On November 18, 2014, Julie M. Riewe, Co-Chief of the Division of Enforcement’s Asset Management Unit of the Securities and Exchange Commission (the “SEC”), spoke at a Practicing Law Institute seminar and identified 2015 SEC examination priorities for investment managers of private funds.
Last week I wrote a post discussing the injunctions the SEC typically obtains against defendants in federal court. I noted the oddity of these obey-the-law injunctions and wondered aloud why the Commission never pursues findings of contempt when those defendants disobey the very provisions they were ordered never to disobey again.
The Securities and Exchange Commission announced on January 22, 2015, that it charged a former executive at a Tampa based engineering and construction firm with bribing foreign officials to secure contracts with the government of Qatar. Such bribes violate the Foreign Corrupt Practices Act (FCPA).
It is that time of year again. The SEC Office of Compliance and Inspection (OCIE) has announced its examination priorities for 2015. Knowing what these priorities are will help firms gauge their compliance and supervision efforts over the next year.
It won’t surprise you to learn that the U.S. Code includes this provision: “A court of the United States shall have power to punish by fine or imprisonment, or both, at its discretion, such contempt of its authority . . . as . . . [d]isobedience or resistance to its lawful writ, process, order, rule, decree, or command.”