2014 was another eventful year in the world of SEC enforcement, with a number of "first-ever" cases and other key developments in areas including insider trading, whistleblowers, admissions, trials, administrative proceedings and the SEC's use of new technologies.
In a webcast I moderated yesterday, a panel consisting of four former senior SEC enforcement attorneys and accountants--including former SEC Enforcement Director Bill McLucas of law firm WilmerHale--analyzed the most important developments in SEC enforcement from 2014, and looked ahead at what they expect in 2015.
Among the developments discussed in detail was the December 2014 decision of the Second Circuit in the insider trading case of U.S. v. Newman, which panelist Doug Davison of WilmerHale stated was "perhaps the most important judicial decision since O'Hagan" in the SEC enforcement area. The panel also discussed whether the time has come for Congress to define insider trading in a specific insider trading statute, and the challenges that would accompany drafting such a statute.
Other topics included the SEC's "Broken Windows" approach to enforcement; key FCPA actions in 2014; a review of the SEC's accounting and auditing cases in 2014 and whether the number of such cases is on the rise; and the impact of the SEC's $30 million award to a foreign whistleblower.
You check out the complete webcast here: