Securities Exchange Act, Department of Justice (DOJ), Securities and Exchange Commission (SEC)

CFPB Warns Employee NDAs, Confidentiality Agreements May Violate Whistleblower Laws

Ogletree, Deakins, Nash, Smoak & Stewart,... on 8/5/2024

On July 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued guidance putting financial regulators and employers on notice that requiring employees to sign broad confidentiality or nondisclosure agreements that...more

Takeaways for In-House Counsel from DOJ’s First Insider Trading Trial Involving a Rule 10b5-1 Plan

Morrison & Foerster LLP on 6/28/2024

On June 21, 2024, a jury in California federal court found a former chief executive officer of a publicly traded healthcare company guilty of insider trading in United States v. Peizer, the first criminal insider-trading case...more

Proskauer Hedge Fund Trading Guide 2024 – Chapter 1: When Passive Investors Drift Into Activist Status

Proskauer - Regulatory & Compliance on 4/3/2024

Proskauer’s Hedge Fund Trading Guide offers a concise, easy-to-read overview of the trading issues and questions we commonly encounter when advising hedge funds and their managers. It is written not only for lawyers, but also...more

Top 5 SEC Enforcement Developments for January 2024

Morrison & Foerster LLP on 2/27/2024

Each month we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The SEC’s approval of spot bitcoin ETPs; - •SEC charges...more

Top 10 International Anti-Corruption Developments for November 2023

Morrison & Foerster LLP on 12/19/2023

Designed for busy in-house counsel, compliance professionals, and anti-corruption lawyers, this newsletter summarizes some of the most important international anti-corruption law and enforcement developments from the past...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - November 2023 # 4

Troutman Pepper on 11/28/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Bye-Bye Big Boys? The SEC Turns its Enforcement Focus to Private Deals

King & Spalding on 5/31/2023

On April 4, 2023, the U.S. Securities and Exchange Commission (“SEC”) filed suit against Charlie Javice, the 31-year-old founder of Frank, a student loan and financial aid assistance company. That same day, the U.S....more

Do Not Delete: SEC and DOJ Send Serious Messages on Preserving Ephemeral Communications

Holland & Knight LLP on 5/26/2023

Ages ago, hieroglyphics were painstakingly etched into stone. They communicated various types of messages, from fables to business transactions, and lasted thousands of years. Today, we still communicate the same type of...more

New DOJ Policies Tie Employee Compensation to Compliance

BakerHostetler on 3/30/2023

On March 15, 2023, the U.S. Department of Justice (DOJ or the Department) launched a three-year Compensation Incentives and Clawbacks Pilot Program (Clawback Program) intended to incentivize companies to create more robust...more

Second Circuit Limits Use of Confidential Government Agency Information as Basis for Securities Fraud Prosecutions

Bradley Arant Boult Cummings LLP on 3/15/2023

On December 27, 2022, the Second Circuit called into question the government’s theory of insider trading of confidential government agency information, potentially undercutting the DOJ’s enforcement of various white-collar...more

On Heels of Recent Rule Amendments, DOJ and SEC Target Purported 10b5-1 Trading Plan Abuse

Holland & Knight LLP on 3/14/2023

A few months after the U.S. Securities and Exchange Commission (SEC) finalized amendments to address perceived abuses of corporate insider trading plans (known as "10b5-1 trading plans"), the U.S. Department of Justice (DOJ)...more

DOJ and SEC bring charges for insider trading and fraudulent scheme using purported 10b5-1 plans

Cooley LLP on 3/6/2023

Government officials, especially those in SEC Enforcement, have been making noise about the potential for insider trading abuse of Rule 10b5-1 plans since at least 2007, when then-SEC Enforcement Chief Linda Thomsen expressed...more

SEC and CFTC Fines for Texting Augur Billions More from DOJ

Carlton Fields on 2/17/2023

In September 2022, the SEC and CFTC fined some of the largest financial services firms in the world approximately $1.8 billion for texting. Specifically, for failing to maintain or preserve “off-channel communications” on...more

Top PHive Crypto Enforcement Notes: January Edition

Paul Hastings LLP on 1/13/2023

Happy New Year! While the holidays hopefully provided a chance to rest and recharge, things have not slowed down in the world of digital asset enforcement. We see a growing dedication of resources by government law...more

FTX - Billions of Dollars to a Firm with No Controls

Dorsey & Whitney LLP on 12/15/2022

Things change, at least sometimes. Take Crypto assets. They began as a way to “get off the grid.” Over time some came on to the grid as their popularity increased. Others stayed off....more

Finally, a unanimous vote—SEC adopts new rules on 10b5-1 plans

Cooley LLP on 12/15/2022

At an open meeting yesterday, the SEC voted to adopt new rules regarding Rule 10b5-1 plans. The vote was unanimous—albeit somewhat grudgingly in one case. Still, the notion of unanimity on an important Corp Fin regulation has...more

SEC Adopts Final Clawback Rules

Troutman Pepper on 11/8/2022

Summary - On October 26, the Securities and Exchange Commission (SEC) adopted final rules to implement Section 10D of the Securities Exchange Act of 1934, as added by Section 954 of the Dodd-Frank Wall Street Reform and...more

Dismissal of Shareholder Derivative Suit for Failure to Allege Demand Was Excused

Goodwin on 11/3/2022

On September 27, 2022, U.S. District Judge Kevin McNulty of the District of New Jersey dismissed a consolidated derivative action allegedly brought on behalf of Cognizant Technology Solutions Corporation against certain...more

SEC approves executive officer incentive compensation clawback rules

BCLP on 10/28/2022

On October 26, 2022, the SEC – by a 3-2 vote – approved final rules directing the NYSE, Nasdaq and other stock exchanges to adopt requirements for listed companies to develop and implement clawback, or recovery, policies that...more

Second Circuit Limits Scope of SEC Whistleblower Incentives

Sheppard Mullin Richter & Hampton LLP on 8/4/2022

A recent decision by the U.S. Court of Appeals for the Second Circuit has implications for whistleblowers under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act” or “The Act”). In Hong v. SEC,...more

SEC and DOJ Bring Parallel Crypto Insider Trading Cases; SEC Alleges Nine Coinbase-Listed Tokens Are Securities

BakerHostetler on 7/25/2022

Significant parallel actions commenced this week by the Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) bring crypto fraud enforcement into the spotlight, with the SEC alleging that multiple...more

U.S. Investment Firm Enters $6 Billion Parallel Resolutions With DOJ And SEC Over Allegations Of Fraudulent Conduct By Employees...

A&O Shearman on 5/25/2022

On May 17, 2022, the U.S. Department of Justice (“DOJ”) and the U.S. Securities and Exchange Commission (“SEC”) announced parallel resolutions with a registered investment advisor (the “Advisor”), resolving criminal and civil...more

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