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The Commission has identified a control deficiency related to the separation of its enforcement and adjudicatory functions within its system for administrative adjudications. When this deficiency was identified, the Chair immediately notified the other Commissioners and directed the staff to
Securities and Exchange Commission
SEC Announces Enforcement Results for Fiscal Year 2024
The Securities and Exchange Commission announced on November 22 that it filed 583 total enforcement actions in fiscal year 2024 while obtaining orders for $8.2 billion in financial remedies, the highest amount in SEC history.
The 583 enforcement actions represent
SEC Hits Dozens of Firms With $390 Million Penalty for Recordkeeping Failures
The Securities and Exchange Commission on August 14 announced charges against 26 broker-dealers, investment advisers, and dually-registered broker-dealers and investment advisers for widespread and longstanding failures by the firms and their personnel to maintain and preserve electronic communications.
The firms
SEC Announces Enforcement Results for Fiscal Year 2023
The Securities and Exchange Commission announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or “stand-alone,” enforcement actions, an 8 percent increase over the prior fiscal …
SEC Announces Enforcement Results for FY 2022
The Securities and Exchange Commission today [November 15] announced that it filed 760 total enforcement actions in fiscal year 2022, a 9 percent increase over the prior year. These included 462 new, or “stand alone,” enforcement actions, a 6.5 percent …
SEC Says “Control Deficiency” Gave Enforcement Staff Access to Privileged Documents
SEC Staff Discusses Key Considerations on LIBOR Transition
SEC Announces Enforcement Results for FY 2021
The Securities and Exchange Commission today [November 18] announced that it filed 434 new enforcement actions in fiscal year 2021, representing a 7 percent increase over the prior year. Seventy percent of these new or “stand-alone” actions involved at least
SEC Clarifies Investment Advisers’ Proxy Voting Responsibilities
The Securities and Exchange Commission today provided guidance [rules available here] to assist investment advisers in fulfilling their proxy voting responsibilities. The guidance discusses, among other matters, the ability of investment advisers to establish a variety of different voting arrangements
SEC Staff Offers Views on the Transition from LIBOR
SEC Proposes Change to Margin Rules on Security Futures
The Securities and Exchange Commission (SEC) announced today that it has proposed to align the minimum margin required on security futures with other similar financial products. The proposal—which, if the CFTC votes in favor of, would be a joint
SEC Adopts New Rules on Relationship Between Retail Investors and Financial Professionals
The Securities and Exchange Commission today [June 5, 2019] voted to adopt a package of rulemakings and interpretations designed to enhance the quality and transparency of retail investors’ relationships with investment advisers and broker-dealers, bringing the legal requirements and mandated …
SEC Offers Framework for “Investment Contract” Analysis of Digital Assets
SEC Divisions Set Forth Views on Issuing and Trading Digital Asset Securities
In recent years, we have seen significant advances in technologies – including blockchain and other distributed ledger technologies – that impact our securities markets. This statement[1] highlights several recent Commission enforcement actions involving the intersection of long-standing applications of …
SEC Proposes Changes to Whistleblower Rule
The Securities and Exchange Commission voted on June 28, 2018, to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the
SEC Adopts New Requirements on Using XBRL Reporting Language for Financial Statements
The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. The amendments are intended to improve the quality and accessibility of XBRL data.
The amendments,
SEC Updates Definition of “Smaller Reporting Companies”
The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to the “smaller reporting company” (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations.
“I want our public capital markets
SEC Proposes New Approval Process for Exchange Traded Funds
The Securities and Exchange Commission voted on June 28, 2018, to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of
SEC Adopts Changes to Disclosure of Funds’ Liquidity Risk
The Securities and Exchange Commission on June 28, 2018, adopted amendments to public liquidity-related disclosure requirements for certain open-end funds. Under the amendments, funds would discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity
SEC Announces Chair Mary Jo White’s Departure Plans
Securities and Exchange Commission Chair Mary Jo White, after nearly four years as the agency’s head, today announced that she intends to leave at the end of the Obama Administration. Under Chair White’s leadership, the Commission strengthened protections for investors …