The lack of specific guidance regarding failure to supervise liability for chief compliance officers (“CCOs”) has been a controversial and opaque topic that both FINRA and the SEC have struggled with for well over a decade....more
Cryptocurrencies are one of the fastest growing asset types worldwide. Cryptocurrencies, as an asset class, total over $1.5 trillion in market capitalization. With the rapid growth of this asset type, SEC Chair Gary Gensler...more
On May 3, 2021, the Securities Exchange Commission (“SEC”) announced charges against Under Armour Inc. (“Under Armour”) for “misleading investors as to the bases of its revenue growth and failing to disclose known...more
Congress recently overrode President Trump’s veto of the $740 billion 2021 National Defense Authorization Act (“NDAA”) and signed it into law. While the focus of the NDAA is not on the U.S. Securities and Exchange Commission...more
1/12/2021
/ Disgorgement ,
Equitable Relief ,
Extensions ,
Investment Advisers Act of 1940 ,
Kokesh v SEC ,
NDAA ,
SCOTUS ,
Securities Act of 1933 ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Statute of Limitations
Last week, on December 16, 2020, Chinese-based coffee chain Luckin Coffee Inc. (“Luckin”) agreed to a $180 million settlement with the United States Securities and Exchange Commission (“SEC”). Luckin’s American Depositary...more
12/23/2020
/ Anti-Fraud Provisions ,
China ,
Compliance ,
Earnings Management ,
Financial Reporting ,
Foreign Entities ,
Foreign Issuers ,
Fraud ,
Investigations ,
Investors ,
Scienter ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Supervision
The U.S. Securities and Exchange Commission (SEC) hosted a virtual roundtable in late October to discuss the Regulation Best Interest (Reg BI) and Form CRS. With a few months of observations from examinations since the June...more
On October 6, 2020, the Commodity Futures Trading Commission (“CFTC”) issued a release describing its record-breaking enforcement year. The release noted that in fiscal year 2020 (“FY2020”), the CFTC filed more enforcement...more
A year ago, the talk of the white collar bar was the decision in United States v. Connolly, 2019 WL 2120523 (S.D.N.Y.). Presiding over the case in the Southern District of New York on May 2, 2019, Judge Colleen McMahon’s...more