Advisers Act of 1940 (Advisers Act) to the actions of a nonadviser fund service...more

Troutman Pepper

Consultants, Investment Advisers, and Compliance

Troutman Pepper on

It is important for registered investment advisers to determine if the correct workers – regardless of employee or consultant labels — have been designated as Access Persons. Originally published as a guest post on Hedge...more

Foley & Lardner LLP

A Compilation of Enforcement and Non-Enforcement Actions

Foley & Lardner LLP on

Non-Enforcement - SEC Decides Against Mounting an Appeal in Koch Ruling - The July 2015 ruling by the D.C. Circuit Court in Koch v. SEC will apparently not be challenged by the SEC. The Court ruled in that...more

Goodwin

Financial Services Weekly News - October 2015

Goodwin on

Regulatory Developments - FINRA Files Proposed Rule Change to Apply Markup Rule to Government Securities: On Sept. 30 FINRA filed with the SEC a proposed rule change, published in the Federal Register on Oct. 6, to...more

Dorsey & Whitney LLP

SEC Halts “Smart Contract” Exchange Built on Silicon Valley Start-Ups

Dorsey & Whitney LLP on

Two entrepreneurs wanted to create a business that centered on valuing private start-up companies. They experimented with models that began with a variation of “fantasy sports,” changed to a contest and became a game. It...more

Genova Burns LLC

SEC Targets Confidentiality Agreements That Stifle Whistle-Blowing

Genova Burns LLC on

On April 1, 2015, the Securities and Exchange Commission (“SEC”) announced its first enforcement action and settlement against a company for violations of the whistleblower protection provisions of the Dodd-Frank Act...more

Skadden, Arps, Slate, Meagher & Flom LLP

"SEC Enforces Whistleblower Protection Rule Against Restrictive Confidentiality Agreement"

On April 1, 2015, the U.S. Securities and Exchange Commission (SEC) announced its first enforcement action against a company for a restrictive provision in confidentiality agreements that could deter employees from using the...more

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