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SEC: First-of-Their-Kind Actions Take the Spotlight in 2015

Jaclyn Jaeger | October 23, 2015

The Securities and Exchange Commission continued to build a strong record of first-of-their-kind cases that spanned the spectrum of the securities industry, according to the agency’s fiscal year 2015 enforcement report.

The agency’s first-of-their-kind cases include orders against:

  • A private equity adviser for misallocating broken deal expenses;
  • An underwriter for pricing-related fraud in the primary market for municipal securities; and
  • A “Big Three” credit rating agency.

Other first-of-their-kind cases brought by the agency include:

  • Violations arising from a dark pool’s disclosure of order types to its subscribers;
  • An FCPA action against a financial institution;
  • An admissions settlement with an auditing firm; and
  • An SEC rule prohibiting the use of confidentiality agreements to impede whistleblower...
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