All SEC articles – Page 12
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PremiumHow technology can help track off-channel communications use
Establishing a set of policies and procedures to prevent employee use of nonauthorized electronic communications to conduct business is relatively straightforward. The hard part is monitoring compliance.
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News BriefCharter Communications fined $25M over stock buyback violations
The Securities and Exchange Commission fined Charter Communications $25 million for violating internal accounting control requirements related to stock buybacks.
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PremiumSolving the off-channel communications conundrum
Firms monitoring employee use of off-channel communications for business purposes face numerous obstacles. How much is enough, in the opinion of regulators? How much is too much, in the eyes of employees? Determinations must be made as regulators crack down.
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News BriefSEC lauds cooperators, whistleblowers in FY23 enforcement results
A big year for disgorgement helped the Securities and Exchange Commission to its second highest total of financial remedies ordered in a single year in fiscal year 2023.
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PremiumCrisis management: Know the facts, keep communications clear
A panel of legal experts breaks down how to handle an all-out crisis, from whom to involve, what to disclose to regulators, and how to conduct a proper investigation.
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PremiumN.Y. law to pose hurdle for RIA’s off-channel comms supervision efforts
A New York state law that takes effect next year will make it more difficult for registered investment advisers in the state to conduct proactive testing for violations of their firms’ off-channel communication policies.
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News BriefSEC, Canadian regs fine RBC $6M for accounting failures
Royal Bank of Canada will pay $6 million in total penalties to settle charges from the Securities and Exchange Commission and two Canadian regulators that it failed to properly record software development costs for more than a decade.
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News BriefSEC adopts rule requiring security-based swap execution facilities register, name CCO
The Securities and Exchange Commission approved new regulations for security-based swap execution facilities, part of the agency’s steady progress in implementing languishing rules from the Dodd-Frank Act.
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News BriefSEC charges president, CCO of Prophecy Asset Management with fraud
The president and chief compliance officer of investment adviser Prophecy Asset Management misled investors about more than $350 million in losses while pocketing millions in management and incentive fees, according to the Securities and Exchange Commission.
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News BriefWells Fargo’s cash sweep program under SEC investigation
Wells Fargo disclosed it is under investigation by the Securities and Exchange Commission regarding cash sweep options it provides to new investment advisory clients.
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News BriefGE HealthCare discloses FCPA reviews into China activities
GE HealthCare said it is cooperating with reviews by the Department of Justice and Securities and Exchange Commission into potential violations of the Foreign Corrupt Practices Act in China.
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PremiumSEC’s Grewal calls for more self-policing in reflecting on FY23 cases
Businesses must step up their internal policing and do a better job of reporting violations to the Securities and Exchange Commission, according to Gurbir Grewal, director of the agency’s Enforcement Division.
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News BriefSolarWinds cries SEC ‘overreach’ in fraud lawsuit against company, CISO
SolarWinds will contest a lawsuit brought by the Securities and Exchange Commission against it and its chief information security officer alleging fraud and internal control failures related to the software company’s cyberattack reported in 2020.
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News BriefMohawk says no SEC enforcement regarding $60M securities litigation
Flooring manufacturer Mohawk Industries disclosed it does not expect to face enforcement from the Securities and Exchange Commission regarding allegations of violations of securities laws raised in a class-action lawsuit that the company agreed to pay $60 million to settle.
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PremiumSEC crackdown on whistleblower violations a warning on employment contracts
Recent enforcement cases brought by the Securities and Exchange Commission regarding apparent violations of its whistleblower protection rule are proof the agency is taking compliance with the rule “very seriously,” said Enforcement Director Gurbir Grewal.
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PremiumSEC’s Grewal: Being a compliance officer not a ‘get-out-of-jail’ card
Gurbir Grewal, head of the Enforcement Division at the Securities and Exchange Commission, outlined the scenarios in which the agency would charge a chief compliance officer for securities law violations.
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News BriefSEC fines BlackRock $2.5M over inaccurate investment disclosures
BlackRock Advisors agreed to pay $2.5 million as part of a settlement with the Securities and Exchange Commission addressing allegations the firm inaccurately described investments a fund it advised made in a now-defunct film production company.
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PremiumExpert: SEC’s view on Prager Metis indemnity clauses ‘problematic’
Audit firms should carefully weigh the pros and cons of indemnity clauses in light of the Securities and Exchange Commission’s recent complaint against Prager Metis, according to a legal expert.
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PremiumSecond SEC commissioner stumps for CCO liability framework
SEC Commissioner Mark Uyeda called for the agency to establish a framework that would describe scenarios in which a chief compliance officer would be held liable for securities law violations made by their firm.
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News BriefCybersecurity, AML risks among SEC 2024 exam priorities
SEC examiners will be asking tough questions of registered firms regarding how they handle risks related to operational security, interact with financial technology companies and crypto assets, and the maturity of their anti-money laundering programs.