SEC Data Analysis in Insider Trading Investigations

By Daniel M. Hawke August 21, 2019 by renholding

Recent SEC enforcement actions charging senior lawyers at Apple and SeaWorld with insider trading provide reason to dust off company insider trading policies and assess whether updates or additional training are needed. As sanctuaries for corporate America’s most valuable confidential …

Gibson Dunn Offers 2019 Mid-Year Securities Enforcement Update

By Mark K. Schonfeld and Amy Mayer July 24, 2019 by renholding

The first half of 2019 has seen a continuation of the Securities and Exchange Commission’s emphasis on protecting the interests of Main Street investors. Chairman Clayton reiterated these themes in his testimony in May before the Financial Services and General …

SEC Chairman Discusses Recent Legal Decisions and the Impact of Data Collection

By Jay Clayton June 7, 2019 by renholding

Thank you, Jeff [Boujoukos], for that kind introduction. I am pleased to have the opportunity to speak with the SEC’s federal and state partners in my home town of Philadelphia. Thank you to the Philadelphia Regional Office for organizing this

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SEC Chairman Clayton Talks Market Growth and Development

By Jay Clayton April 4, 2019 by renholding

Welcome to the SEC’s 29^th Annual International Institute for Securities Market Growth and Development.[1]

Thank you for being our guests over the next two weeks.

It is our honor to host 186 delegates from 69 countries this year.

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Ballard Spahr Discusses SEC Case Against Clearing Broker Under Bank Secrecy Act

By Brad Gershel January 7, 2019 by renholding

On December 11, Judge Denise Cote of the Southern District of New York granted, in part, the Securities and Exchange Commission’s (“SEC”) motion for summary judgement in its action against Alpine Securities, Inc. (“Alpine”), finding that the clearing broker …

How the Regulation of Initial Coin Offerings Shifted from Inactivity to Full Enforcement

By Marco Dell’Erba December 5, 2018 by renholding

In recent years, Initial Coin Offerings (ICOs) have emerged as a disruptive tool in entrepreneurial finance. ICOs involve the sale of a stake in a project with the aim of raising funds at an early stage of development. Although ICOs …

Skadden Discusses CFTC Division of Enforcement’s First Annual Report

By David Meister, Jonathan Marcus and Daniel B. O'Connell November 27, 2018 by renholding

On November 14, 2018, the Commodity Futures Trading Commission (CFTC) Division of Enforcement released an annual report, apparently the first of its kind.¹ In a speech given at New York University School of Law, James M. McDonald, director of …

Debevoise & Plimpton on the SEC Enforcement Division’s 2018 Annual Report

By Mary Jo White, Andrew J. Ceresney, Robert B. Kaplan, Julie M. Riewe and Jonathan R. Tuttle November 8, 2018 by renholding

On November 2, 2018, the U.S. Securities and Exchange Commission’s (“SEC” or “Commission”) Division of Enforcement released its 2018 Annual Report (“Report”) which presents and assesses the Division’s accomplishments during the 2018 Fiscal Year (“FY”).^[1] The statistics, as well …

Davis Polk Discusses the New Populist Movement in Antitrust

By Arthur Burke, Ronan Harty, Jon Leibowitz, Howard Shelanski and Jesse Solomon October 30, 2018 by renholding

In recent years, a new populist school of antitrust thinking has emerged, known as “Neo-Brandeisian” to its proponents and “hipster” to its detractors. There are varying formulations of this movement, but proponents generally point to the purported increase in economic …

SEC’s Co-Chief of Enforcement Talks Remedies and Relief

By Steven R. Peikin October 4, 2018 by renholding

My remarks today come a little over a year after Stephanie Avakian and I were appointed Co-Directors of the SEC’s Division of Enforcement and just a few days after the close of the first full fiscal year in which we

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Latham & Watkins Discusses Principles Guiding FINRA Enforcement Action

By John J. Sikora, Jr., Stephen P. Wink and Gregory Mortenson September 27, 2018 by renholding

The Financial Industry Regulatory Authority (FINRA) relies on a framework of core principles in deciding whether to bring an Enforcement action in response to a given set of facts, and the key consideration is an assessment of “risk.” These core …

SEC’s Co-Director of Enforcement Talks About Her Division’s Impact

By Stephanie Avakian September 21, 2018 by renholding

My speech today [1] happens to fall a little less than two weeks before the close of Steve Peikin’s and my first full fiscal year as Co-Directors of the SEC’s Division of Enforcement. In many respects, a year is an

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Regulation by Prosecutor

By Gregory M. Gilchrist August 15, 2018 by renholding

There is a quaint perspective from which the prosecutor’s role is limited to investigating crime and advocating for punishment. Of course, prosecutors serve both these functions, but the description is far too narrow to capture the work of the modern …

The Power of Words: How SEC Comment Letters to Foreign Issuers Affect the Capital Markets

By Daniel Giamouridis, Kleopatra Koulikidou and Stergios Leventis August 6, 2018 by renholding

In our recent paper, we find that the tone of language in Securities and Exchange Commission (SEC) comment letters after enforcement reviews has capital market implications, which are amplified or abbreviated based on the strength of a given country’s enforcement.…

Financial Enforcement Actions and the Role of Whistleblowers

By Andrew C. Call, Gerald S. Martin, Nathan Y. Sharp and Jaron H. Wilde June 6, 2018 by renholding

In our recent paper, we investigate the association between employee whistleblowers and outcomes of financial misrepresentation enforcement actions by the Securities and Exchange Commission (SEC) and Department of Justice (DOJ). We examine SEC and DOJ enforcement actions for financial misrepresentation …

Deputy AG Rod Rosenstein Rejects “Piling On” Companies in Enforcement Actions

By Rod Rosenstein May 14, 2018 by renholding

I am very happy to be with you in Manhattan. You may have heard that I have been kind of busy in Washington.

After I speak with you this morning, I need to head across Times Square to participate in …

Enforcement Co-Chief Offers Tips on Meeting with the SEC

By Steven R. Peikin May 10, 2018 by renholding

I’m delighted to be here today among so many friends and colleagues, and I extend my thanks to the New York City Bar for hosting this important event. Because New York plays such a pivotal role in our financial system, …

The Influence of Cross-Border Cooperation on Equity Market Liquidity

By Roger Silvers May 4, 2018 by renholding

In a recent post on this blog, I described how IOSCO’s Multilateral Memorandum of Understanding (MMoU)—an arrangement intended to facilitate cooperation among regulators—improved cross-border enforcement of securities laws. In this post, I summarize a follow-up study showing that this enhanced …

Legal Insider Trading in Europe Makes the Case for Enforcement

By Wolfgang Aussenegg, Ranko Jelic and Robert Ranzi May 3, 2018 by renholding

Evidence about the relative importance of private and public enforcement of securities laws for financial markets is inconclusive. The recently introduced Market Abuse Directive (MAD) (2003/6/EC) sets a European Union (EU) standard for regulation of insider dealing and market manipulation. …

How Enforcement Quality Affects the Use of M&A Earnouts

By Luca Viarengo, Stefano Gatti and Annalisa Prencipe May 2, 2018 by renholding

In mergers and acquisitions (M&A), one of the trickiest tasks is assessing the value of the company to be purchased or sold. While in some cases buyers and sellers come easily to an agreement, in others the information asymmetry between …

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