By rule, the SEC is required to issue a report on the Commission’s administrative proceedings caseload every six months. On October 29, 2014, the SEC issued its most recent report covering the six month period from April 1, 2014 through September 30, 2014.
In what is sure to add more “fuel to the fire,” it was recently reported that the SEC has won every case brought in its administrative courts over the last year. The SEC has not been so successful with its federal court cases, winning 61% of those cases over that same period.
The U.S. Securities and Exchange Commission has made clear that it intends on filing more enforcement actions in administrative proceedings, which are heard by its own Administrative Law Judges (ALJs).
Every company, whether public or private, has exposure to potential data breach or theft of confidential information.
You remember Rengan Rajaratnam, right? He broke the S.D.N.Y.’s long streak of insider trading victories when a jury acquitted him in July. I wondered what the effect on his case with the SEC would be. Would he settle? Would he take that one to trial and win, too?
On October 16, in a groundbreaking trading manipulation case, the Securities and Exchange Commission entered an Order instituting a settled administrative proceeding against high-frequency trading firm Athena Capital Research, LLC (Athena).
Last week, the Securities and Exchange Commission provided a summary of its enforcement activities for its fiscal year 2014 (ending in September).
“What has been will be again / what has been done will be done again; there is nothing new under the sun.” Ecclesiastes 1:9.
“It is difficult to overstate how much the regulatory landscape for hedge fund managers has changed over the past four years.”
As reported this week by Law360 (subscription required), the Financial Industry Regulatory Authority (FINRA) recently issued a reminder (Regulatory Notice 14-40) warning firms against the use of confidentiality provisions in settlement agreements that prohibit or otherwise restrict customers or anyone else (such as current employees) from communicating with the Securities Exchange Commission (SEC), FINRA, or any federal or state regulatory authority regarding a possible securities law violation.