News & Analysis as of

Insider Trading Securities & Exchange Commission

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission had one win and two losses in court over the last week, one of which may have a long term impact on its cases. In a case centered on two alleged microcap manipulations the court dismissed the complaint finding...more

Top 10 Topics for Directors in 2018

EXECUTIVE SUMMARY - 1. Cybersecurity threats. Cybersecurity preparedness is essential in 2018 as the risk of, and associated adverse impact of, breaches continue to rise. The past year redefined the upward bounds of the...more

SEC Suffers Loss in Insider Trading Case

by Dorsey & Whitney LLP on

The SEC lost an insider trading case last week against the CEO of Delta Petroleum, Roger Parker. SEC v. Parker, Civil Action No. 1:12-cv-02839 (D. Col.). The complaint centered on to allegations of illegal tipping in two...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The DOJ announced the formalization of a new FCPA cooperation policy built on the success of its Pilot Program. That program resulted in a significant increase in firm’s self-reporting and cooperating, the goal of the new...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

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

Securities and Corporate Governance Update – November 2017

by Bryan Cave on

Planning for the 2018 Proxy Season - There are number of important considerations that public companies should be aware of as they begin preparing for the 2018 proxy season, including potential changes in law, pay ratio...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission published a report on the new focus of the Enforcement Division, listing key priorities as cases involving retail customers and cyber issues. Groups have been established within the Division to focus on each of...more

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

SEC Cyber Watch: Finally, New Guidelines for Breach Disclosures?

The U.S. Securities and Exchange Commission has signaled that it expects to issue updated guidelines on reporting cybersecurity incidents. “I think this issue is important enough, wide-ranging enough that we should tackle...more

The Adviser: A Quarterly Update for Private Funds - November 2017

by Bryan Cave on

For several years the U.S. Securities and Exchange Commissions (“SEC”) has focused its enforcement efforts on how private fund advisers allocate fees and expenses to their fund clients and the adequacy of their disclosures to...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The Commission’s focus on retail investors is reflected in cases filed this week. One involved the manipulation of securities prices by gaining unauthorized access to retail accounts and then trading securities....more

SEC Settles Insider Trading Case With Petroleum Engineer

by Dorsey & Whitney LLP on

While the focus for the Commission may be retail investors and cyber, insider trading will no doubt continue to be a key concern. This is reflected in the action brought yesterday against an petroleum engineer who profited...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Deutsche Borse CEO Carsten Kengeter announced yesterday that he’ll step down in the wake of insider-trading allegations related to the exchange’s now-defunct merger with the London Stock Exchange Group....more

SEC’s Chairman Makes Changes After the Agency’s Latest Cyber-Attack

by Burr & Forman on

The Securities Exchange Commission (“SEC”) has been busy the last couple months on the cyber front. On September 20, the SEC announced a renewed focus on cybersecurity efforts and disclosed that it had been a victim of a...more

Investment Management Special Report - 2017-18 Compliance Developments & Calendar for Private Fund Advisers

Introduction - Despite an anticipated de-regulatory push, there are significant new regulatory concerns for investment advisers to address in connection with their annual review of their compliance manuals....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Peltz/P&G drama continues, with the company suggesting that Trian has lost its bid for a Board seat and the fund arguing that it disagrees with the company’s counting of the ballots....more

The SEC Gets Hacked: What Now?

by Nossaman LLP on

It was recently revealed that the Securities and Exchange Commission’s (“SEC”) EDGAR database, which is used by public companies to file official documents, was breached. According to the SEC, trading off of that hacked...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Insider trading was a key focus this week. The Commission brought three cases, one involving a doctor tipped by a friend at the company; a second involving a going private transaction were a tip from an insider to his long...more

SEC Chairman Testifies About SEC’s Direction And 2016 Cyberattack

On September 26, 2017, SEC Chairman Jay Clayton testified before the Senate’s Banking, Housing and Urban Affairs Committee regarding the direction of the SEC under his Chairmanship. He also took the opportunity to address the...more

SEC Charges Eight With Insider Trading

by Dorsey & Whitney LLP on

The difficulty with tipping chains is establishing that the key elements of insider trading were passed down the chain to those trading. In the second circuit’s Newman case, for example, the court remarked that it had never...more

Blog: In Senate Testimony, SEC Chair Offers Insights Into His Thinking On A Variety Of Issues Before The SEC

by Cooley LLP on

In testimony last week before the Senate Committee on Banking, Housing and Urban Affairs, SEC Chair Jay Clayton gave us some insight into his thinking about a number of issues, including cybersecurity at the SEC,...more

Second Circuit Court of Appeals Expands Insider Trading Liability

by Jones Day on

On August 23, 2017, the Second Circuit Court of Appeals affirmed the insider trading conviction of Matthew Martoma, a former portfolio manager for SAC Capital Advisors LLP ("SAC Capital"). In doing so, the court overturned...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

Cybersecurity was front and center this week, with SEC Chairman Jay Clayton being grilled by a Senate Committee about the breach at the agency. The Chairman testified that the breach occurred last year and that investigations...more

Hacking EDGAR And Insider Trading

by Allen Matkins on

SEC Chairman Jay Clayton launched a sea of news stories last week when he included the following five sentence in a statement on cybersecurity...more

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Cybersecurity

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