In the latest chapter of the high-profile SEC v. Ripple Labs, Inc., et. al. litigation, the SEC revisits its prior attempt to strike down the defendants' due process affirmative defense. Nearly a year after the SEC failed to...more
Enforcement was in the air this Valentine's Day for the New York and Forth Worth Regional offices of the SEC, who on Feb. 14, 2023, announced charges against Christopher S. Kirchner – the former CEO of supply chain logistics...more
Section 21F, titled "Whistleblower Incentives and Protection," is a set of provisions within the Securities Exchange Act of 1934 that govern, among other things, the rights and obligations of SEC whistleblowers and the...more
The sun is shining, children are out of school, families are headed off on summer vacations, and the SEC is … bringing enforcement actions against companies for 2020 fraud related to COVID-19 products. One such action was...more
6/8/2022
/ Class Action ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Fraud ,
Medical Supplies ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Violations ,
Settlement Agreements ,
Settlement Negotiations ,
Stock Prices ,
Trading Suspension
Securities Enforcement Defense attorneys Jessica Magee and Scott Mascianica welcome Allworth General Counsel Barry Greenberg to this episode of Coffee & Conversation. Their chat focuses on cybersecurity and proposed...more
The SEC recently announced the filing of a settled action against Bernard L. Compton, a former Domino's Pizza executive accused of insider trading. The case, though somewhat typical in its facts, highlights two of the SEC's...more
The SEC's Division of Enforcement continues to focus on registrants' compliance with Form CRS, a byproduct of the agency's rulemakings "designed to enhance the quality and transparency of retail investors' relationships with...more
2/25/2022
/ Broker-Dealer ,
Conflicts of Interest ,
Enforcement Actions ,
Financial Industry Regulatory Authority (FINRA) ,
Form CRS ,
Investment Advisers Act of 1940 ,
Retailers ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Exchange Act of 1934 ,
Transparency
As the SECond Opinions Blog continues our review of FY 2021 U.S. Securities and Exchange Commission's (SEC) enforcement activity, we take a deeper dive into the agency's use of technology to generate enforcement leads. The...more
The U.S. Securities and Exchange Commission (SEC) regularly emphasizes the potential benefits companies can obtain through "cooperation" and "remediation." But understanding precisely what will garner meaningful cooperation...more
We continue our year-end review of SEC enforcement activity and turn our attention to a topic grabbing seemingly daily headlines across multiple industries: cybersecurity. As the risks – and realities – of cyberattacks...more
1/21/2022
/ Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Enforcement Actions ,
Enforcement Priorities ,
Hackers ,
Personally Identifiable Information ,
Popular ,
Securities and Exchange Commission (SEC)
The U.S. District Court for the Northern District of California in SEC v. Panuwat, a case we discussed in a previous blog as having significant repercussions for insider trading enforcement in fiscal year (FY) 2022, just...more
Last month, Holland & Knight published an alert that broke down the SEC Division of Enforcement (Division) Annual Report for the fiscal year (FY) 2021...more
The U.S. Securities and Exchange Commission's (SEC) Division of Enforcement (Division) published its Annual Report for Fiscal Year 2021 on Nov. 18, 2021. The Annual Report – the first issued under new Enforcement Director...more
12/1/2021
/ Annual Reports ,
Compliance ,
Department of Justice (DOJ) ,
Disgorgement ,
Enforcement Actions ,
Enforcement Statistics ,
Environmental Social & Governance (ESG) ,
Foreign Corrupt Practices Act (FCPA) ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Whistleblower Awards ,
Whistleblowers
The U.S. Court of Appeals for the Fifth Circuit on Oct. 12, 2021, became the first federal appellate court to decide whether a disgorgement award entered against defendants in an U.S. Securities and Exchange Commission (SEC)...more
The Financial Industry Regulatory Authority (FINRA) issued a regulatory notice on Oct. 8, 2021, encouraging its broker-dealer members to review and prepare to incorporate into their own compliance programs the national...more
10/18/2021
/ AML/CFT ,
Bank Secrecy Act ,
Broker-Dealer ,
Compliance ,
Enforcement Actions ,
Examination Priorities ,
Financial Industry Regulatory Authority (FINRA) ,
New Guidance ,
Non-Bank Lenders ,
Nonbank Firms ,
Regulatory Oversight