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Subpoenas Securities and Exchange Commission (SEC)

Cooley LLP

SEC Now Requires Commission Approval for Subpoenas, but Says It Is Not ‘Walking Away’ From Enforcement

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On March 10, 2025, the US Securities and Exchange Commission (SEC) adopted a final rule that will require a majority of the Commissioners to agree before the SEC formally opens an investigation. For the past 15 years, that...more

Latham & Watkins LLP

SEC Revokes Enforcement Division’s Authority to Issue Formal Orders of Investigation

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SEC Staff seeking authority to issue subpoenas must now obtain Commission approval. On March 10, 2025, in a vote that fell along party lines, the Securities and Exchange Commission (SEC or the Commission) issued a rule...more

Ballard Spahr LLP

SEC Curtails Enforcement Leadership’s Investigation and Subpoena Power, Signals Greater Commissioner Oversight Over Enforcement

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On Monday, March 10, 2025, the SEC announced a new final rule revoking the Director of Enforcement’s previous authority to issue formal orders, which have the effect of officially initiating investigations and permitting...more

Paul Hastings LLP

SEC Reportedly Requiring Enforcement Staff to Seek Commission Approval for Formal Orders of Investigation

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On February 2, media outlets reported that the Securities and Exchange Commission (SEC or Commission) has told SEC Enforcement attorneys that they need the approval of the agency’s commissioners for all formal orders of...more

Barnea Jaffa Lande & Co.

Document Subpoena from US Authorities: Critical Steps

Barnea Jaffa Lande & Co. on

Receiving a document subpoena from the DOJ, the SEC, or any other US regulatory authority is a stressful and unpleasant situation.   Things may seem even more stressful and complicated if you are a foreign national or company...more

Morrison & Foerster LLP

MoFo’s State + Local Government Enforcement Newsletter - October 2023

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Morrison Foerster’s State and Local Government Task Force is pleased to provide our bimonthly newsletter summarizing some of the most important and interesting developments from state attorneys general across the country and...more

Rivkin Radler LLP

Insurance Update - August 2023

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Mental state, in some form, is the common theme running through our first three cases this month. The Fifth Circuit decides whether directors and officers of an ice cream company, accused of breaching their fiduciary...more

Jones Day

Federal Court Grants the SEC Limited Access to the Identities of Law Firm Clients Impacted by a Cyberattack

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In Short - The Situation: Following a cyberattack on a law firm's systems, the Securities and Exchange Commission ("SEC") subpoenaed the firm for information, including the identity of clients whose information may have...more

Oberheiden P.C.

Ten Key Facts about SEC Investigations for CEOs and In-House Counsel

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The U.S. Securities and Exchange Commission (SEC) investigates publicly-traded and privately-held companies for a broad range of statutory and regulatory violations. SEC investigations can target issues ranging from...more

Bradley Arant Boult Cummings LLP

Subpoena Responses for Financial Institutions

Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more

Winstead PC

SEC Files Subpoena Enforcement Action Against Covington & Burling, Seeking Names of Clients Impacted by Chinese State-Sponsored...

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On January 10, 2023, the SEC filed a subpoena enforcement action against Covington, a large law firm that was victimized by the so-called Hafnium cyberattack by Chinese state actors. Hafnium reportedly was engaged in...more

Mintz - Securities Litigation Viewpoints

“We lost. Sorry everyone”: The Implications of a District Court Finding Digital Token, LBC, Is a Security

Crypto litigation, fueled by a surge of investors and market volatility, has ballooned in recent years. For example, numerous securities class actions and government subpoenas followed the May 2022 collapse of the $60 billion...more

Goodwin

Third Circuit Affirms Dismissal of Complaint, Finding Investors Failed to Sufficiently Allege Amarin’s Statements Were False or...

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On June 14, 2022, the U.S. Court of Appeals for the Third Circuit affirmed the dismissal of a securities suit brought by investors in pharmaceutical company, Amarin Corporation, PLC, holding that the investors had failed to...more

Vinson & Elkins LLP

[Hybrid Event] Navigating Inside the SEC - July 20th, Dallas, TX

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After spending 10 years in the Division of Enforcement at the Fort Worth Regional Office of the Securities and Exchange Commission, Rebecca Fike gained a rare view into what many describe as one of the government’s most...more

McDermott Will & Emery

[Webinar] 2022 Enforcement Outlook Series - Foreign Corrupt Practices Act/Anti-Corruption - March 8th, 12:00 pm - 1:00 pm EST

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As expected when a new administration takes office, 2021 saw a surge in white-collar enforcement activity. There was a 12% increase in white-collar prosecutions during US President Joe Biden’s first year in office, and that...more

Oberheiden P.C.

The SEC Investigation Process: An Overview

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) investigates companies, brokerage firms, and individuals for a broad range of statutory and regulatory violations. These investigations can lead to civil or administrative...more

Proskauer - Corporate Defense and Disputes

Ex-Nikola Chairman Indicted for Securities Fraud

In April 2021, the SEC released several public statements that may have begun to cool a superheated SPAC market. FINRA soon followed suit, announcing in July 2021 a regulatory sweep aimed at SPACs.  Now, for the first time, a...more

Dorsey & Whitney LLP

Avoiding that Subpoena: Large Trends; Mini-Trends

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Tracking the key areas of concern to SEC enforcement can be beneficial for issuers, investment advisers and others that may be subject to scrutiny by the Commission. For example, identifying key areas of focus by determining...more

Oberheiden P.C.

SEC Subpoenas: 7 Key Steps to Protect Your Company or Firm (and Yourself)

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The U.S. Securities and Exchange Commission (SEC) protects investors by enforcing the nation’s securities laws. It can investigate all forms of securities fraud, including fraud committed by securities issuers,...more

Oberheiden P.C.

The 5 + 5 + 5 of SEC Defense

Oberheiden P.C. on

The U.S. Securities and Exchange Commission (SEC) investigates companies (and individuals) for a broad range of federal offenses. This includes offenses that are both civil and criminal in nature, and that can carry penalties...more

Jones Day

Companies Should Not Overlook Potential D&O Coverage When Responding to Government Subpoenas

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The Situation: Corporate policyholders, and their individual officers and directors, often incur significant fees and costs when forced to respond to government subpoenas that may require extensive document productions and...more

Troutman Pepper Locke

Return of More Subpoena Power to SEC’s Division of Enforcement

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On February 9, Acting Securities and Exchange Commission (SEC or Commission) Chair Allison Herren Lee announced that senior officers in the SEC’s Division of Enforcement (Division) will once again be authorized to approve the...more

Faegre Drinker Biddle & Reath LLP

SEC Enforcement Restores Subpoena Power

The U.S. Securities and Exchange Commission (SEC) has restored the authority of senior Division of Enforcement (Enforcement) officials to initiate investigations, which had been revoked during the Trump administration. On...more

Burr & Forman

SEC Enforcement Staff Regains Subpoena Power

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On February 9, Acting SEC Chair Lee announced she was restoring the delegated authority of Enforcement Division senior officials to issue subpoenas to compel document production and sworn testimony without the need of a...more

Kilpatrick

SEC Fines Broker-Dealer $100,000 for Failing to Retain Text Messages

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The Securities and Exchange Commission (“SEC”) entered an order (“Order”) yesterday against a broker-dealer for failing to retain text messages relating to the firm’s business. The firm was fined $100,000. The firm’s...more

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