News & Analysis as of

Enforcement Actions Securities & Exchange Commission

The SEC Urges Supreme Court Review Of The Constitutionality Of Its Administrative Law Judges

On November 29, 2017, the Solicitor General filed a brief on behalf of the Securities and Exchange Commission (the "Commission") in Raymond J. Lucia et al. v. Securities and Exchange Commission, No. 17-130, asking the Supreme...more

Takeaways from the 34th International Conference on the Foreign Corrupt Practices Act

by K&L Gates LLP on

At the 34th International Conference on the Foreign Corrupt Practices Act held last week in Washington, D.C., industry executives, members of the defense bar, and regulators examined developments in the enforcement of the...more

Dorsey Anti-Corruption Digest - December 2017

by Dorsey & Whitney LLP on

Deputy Attorney General Rod Rosenstein announced the addition of a new Department of Justice (DOJ) Foreign Corrupt Practices Act (FCPA) policy, titled the FCPA Corporate Enforcement Policy. The new policy, which was...more

The SEC’s Cyber Unit Files Its First Complaint Against an “Initial Coin Offering”

by Burr & Forman on

Implemented in September, the Securities Exchange Commission’s (“SEC”) Cyber Unit has brought its first enforcement action against an “Initial Coin Offering” (“ICO”) called PlexCoin. ICOs, which are listed on digital...more

SEC Announces Three Whistleblower Awards, Totaling More Than $20 Million, In Single Week

by Fox Rothschild LLP on

The Securities and Exchange Commission today announced an award of more than $4.1 million to an individual who alerted the agency to a widespread, multi-year securities law violation and continued to provide important...more

Chair Clayton's Impact at the SEC

by BakerHostetler on

On October 25, 2017, the Hedge Fund Industry Practice Team hosted an event at the New York Yacht Club titled "Chair Clayton's Impact at the SEC." Hedge fund professionals, including general counsels, hedge fund principals and...more

FinTech Alert: SEC’s New Cyber Unit Brings First Enforcement Action in Connection with an Initial Coin Offering

by Blank Rome LLP on

Action Item: The U.S. Securities and Exchange Commission (“SEC”) announced that its newly formed cyber unit has filed its first charges in connection with an Initial Coin Offering (“ICO”). This development is an important...more

A Dialogue With Corporate Counsel: Skadden’s Seventh Annual Pharmaceutical and Medical Device Seminar

Panelists examined major enforcement actions from 2017 and identified key trends. Aggressive Enforcement With a Decrease in High-Dollar Settlements. Panelists noted that the Department of Justice (DOJ) continues its...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Breakingviews on Broadcom’s threat to Qualcomm’s board in the form of a slate of 11 director nominees for the company it has, so far, unsuccessfully attempted to purchase....more

DOJ's New FCPA Enforcement Policy Continues its "Carrot-and-Stick" Approach

by Jones Day on

The Situation: Companies that learn of Foreign Corrupt Practices Act ("FCPA") violations by employees or agents are faced with significant uncertainty as to whether the benefits and risks of self-disclosing the conduct to the...more

Examples of the SEC’s New Focus on Retail Customers and Cyber

by Dorsey & Whitney LLP on

The Commission’s Enforcement Division under Chairman Clayton is focusing on retail investors and cyber. Two actions brought over the last two business days serve to highlight this focus, including the first brought by the new...more

SEC Files Charges in PlexCoin ICO

by Goodwin on

On December 4, 2017, the Securities and Exchange Commission (the “SEC”) announced that it has filed charges against two individuals for their roles in the initial coin offering (“ICO”) of PlexCoin Tokens. The SEC charged...more

SEC Files Emergency Action to Halt Alleged ICO Scam

by Perkins Coie on

On Friday, December 1, 2017, the SEC filed an emergency action in federal district court in Brooklyn alleging that Dominic Lacroix and Sabrina Paradis-Roger, both from Quebec, Canada, raised approximately $15 million in a...more

Bridging the Week - December 2017

Three CFTC-Regulated Exchanges Self-Certify Bitcoin Derivatives Contracts: On December 1, three exchanges regulated by the Commodity Futures Trading Commission self-certified new cash-settled derivatives contracts based on...more

Cyber Unit Files First ICO Fraud Action

by McGuireWoods LLP on

The U.S. Securities and Exchange Commission (SEC) announced Dec. 4 that its newly formed Cyber Unit filed its first enforcement action, in which it “obtained an emergency asset freeze to halt a fast-moving Initial Coin...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission entered an order formally appointing its ALJs under the Constitution’s Appointments Clause. In entering the order the agency moved to end the debate over the application of the clause regarding its ALJs. ...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Blue Apron co-founder Matt Salzberg is following the Steve Ells path of stepping aside as CEO after recent struggles. In Blue Apron’s case, the company’s never really recovered from the rough patch that started not long after...more

Red Notice Newsletter - November 2017

ANTICORRUPTION DEVELOPMENTS – SBM Offshore N.V. Agrees to Pay $238 Million to Resolve DOJ FCPA Enforcement Action - On November 29, 2017, SBM Offshore N.V. (SBM), a Netherlands based company specializing in the...more

The Numbers Don’t Lie: The SEC Pursues a More Streamlined Enforcement Agenda

One of the most eye-catching items in the recently released 2017 Annual Report of the Enforcement Division of the Securities and Exchange Commission (SEC or the Commission) is the significant decline in enforcement activity...more

SEC Enforcement Division Releases 2017 Annual Report as Industry Looks Ahead to 2018

by Dechert LLP on

Stephanie Avakian and Steven Peikin, the new Co-Directors of the U.S. SEC Enforcement Division (“Division”), released a report on November 15, 2017, summarizing the Division’s enforcement activity for the fiscal year ending...more

'The Chickenshit Club' - Book Review and Author Interview

by Thomas Fox on

'The Chickenshit Club' is the most important book that every Chief Compliance Office, General Counsel, and compliance practitioner needs to read. Here's a review and interview with its author....more

Commercial Division Dismisses Derivative Lawsuit After Board Rejects Shareholder Demand

The decision to bring a lawsuit on behalf of a corporation is entrusted to the corporation’s board of directors. A shareholder may not maintain a derivative lawsuit on behalf of a corporation without first making a demand on...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

A new report by Cornerstone Research and the NYU Pollack Center shows a significant drop in the number of SEC enforcement cases in the second half of the last Government fiscal year, attributable to the change in...more

SEC Sees Fewer Filed Cases in 2017, But Signals Aggressive Enforcement Ahead in Financial Reporting, Cybersecurity and Other Key...

by Fenwick & West LLP on

After a record-breaking fiscal year 2016, the Securities and Exchange Commission’s Enforcement Division had a somewhat quieter year, at least in terms of the number of actions filed. The Enforcement Division released its...more

The SEC Enforcement Division 2017 Annual Report: Continued Focus On Individual Wrongdoers And Enhanced Protections For The “Main...

Almost a year into the new administration, the U.S. Securities and Exchange Commission’s Division of Enforcement released its annual report last week, providing a recap of the SEC’s enforcement results over the past 12...more

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Cybersecurity

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