Regulatory Enforcement
FERA Signed Into Law
The President has signed the Fraud Enforcement and Recovery Act into law, giving the federal government more tools to crack down on corporate and mortgage fraud. As Compliance Week reported, FERA bolsters the funding and tools available to law enforcement agencies, including the Federal Bureau of Investigation, the Justice Department, and the Securities and Exchange […]
SEC’s New & Improved Enforcement Division
Corporate compliance and legal officers take note: You will not be dealing with the same Securities and Exchange Commission any longer. So says Robert Khuzami, the SEC’s newly named director of enforcement. After six weeks on the job, Khuzami has outlined a range of reforms that the Enforcement Division will implement to improve its performance. […]
Changes to NYSE Immediate Release Policy in Effect
Reminder to NYSE-listed companies: Recent changes to the Exchange’s immediate release policy are now in effect. Changes to NYSE Rule 202.06 allow companies to disseminate material information by any Regulation Fair Disclosure-compliant method to comply with the immediate release policy, rather than always requiring companies to issue a press release as previously required. The amended […]
SEC’s IG Reports on Possible Insider Trading by Staff
UPDATE: A copy of the SEC Inspector General’s Report entitled, “Employee’s Securities Transactions Raise Suspicions of Insider Trading and Create Appearances of Impropriety” is available here. (via CBS News). CBS News reports in this video on two attorneys at the SEC who are reportedly under “active” criminal investigation by the FBI for trading stocks based […]
SEC Fines Investment Adviser for Proxy Voting Violations
In a first-of-its kind enforcement action, the Securities and Exchange Commission fined an investment adviser and one of its former executives for a proxy voting rule violation. Without admitting or denying the SEC’s findings, West Palm Beach, Fla.-based Intech Investment Management and its former chief operating officer David E. Hurley agreed to pay penalties of […]
Schumer Continues to Press for SEC Move from DC to NY
Back in January, Sen. Charles Schumer of New York commented that he believed it made sense to physically move the staff of the SEC’s Office of Compliance, Inspections and Examinations (OCIE) from Washington, DC to New York. He stated then that OCIE should be moved to New York because “it makes no sense to have […]
SEC Enforcement Director Promises Changes
In testimony yesterday before the Senate Banking Committee’s Subcommittee on Securities, Insurance, and Investment, Robert Khuzami, the new Securities and Exchange Commission enforcement director, promised numerous reforms that the Enforcement Division will be implementing to improve its performance. The hearing came just one day after the Government Accountability Office released a report that flagged numerous […]
