The Securities and Exchange Commission (SEC) plans to return to a policy, requiring companies to admit wrongdoing to settle certain enforcement actions, according to the SEC Division of Enforcement Director Gurbir Grewal. ...more
Summary -
The U.S. Courts of Appeal for the First and Second Circuits have split on the issue of whether a plaintiff must satisfy the Second Circuit’s “predominantly foreign” test (set forth in Parkcentral Global Hub Ltd....more
Live Life Federal Credit Union, a $69 million-asset credit union based in Fraser, Michigan, recently consented to a cease-and-desist order issued by the National Credit Union Administration Board (NCUA). The enforcement...more
Who Needs to Know -
Financial Advisors and Institutions, Traders, Investors, Corporations.
Why It Matters -
As evidenced in the FY 2020 Division of Enforcement Annual Report (Report), the COVID-19 pandemic did not...more
On December 9, 2020, the Securities and Exchange Commission (SEC) settled an enforcement action against ICE Data Pricing & Reference Data LLC (PRD), a global securities pricing service and registered investment adviser, for...more
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
On Friday January 1, with the Senate’s floor vote to override the president’s veto, Congress passed the 60th annual National Defense Authorization Act (NDAA). Encompassed within the $740.5 billion military spending bill is an...more
1/4/2021
/ Congressional Override ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Liu v Securities and Exchange Commission ,
NDAA ,
Presidential Veto ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Statute of Limitations
Who Needs to Know -
Publicly traded companies, specifically those whose business was affected by the COVID-19 pandemic....more
Who Needs to Know -
Public companies and their directors and officers as well as brokers, dealers, investment advisors, investment companies and their associated persons....more
A near-unanimous majority of the U.S. Supreme Court recently upheld, and simultaneously reigned in, the Securities and Exchange Commission’s (SEC’s) ability to obtain disgorgement under the federal securities laws. In the...more
6/26/2020
/ 15 U.S.C. § 78u(d)(5) ,
Administrative Authority ,
Business Expenses ,
Calculation of Damages ,
Corporate Misconduct ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Kokesh v SEC ,
Lack of Authority ,
Liu v Securities and Exchange Commission ,
Net Profits ,
Remedies ,
SCOTUS ,
Securities and Exchange Commission (SEC)
On May 20, the Commodity Futures Trading Commission’s (CFTC’s) Division of Enforcement issued new public guidance on civil monetary penalties that is designed to increase transparency in penalty determinations. ...more
Gregory J. Nowak, a partner and practice leader for hedge funds in Pepper Hamilton’s Private Fund Services Practice Group, hosts a series of candid, interactive webinar discussions for West LegalEdcenter on what is going on...more
1/10/2020
/ Civil Monetary Penalty ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Equitable Relief ,
Financial Industry Regulatory Authority (FINRA) ,
Fund Managers ,
Injunctions ,
Investment Firms ,
Investment Funds ,
Investment Management ,
Remediation ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations ,
Self-Reporting
Directors and officers are exposed to potential liability from suits by the company, shareholders, and debt holders, among others. There are, however, a number of protections available to protect the assets of directors and...more
12/27/2017
/ Asset Protection ,
Board of Directors ,
Corporate Officers ,
D&O Insurance ,
Department of Justice (DOJ) ,
Derivative Suit ,
Enforcement Actions ,
Indemnification ,
Insurance Industry ,
Liability Insurance ,
Personal Liability ,
Securities and Exchange Commission (SEC) ,
Shareholder Litigation
The DOJ’s Yates Memo makes individual prosecutions a higher priority and makes a company’s own identification of potentially culpable individuals an explicit factor in assessing cooperation credit....more
9/14/2015
/ Corporate Fines ,
Corporate Governance ,
Deferred Prosecution Agreements ,
Department of Justice (DOJ) ,
DPA ,
Enforcement Actions ,
Foreign Corrupt Practices Act (FCPA) ,
Non-Prosecution Agreements ,
Proffer Agreement ,
Securities and Exchange Commission (SEC) ,
Wells Notice ,
Whistleblowers ,
White Collar Crimes ,
Willful Misconduct