Gray Reed has recently filed two significant amicus briefs challenging the Securities and Exchange Commission’s (SEC) controversial “regulation by enforcement” approach, particularly in emerging technology sectors....more
In January 2024, the SEC denied New Civil Liberties Alliance’s petition to halt so-called gag orders. The SEC has a procedural rule that requires it to impose these orders on individuals and companies settling with the SEC on...more
Since 1972, the SEC has prohibited defendants who settle civil enforcement actions with the SEC without admitting or denying wrongdoing from later publicly “denying the allegations in the complaint” filed against them. The...more
This article supplements our article titled “Gag Orders: Stifling Effect on SEC Critics” in the September 2020 edition of this publication. Any consent judgment with the SEC includes what is often called a “gag clause.”...more
The Second Circuit today affirmed the legality of so-called “gag orders” in U.S. Securities and Exchange Commission (SEC) settlements: the rule that defendants settling with the commission cannot contradict the allegations...more
The Times digs into what it’s calling private equity’s “conquer[ing of] the American tax system”—where “slight-of-hand tax-avoidance strategies” are so “aggressive” and pervasive that “at least three private equity officials...more
Any consent judgment with the SEC includes what is often called a “gag clause.” These clauses prohibit the defendant from challenging the truth of any allegation in the SEC’s complaint or making any statement that might be...more
Two weeks ago, a federal court of appeals sided with the Commodity Futures Trading Commission ruling that a district court could not require the testimony of three commissioners and various staff to assess whether the agency...more
A broker-dealer and its chief executive officer settled charges brought in 2017 by the Securities and Exchange Commission that the firm facilitated manipulative conduct by a customer, despite being alerted by regulators and...more
Both the Commodity Futures Trading Commission and the Chicago Board of Trade settled related disciplinary actions for speculative position limits violations. The CFTC sanctioned the trading firm while the CBOT sanctioned the...more
The New Civil Liberties Alliance has filed a Motion for Relief from Judgment with the U.S. District Court for the Southern District of New York on behalf of Barry D. Romeril. Mr. Romeril served as the Chief Financial Officer...more
A well-renowned think tank sued the Securities and Exchange Commission claiming that the SEC’s prohibition against respondents contesting allegations in enforcement settlements violates the freedom of speech guarantee under...more