View presentation At the recent roundtable discussion, “SEC Regulatory and Enforcement Trends: How to Prepare for the SEC in 2020,” held at the Baker McKenzie Chicago office, our North America Financial Regulation & Enforcement team talked about what to expect from the Staff in 2020. Drawing from their collective SEC regulatory…
The US Securities and Exchange Commission (SEC) Division of Enforcement recently issued its 2019 Annual Report (ENF Annual Report), which you can read in full here. Of course, the headline is always how many cases did the Enforcement Staff bring and how much money did they collect and distribute and,…
On November 1st, the U.S. Supreme Court agreed to hear arguments on whether the SEC has the authority to obtain disgorgement of “ill-gotten gains” in federal court for securities law violations. The SEC historically has been successful in obtaining monetary relief from defendants through disgorgement, which the SEC has asserted…
On 6 March 2019 the Commodity Futures Trading Commission (CFTC) Division of Enforcement released an Enforcement Advisory[1] addressing companies and individuals not registered with, or required to be registered with, the CFTC that “timely and voluntarily disclose” to it violations of the Commodity Exchange Act that involve foreign corrupt practices.…
Announcement of Policy Revisions Reflects a More Practical, Flexible Enforcement Approach The US Justice Department has adjusted its approach to holding individuals, and not only corporations, responsible for improper conduct. In remarks at the ACI’s FCPA conference on November 29, Deputy Attorney General Rod Rosenstein softened the DOJ’s formal policy…
U.S. District Court Declines to Accept SEC’s Argument that Token is a “Security” Until It Can Resolve Disputed Questions of Fact On November 27, 2018, the U.S. District Court for the Southern District of California issued a decision that is already being reported as one holding that a token is not…
We are pleased to invite you to our first webinar in our 2018 series on “Managing Whistleblower and Retaliation Risk for Public and Private Employers” which will take place on Tuesday, March 13 at 12:00 pm EST.
On June 5, 2017, the United States Supreme Court held that the power of the SEC to take the profit out of violations of the securities laws through the remedy of disgorgement as practiced by the SEC is limited to the five-year period immediately preceding the filing of an enforcement action by the SEC because it operates as a penalty.
When the SEC seeks disgorgement, is it asking for a fine, a forfeiture, or an equitable remedy outside the reach of the current statute of limitations? On Friday, 13 January 2017, the Supreme Court in Kokesh v. SEC, No. 16-529, granted review of the Tenth Circuit’s ruling in that an…
On May 26, 2016, the US Court of Appeals for the Eleventh Circuit issued a decision in SEC v. Graham, curtailing the SEC’s ability to seek disgorgement of allegedly ill-gotten profits beyond five years from the time the claim first accrued.