Colleen Mahoney on Securities and Exchange Commission (SEC)

SEC Heightens Focus on Cybersecurity

On August 30, 2021, the Securities and Exchange Commission (SEC) announced that eight broker-dealers and/or investment advisers will pay civil monetary penalties to resolve enforcement actions arising from cybersecurity...more

9/3/2021 / Broker-Dealer , Cybersecurity , Data Privacy , Data Protection , Data Security , Enforcement Actions , Investment Adviser , Personally Identifiable Information , Regulation S-P , Safeguards Rule , Securities and Exchange Commission (SEC) , SolarWinds

Recent SEC Enforcement Requests Related to SolarWinds Cyberattack

Recently, many of our clients have received similar requests from the staff of the SEC's Division of Enforcement related to the December 2020 SolarWinds cyberattack. We confirmed with the SEC staff that the request is...more

6/23/2021 / Amnesty , Cyber Attacks , Cybersecurity , Data Security , Enforcement Actions , Insider Trading , Internal Controls , Regulation FD , Securities and Exchange Commission (SEC) , Securities Violations , SolarWinds

Closer Scrutiny Expected of Corporate Conduct

The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement...more

4/30/2021 / Anti-Corruption , Anti-Money Laundering , Bank Secrecy Act , Biden Administration , CARES Act , Criminal Prosecution , Cryptocurrency , Department of Justice (DOJ) , Enforcement Actions , FinCEN , Paycheck Protection Program (PPP) , Securities and Exchange Commission (SEC) , White Collar Crimes

DOJ and SEC Issue Second Edition of the FCPA Resource Guide

On July 3, 2020, the U.S. Department of Justice (DOJ) and U.S. Securities and Exchange Commission (SEC) jointly released the second edition of the “Resource Guide to the U.S. Foreign Corrupt Practices Act,” which was...more

7/17/2020 / Accounting Controls , Acquisitions , Co-Conspirators , Compliance , Conspiracies , Department of Justice (DOJ) , Disgorgement , Due Diligence , FCPA Resource Guide , Foreign Corrupt Practices Act (FCPA) , Foreign Official , Instrumentality , Intent , Meals-Gifts-and Entertainment Rules , Mergers , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Third Party Payments , Travel

Compliance in a Time of Crisis

Addressing the Evolving Risks - Warren Buffett said that “only when the tide goes out do you discover who’s been swimming naked.” Buffett was not talking about compliance programs in a time of crisis, but his wisdom applies...more

Repurchase and Trading Issues Arising Out of COVID-19 Market Disruptions

The current market environment and unprecedented volatility during the COVID-19 pandemic has created novel issues, and in some cases opportunities, for public companies and individuals regarding securities trading. The below...more

3/30/2020 / 10b5-1 Plans , Coronavirus/COVID-19 , Publicly-Traded Companies , Securities and Exchange Commission (SEC) , Securities Regulation , Stock Options , Stock Repurchases , Stock Sale Agreements , Trading Policies

Cross-Border Investigations Update - September 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including a review of the first year of GDPR enforcement, analysis of...more

10/3/2019 / Anti-Money Laundering , Appeals , Blocking Statutes , Bribery , CFTC , China , CLOUD Act , Communication Restrictions , Compliance , Conspiracies , Cooperation Agreement , Crime (Overseas Production Orders) Act 2019 (the COPO Act) , Criminal Prosecution , Cross-Border Transactions , Cryptocurrency , Cybersecurity , Deferred Prosecution Agreements , Denial of Certiorari , Department of Justice (DOJ) , Deutsche Bank , Disclosure , Dodd-Frank , Economic Sanctions , Enforcement Actions , EU , EURIBOR , Exports , Extradition , Extraterritoriality Rules , Financial Conduct Authority (FCA) , Financial Records , Foreign Corrupt Practices Act (FCPA) , Foreign Exchanges , France , Fraud , General Data Protection Regulation (GDPR) , Government Investigations , Hackers , Hungary , Imports , India , Indictments , Information Sharing , Iran Sanctions , Israel , Lithuania , Money Laundering , Morrison v National Australia Bank , Multinationals , Office of Foreign Assets Control (OFAC) , Opioid , Pharmaceutical Industry , Popular , Rate-Rigging , SCOTUS , Securities and Exchange Commission (SEC) , Serious Fraud Office (SFO) , Spoofing , Subpoenas , Swiss Supreme Court , Switzerland , Tax Crimes , Tax Evasion , Tax Treaty , Turkey , UK , United States , Venezuela , Wal-Mart

Supreme Court Rules That Misstatement From Someone Who Is Not Its ‘Maker’ Can Still Be Basis of Fraudulent Scheme Claim

The U.S. Supreme Court held today in Lorenzo v. SEC, No. 17-1077 (2019), that dissemination of false or misleading statements with an intent to defraud can fall within the scope of Rules 10b-5(a) and (c) of the Securities...more

3/28/2019 / Appeals , Enforcement Actions , False Statements , Fines , Intent to Defraud , Investment Banks , Lorenzo v SEC , Material Dissemination , Misleading Statements , Reaffirmation , Rule 10b-5 , SCOTUS , Securities and Exchange Commission (SEC) , Securities Exchange Act , Securities Violations , Suspensions

Skadden's 2019 Insights: SEC Continues Steady Progress With Regulatory, Enforcement Goals

As the Securities and Exchange Commission (SEC) enters the third year of the Trump administration, its regulatory and enforcement goals remain largely unchanged. At the direction of Chairman Jay Clayton, the SEC continues to...more

1/21/2019 / Corporate Misconduct , Cryptocurrency , Cybersecurity , Disclosure Requirements , Enforcement Actions , Financial Institutions , Glass Lewis , Individual Accountability , Initial Public Offering (IPO) , Institutional Shareholder Services (ISS) , Investor Protection , Popular , Proxy Voting , Remedies , Retail Investors , Risk Management , SEC Examination Priorities , Securities and Exchange Commission (SEC) , Trump Administration

Cross-Border Investigations Update - January 2019

This issue of Skadden’s semiannual Cross-Border Investigations Update takes a close look at recent cases, regulatory activity and other key developments, including DOJ guidance on the use of corporate monitors in criminal...more

1/7/2019 / Anti-Bribery , Anti-Corruption , Anti-Money Laundering , Appeals , Attorney-Client Privilege , Brazil , Bribery , BSA/AML , China , Corporate Counsel , Criminal Conspiracy , Criminal Convictions , Criminal Investigations , Cross-Border , Cryptocurrency , Cyber Attacks , Cybersecurity , Data Privacy , Data Protection Acts , Department of Justice (DOJ) , Enforcement Actions , EU , Exports , Extraterritoriality Rules , FATCA , Financial Crimes , Foreign Corrupt Practices Act (FCPA) , Forex , France , Government Investigations , Guilty Pleas , Hackers , Imports , International Litigation , Iran , Legal Professional Privilege , Libor , Litigation Privilege , Market Manipulation , Money Laundering , Multi-Jurisdictional Litigation , Multinationals , NYDFS , Privileged Communication , Russia , Sanction Violations , Securities and Exchange Commission (SEC) , Securities Fraud , SFO , Spoofing , Tax Fraud , Traders , UK , Unexplained Wealth Orders (UWOs) , United Arab Emirates (UAE) , Yates Memorandum

SEC Enforcement Division Issues Annual Report: Increase in Enforcement Actions and Focus on Main Street and Cyber-Related Fraud

On November 2, 2018, the U.S. Securities and Exchange Commission (the SEC or Commission) Division of Enforcement (the Division) released its annual report discussing enforcement-related actions and key initiatives (the...more

11/8/2018 / Annual Reports , Civil Monetary Penalty , Cyber Crimes , Cybersecurity , Disclosure Requirements , Disgorgement , Enforcement Actions , Fraud , Investor Protection , OCIE , Offering Fraud , Popular , Retail Investors , Securities and Exchange Commission (SEC) , Share Class Structures

SEC Investigative Report on Cybersecurity Emphasizes Internal Controls

On October 16, 2018, the Securities and Exchange Commission (SEC) issued a Report of Investigation (Report) detailing an investigation by the SEC’s Enforcement Division into the internal accounting controls of nine issuers...more

10/22/2018 / Corporate Issuers , Cyber Attacks , Cybersecurity , Data Breach , Enforcement Actions , Government Investigations , Incident Response Plans , Information Reports , Internal Controls , Popular , Publicly-Traded Companies , Risk Assessment , Securities and Exchange Commission (SEC) , Securities Exchange Act , Spoofing

Second Circuit Curtails Use of Conspiracy and Complicity Statutes in FCPA Actions

In a decision with implications for the extraterritorial reach of the Foreign Corrupt Practices Act (FCPA), the U.S. Court of Appeals for the Second Circuit held in United States v. Hoskins that a person may not “be guilty as...more

9/4/2018 / Aiding and Abetting , Appeals , Criminal Conspiracy , Criminal Prosecution , Department of Justice (DOJ) , Enforcement Actions , Extraterritoriality Rules , Foreign Corrupt Practices Act (FCPA) , Non U.S. Person , Physical Presence Test , Securities and Exchange Commission (SEC)

Priorities Begin to Emerge for Trump’s SEC

The actions that Securities and Exchange Commission (SEC) Chairman Jay Clayton has taken since the start of his tenure in May 2017 provide an indication of SEC priorities, including encouraging initial public offerings (IPOs)...more

1/25/2018 / Bitcoin , Broken Windows , Cybersecurity , Dodd-Frank , Enforcement Actions , Financial CHOICE Act , Initial Public Offering (IPO) , PCAOB , Regulatory Reform , Repeal , SEC Examination Priorities , Securities and Exchange Commission (SEC) , Trump Administration

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

Supreme Court Applies Statute of Limitations to SEC Disgorgement Orders

In a unanimous decision issued on June 5, 2017, the U.S. Supreme Court, in Kokesh v. SEC, 581 U.S. ___, held that disgorgement in securities enforcement cases is a “penalty” within the meaning of 28 U.S.C. § 2462, the general...more

6/8/2017 / Disgorgement , Enforcement Actions , Kokesh v SEC , Penalties , SCOTUS , Securities and Exchange Commission (SEC) , Securities Fraud , Statute of Limitations

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

3/10/2017 / Administrative Procedure Act , Breach of Duty , Derivatives , Dodd-Frank , Economic Impact Analysis , Employee Retirement Income Security Act (ERISA) , Enforcement Actions , Fiduciary Duty , Foreign Corrupt Practices Act (FCPA) , Investment Adviser , Investment Management , Regulatory Reform , Retirement Plan , Section 11 , Section 36(b) , Securities and Exchange Commission (SEC) , Trump Administration

"Key Takeaways: Corporate Governance Series — Key SEC Financial Reporting, Accounting and Enforcement Matters"

On February 2, 2017, Skadden hosted a webinar titled “Key SEC Financial Reporting, Accounting and Enforcement Matters,” the third installment of our four-part Corporate Governance Series focused on trends in corporate...more

2/17/2017 / Attorney-Client Privilege , Auditors , Corporate Governance , Dodd-Frank , Enforcement Actions , Financial Reporting , GAAP , Insider Trading , Internal Controls , Non-GAAP Financial Measures , Operation Broken Gate , Request For Information , Securities and Exchange Commission (SEC)

"Trump's Focus on Deregulation Could Shape SEC Priorities in 2017"

In his statement announcing the appointment of Jay Clayton to run the Securities and Exchange Commission (SEC), President Donald Trump said that “we need to undo many regulations which have stifled investment in American...more

2/1/2017 / Administrative Appointments , Deregulation , Dodd-Frank , Enforcement Actions , Fiduciary Rule , Financial Services Industry , Fixing America’s Surface Transportation Act (FAST Act) , JOBS Act , Pay Ratio , Regulation D , Securities and Exchange Commission (SEC) , Trump Administration , Volcker Rule

1/23/2013 / Asset Management , Barack Obama , China , Cooperation Initiative , Department of Justice (DOJ) , Enforcement , Foreign Corrupt Practices Act (FCPA) , High Frequency Trading , Insider Trading , Securities and Exchange Commission (SEC) , Whistleblowers

Colleen Mahoney

Skadden, Arps, Slate, Meagher & Flom LLP

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