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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
SEC Enforcement
Covington Discusses the 2026 Reporting Season in an Evolving Regulatory Landscape
With new leadership under the Trump administration, the Securities and Exchange Commission (“SEC”) is charting a course that promises significant changes in the regulation of securities disclosures and capital markets. In this alert, we discuss several important trends and developments …
Fifth Circuit Ruling Underscores a Shortcoming of the SEC Whistleblower Program
Whistleblowers who exposed what has been called “one of the biggest frauds in Texas history” are not eligible to receive Securities and Exchange Commission (SEC) whistleblower awards based on the collections recovered in a bankruptcy proceeding, according to a recent …
SEC Chief Accountant on Fostering a Healthy “Tone at the Top” at Audit Firms
Audit firms are private businesses with the same legitimate interest in making a profit that all private businesses have.[1] But audit firms have also been entrusted to be essential gatekeepers in maintaining the integrity of our capital markets. The …
Skadden Discusses Approach of SEC Enforcement Division to Compliance Officer Liability
In a speech on October 24, 2023, the director of the Securities and Exchange Commission’s (SEC’s) Enforcement Division, Gurbir Grewal, described the scenarios in which the commission would bring an enforcement action against a compliance officer.
In remarks to the …
Why the Major Questions Doctrine Does Not Cover SEC Crypto Lawsuits
In West Virginia v. EPA, the Supreme Court expanded the reach of the major questions doctrine (MQD) by reframing it as a substantive canon and clear-statement rule rooted in both the Constitution’s separation of powers and “a practical understanding …
Wachtell Lipton Discusses Congressional Bill Proposing Comprehensive Cryptoasset Legal Framework
On June 2, the Chairs of the House Committees on Financial Services and Agriculture jointly released an ambitious discussion draft of new legislation aimed at filling the persistent gap in regulation of spot cryptoasset markets and to resolve lingering uncertainty…
Debevoise & Plimpton Discusses SEC Enforcement Action Highlighting Whistleblower-Related Rules
On April 12, the Securities and Exchange Commission (the “SEC” or the “Commission”) announced settled charges against David Hansen, the co-founder and former Chief Information Officer of a Las Vegas technology company, for violations of Rule 21F-17(a). In settling the …
Arnold & Porter Discusses Today’s SEC Examination Priorities, Tomorrow’s SEC Enforcement Actions
Rounding out a series of quarter-end announcements from the US Securities and Exchange Commission (SEC), the Division of Examinations (Exams) announced its 2022 examination priorities on March 30, 2022. These priorities reflect SEC Chair Gary Gensler’s stated view that the …
SEC Says “Control Deficiency” Gave Enforcement Staff Access to Privileged Documents
The SEC’s September Enforcement Spike
The Securities and Exchange Commission (SEC) periodically reports on its performance to the public and Congress, emphasizing metrics such as the number of enforcement actions (“cases”) filed (see, e.g., SEC, 2018, 2020). Former co-directors of the Division of Enforcement acknowledge …
New SEC Enforcement Director Speaks on Promoting Market Integrity
Thank you for that introduction and for having me here today. At the Division of Enforcement, ensuring that broker-dealers and associated individuals follow our laws and regulations is critical to our mission, so it’s only fitting that my first speech
The Impact of SEC Case Backlog on Investigations
In recent years, the number of enforcement actions by the Securities and Exchange Commission (SEC) has declined significantly, which has led to questions about the SEC’s effectiveness. While several potential explanations exist for this decline, SEC officials have often pointed …
Morrison & Foerster Discusses Recent SEC Digital-Asset Offering Enforcement Actions
So far in 2020, the U.S. Securities and Exchange Commission (SEC) has brought fifteen enforcement actions in the offerings of digital assets space.[1] Three of these actions do not involve fraud; rather, they allege solely violations of the registration …
Commissioner Peirce Discusses SEC’s Enforcement Program
Thank you, Meredith [Cross], for that kind introduction. It is an honor to be with you here today [November 4]. I must begin with my standard disclaimer that the views I represent are my own views and not necessarily those
SEC’s Co-Director of Enforcement Talks About Her Division’s Impact
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
Chair White explains Disqualifications, Exemptions and Waivers Under the Federal Securities Laws
Thank you, Bill, for that very kind introduction. I am honored to be here.I see that you have an ambitious agenda over the next two days discussing some of the hardest legal challenges companies are facing today. We at the
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