Mark T. Uyeda Sworn In as U.S. Securities and Exchange Commission Commissioner | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: June 30, 2022
Washington D.C., June 30, 2022 - - The Securities and Exchange Commission today announced Mark T. Uyeda has been sworn into office as a Commissioner by Brian Johnson, Assistant Director of the Division of Investment Management's Rulemaking Office. Commissioner Uyeda was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16.
"I’m honored to welcome Mark to the Commission," said SEC Chair Gary Gensler. "Mark brings extensive experience in corporate and securities law, including the past 15 years as our colleague at the SEC. I look forward to working with him to advance our mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
"I have the highest respe...
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Mark T. Uyeda Sworn In as U.S. Securities and Exchange Commission Commissioner
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U.S. Securities and Exchange Commission Announces Eight New Investor Advisory Committee Members
U.S. Securities and Exchange Commission Announces Eight New Investor Advisory Committee Members | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: June 1, 2022
Washington D.C., June 1, 2022 - - The Securities and Exchange Commission today announced eight new members to fill all vacancies on its Investor Advisory Committee. The new members join 15 current committee members. The committee, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. "The new members bring valuable experiences to the Investor Advisory Committee. I thank each of them for their willingness to serve, providing the Commission with important perspectives on behalf of investors," said SEC Chair Gary Gensler. "I also thank the Investor Advisory Committee's... -
U.S. Securities and Exchange Commission names Richard R. Best Director of Division of Examinations
U.S. Securities and Exchange Commission names Richard R. Best Director of Division of Examinations
| site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: May 24, 2022 Washington D.C., May 24, 2022 - - The Securities and Exchange Commission today announced the appointment of Richard R. Best as Director of the Division of Examinations, effective immediately. He has served as the Division's acting director since March 23, 2022. "I've valued Rich's judgment and counsel since I joined the SEC, and I'm thrilled he's agreed to lead the Division of Examinations," said SEC Chair Gary Gensler. "Our examinations program – acting as eyes and ears on the ground for the Commission - is critical for our capital markets to function well and keep the public's trust. Rich's experience leading three different SEC offices gives him perspective and relationships across the agency that will be invaluable to the Division." "The... -
U.S. Securities and Exchange Commission Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit
U.S. Securities and Exchange Commission Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: May 3, 2022 Washington D.C., May 3, 2022 - - The Securities and Exchange Commission today announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the Division of Enforcement will grow to 50 dedicated positions. "The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," said SEC Chair Gary Gensler. "The Division of Enforcement’s Crypto Assets and Cyber Unit has successfully brought dozens of cases against those seeking to take a... -
U.S. Securities and Exchange Commission says Takeover Bid of Fortune 500 Company was a Sham
U.S. Securities and Exchange Commission says Takeover Bid of Fortune 500 Company was a Sham | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: April 5, 2022 Washington D.C., April 5, 2022 - - The Securities and Exchange Commission today charged Melville ten Cate, a U.S. citizen residing abroad, with fraud stemming from his allegedly phony offer to purchase Textron – a large U.S.-listed aircraft, defense, and industrial company. The SEC’s complaint, filed in federal district court in Manhattan, alleges that on November 9, 2020, ten Cate and Xcalibur Aerospace, Ltd., a now-defunct private company ten Cate controlled, placed an advertisement in The New York Times announcing a proposed purchase of all existing stock of Textron for $60.50 a share, a 56 percent premium over the stock’s previous closing price. As alleged, the advertisement led to a spike in Textr... -
U.S. Securities and Exchange Commission Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”
U.S. Securities and Exchange Commission Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”| site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: March 28, 2022 Washington D.C., March 28, 2022 - - The Securities and Exchange Commission today proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations. “I was pleased to support this proposal because I believe it reflects Congress’s statutory intent that firms engaging in important liquidity-providing roles in the securities markets, including in the U.S. Treasury market, be registered with the ... -
U.S. Securities and Exchange Commission updates Electronic Filing Requirements
U.S. Securities and Exchange Commission updates Electronic Filing Requirements | site |
SEC says "Amendments Will Help Modernize Manner in Which Information Is Submitted to Commission"
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: November 4, 2021) Washington D.C., Nov. 4, 2021 - - The Securities and Exchange Commission today published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form amendments would require certain forms to be filed or submitted electronically. The proposed amendments also would make technical amendments to certain forms to require structured data reporting and remove outdated references. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing the manner ... -
U.S. Securities and Exchange Commission Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices
SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 27, 2021) Washington D.C., Aug. 27, 2021 - - The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts, differential marketing, game-like features (commonly referred to as gamification), and other design elements or features designed to engage with retail investors on digital platforms (e.g., websites, portals, and applications), as well as the analytical and technological tools and m... -
U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities
U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 16, 2021)
Washington D.C., Aug. 16, 2021 - - The Securities and Exchange Commission and the European Central Bank (ECB) today announced the signing of a Memorandum of Understanding (MOU) to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB. This is the first MOU between the SEC and ECB.
The MOU was executed on Aug. 16, 2021, and is intended to facilitate the SEC's oversight of all SEC-registered security-based swap entities in EU Member... -
U.S. Securities and Exchange Commission Charges Amec Foster Wheeler Limited With FCPA Violations Related To Brazilian Bribery Scheme
U.S. Securities and Exchange Commission Charges Amec Foster Wheeler Limited With FCPA Violations Related To Brazilian Bribery Scheme | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 25, 2021) Washington D.C., June 25, 2021 - - The Securities and Exchange Commission today announced charges against Amec Foster Wheeler Limited (Foster Wheeler) for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme that took place in Brazil. As part of coordinated resolutions with the SEC, the U.S. Department of Justice, the Brazil Controladoria-General da Uniᾶo (CGU)/Advocacia-Geral da Uniᾶo (AGU) and the Ministério Publico Federal (MPF), and the United Kingdom Serious Fraud Office (SFO), the company has agreed to pay more than $43 million related to this scheme, including more than $10.1 million to settle the SEC's charges. The SEC's order finds that Foster... -
U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures
U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame... -
U.S. Securities and Exchange Commission Awards More Than 23 Million Dollars to Whistleblowers
U.S. Securities and Exchange Commission Awards More Than $23 Million to Whistleblowers | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 2, 2021) Washington D.C., June 2, 2021 - - The Securities and Exchange Commission today announced awards of approximately $13 million and $10 million to two whistleblowers whose information and assistance led to successful SEC and related actions. The whistleblowers’ substantial assistance, provided to the SEC and another federal agency, included submitting information and documents, participating in interviews, and identifying key individuals who engaged in the misconduct at issue. “The whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains,” said Emily Pasquinelli, Acting Chief of ... -
U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of 2 Billion Dollars Global Crypto Lending Securities Offering
U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)
Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o... -
U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index
U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of... -
U.S. Securities and Exchange Commission Awards Approximately 3.6 Million Dollars to Whistleblower
U.S. Securities and Exchange Commission Awards Approximately $3.6 Million to Whistleblower | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 12, 2021) Washington D.C., May 12, 2021 - - The Securities and Exchange Commission today announced an award of approximately $3.6 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. “The whistleblower brought valuable information to the attention of the SEC, causing it to open a new investigation into wrongdoing,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The whistleblower further assisted the SEC by providing ongoing assistance as the Commission’s investigation progressed. This award shows the significant help a whistleblower can provide by sharing information of potential violations of the federal securities laws with the Commission.” The SEC has awarded appro...
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Mark T. Uyeda Sworn In as U.S. Securities and Exchange Commission Commissioner | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: June 30, 2022 Washington D.C., June 30, 2022 - - The Securities and Exchange Commission today announced Mark T. Uyeda has been sworn into office as a Commissioner by Brian Johnson, Assistant Director of the Division of Investment Management's Rulemaking Office. Commissioner Uyeda was nominated by President Biden earlier this year and confirmed by the U.S. Senate on June 16. "I’m honored to welcome Mark to the Commission," said SEC Chair Gary Gensler. "Mark brings extensive experience in corporate and securities law, including the past 15 years as our colleague at the SEC. I look forward to working with him to advance our mission to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation." "I have the highest respe...07-16-2022, 03:13 PM -
U.S. Securities and Exchange Commission Announces Eight New Investor Advisory Committee Members | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: June 1, 2022
Washington D.C., June 1, 2022 - - The Securities and Exchange Commission today announced eight new members to fill all vacancies on its Investor Advisory Committee. The new members join 15 current committee members. The committee, established under the Dodd-Frank Wall Street Reform and Consumer Protection Act, advises the Commission on regulatory priorities and various initiatives to help protect investors and promote the integrity of the U.S. securities markets. "The new members bring valuable experiences to the Investor Advisory Committee. I thank each of them for their willingness to serve, providing the Commission with important perspectives on behalf of investors," said SEC Chair Gary Gensler. "I also thank the Investor Advisory Committee's...06-03-2022, 12:38 AM -
U.S. Securities and Exchange Commission names Richard R. Best Director of Division of Examinations
| site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: May 24, 2022 Washington D.C., May 24, 2022 - - The Securities and Exchange Commission today announced the appointment of Richard R. Best as Director of the Division of Examinations, effective immediately. He has served as the Division's acting director since March 23, 2022. "I've valued Rich's judgment and counsel since I joined the SEC, and I'm thrilled he's agreed to lead the Division of Examinations," said SEC Chair Gary Gensler. "Our examinations program – acting as eyes and ears on the ground for the Commission - is critical for our capital markets to function well and keep the public's trust. Rich's experience leading three different SEC offices gives him perspective and relationships across the agency that will be invaluable to the Division." "The...05-28-2022, 09:57 PM -
U.S. Securities and Exchange Commission Nearly Doubles Size of Enforcement’s Crypto Assets and Cyber Unit | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: May 3, 2022 Washington D.C., May 3, 2022 - - The Securities and Exchange Commission today announced the allocation of 20 additional positions to the unit responsible for protecting investors in crypto markets and from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the Division of Enforcement will grow to 50 dedicated positions. "The U.S. has the greatest capital markets because investors have faith in them, and as more investors access the crypto markets, it is increasingly important to dedicate more resources to protecting them," said SEC Chair Gary Gensler. "The Division of Enforcement’s Crypto Assets and Cyber Unit has successfully brought dozens of cases against those seeking to take a...05-05-2022, 12:17 AM -
U.S. Securities and Exchange Commission says Takeover Bid of Fortune 500 Company was a Sham | site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: April 5, 2022 Washington D.C., April 5, 2022 - - The Securities and Exchange Commission today charged Melville ten Cate, a U.S. citizen residing abroad, with fraud stemming from his allegedly phony offer to purchase Textron – a large U.S.-listed aircraft, defense, and industrial company. The SEC’s complaint, filed in federal district court in Manhattan, alleges that on November 9, 2020, ten Cate and Xcalibur Aerospace, Ltd., a now-defunct private company ten Cate controlled, placed an advertisement in The New York Times announcing a proposed purchase of all existing stock of Textron for $60.50 a share, a 56 percent premium over the stock’s previous closing price. As alleged, the advertisement led to a spike in Textr...04-11-2022, 04:45 AM -
U.S. Securities and Exchange Commission Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”| site |
Information contained in U.S. Securities and Exchange Commission (SEC) press release dated: March 28, 2022 Washington D.C., March 28, 2022 - - The Securities and Exchange Commission today proposed two rules that would require market participants, such as proprietary (or principal) trading firms, who assume certain dealer functions, in particular those who as act as liquidity providers in the markets, to register with the SEC, become members of a self-regulatory organization (SRO), and comply with federal securities laws and regulatory obligations. “I was pleased to support this proposal because I believe it reflects Congress’s statutory intent that firms engaging in important liquidity-providing roles in the securities markets, including in the U.S. Treasury market, be registered with the ...04-05-2022, 12:50 AM -
U.S. Securities and Exchange Commission updates Electronic Filing Requirements | site |
SEC says "Amendments Will Help Modernize Manner in Which Information Is Submitted to Commission"
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: November 4, 2021) Washington D.C., Nov. 4, 2021 - - The Securities and Exchange Commission today published proposed amendments to update electronic filing requirements. The SEC currently permits and sometimes requires certain forms to be filed or submitted in paper format. The proposed rule and form amendments would require certain forms to be filed or submitted electronically. The proposed amendments also would make technical amendments to certain forms to require structured data reporting and remove outdated references. The amendments are intended to promote efficiency, transparency, and operational resiliency by modernizing the manner ...11-09-2021, 10:51 PM -
SEC Requests Information and Comment on Broker-Dealer and Investment Adviser Digital Engagement Practices, Related Tools and Methods, and Regulatory Considerations and Potential Approaches; Information and Comments on Investment Adviser Use of Technology | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 27, 2021) Washington D.C., Aug. 27, 2021 - - The Securities and Exchange Commission today announced that it is requesting information and public comment on matters related to the use of digital engagement practices by broker-dealers and investment advisers. These tools include behavioral prompts, differential marketing, game-like features (commonly referred to as gamification), and other design elements or features designed to engage with retail investors on digital platforms (e.g., websites, portals, and applications), as well as the analytical and technological tools and m...08-31-2021, 10:54 PM -
U.S. Securities and Exchange Commission and the European Central Bank Sign Memorandum of Understanding Regarding Cooperation with Respect to Security-Based Swap Entities | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: August 16, 2021)
Washington D.C., Aug. 16, 2021 - - The Securities and Exchange Commission and the European Central Bank (ECB) today announced the signing of a Memorandum of Understanding (MOU) to consult, cooperate, and exchange information in connection with the supervision, enforcement, and oversight of certain security-based swap dealers and major security-based swap participants that are registered with the SEC and supervised by the ECB. This is the first MOU between the SEC and ECB.
The MOU was executed on Aug. 16, 2021, and is intended to facilitate the SEC's oversight of all SEC-registered security-based swap entities in EU Member...08-18-2021, 02:32 PM -
U.S. Securities and Exchange Commission Charges Amec Foster Wheeler Limited With FCPA Violations Related To Brazilian Bribery Scheme | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 25, 2021) Washington D.C., June 25, 2021 - - The Securities and Exchange Commission today announced charges against Amec Foster Wheeler Limited (Foster Wheeler) for violations of the Foreign Corrupt Practices Act (FCPA) arising out of a bribery scheme that took place in Brazil. As part of coordinated resolutions with the SEC, the U.S. Department of Justice, the Brazil Controladoria-General da Uniᾶo (CGU)/Advocacia-Geral da Uniᾶo (AGU) and the Ministério Publico Federal (MPF), and the United Kingdom Serious Fraud Office (SFO), the company has agreed to pay more than $43 million related to this scheme, including more than $10.1 million to settle the SEC's charges. The SEC's order finds that Foster...06-25-2021, 10:02 PM -
U.S. Securities and Exchange Commission Charges Issuer With Cybersecurity Disclosure Controls Failures | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 15, 2021) Washington D.C., June 15, 2021 — - - The Securities and Exchange Commission today announced settled charges against real estate settlement services company First American Financial Corporation for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. According to the SEC’s order, on the morning of May 24, 2019, a cybersecurity journalist notified First American of a vulnerability with its application for sharing document images that exposed over 800 million images dating back to 2003, including images containing sensitive personal data such as social security numbers and financial information. In response, according to the order, First Ame...06-17-2021, 04:03 AM -
U.S. Securities and Exchange Commission Awards More Than $23 Million to Whistleblowers | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: June 2, 2021) Washington D.C., June 2, 2021 - - The Securities and Exchange Commission today announced awards of approximately $13 million and $10 million to two whistleblowers whose information and assistance led to successful SEC and related actions. The whistleblowers’ substantial assistance, provided to the SEC and another federal agency, included submitting information and documents, participating in interviews, and identifying key individuals who engaged in the misconduct at issue. “The whistleblowers’ information and assistance led to multiple successful enforcement actions related to a complex and fraudulent scheme involving multiple individuals and tens of millions of dollars in ill-gotten gains,” said Emily Pasquinelli, Acting Chief of ...06-08-2021, 06:25 PM -
U.S. Securities and Exchange Commission Charges alleged U.S. Promoters of $2 Billion Global Crypto Lending Securities Offering | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 28, 2021)
Washington D.C., May 28, 2021 - - The Securities and Exchange Commission announced today that it has filed an action against five individuals alleging that they promoted a global unregistered digital asset securities offering that raised over $2 billion from retail investors. According to the SEC's complaint, filed in the United States District Court for the Southern District of New York, from approximately January 2017 to January 2018, BitConnect used a network of promoters, including U.S.-based Trevon Brown (a.k.a. Trevon James), Craig Grant, Ryan Maasen, and Michael Noble (a.k.a. Michael Crypto) to market and sell securities in its "lending program." The SEC's complaint alleges that these promoters o...05-29-2021, 10:54 PM -
U.S. Securities and Exchange Commission Charges S&P Dow Jones Indices for Failures Relating to Volatility-Related Index | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 17, 2021) Washington D.C., May 17, 2021 - - The Securities and Exchange Commission today announced settled charges against S&P Dow Jones Indices LLC for failures relating to a previously undisclosed quality control feature of one of its volatility-related indices, which led S&P DJI to publish and disseminate stale index values during a period of unprecedented volatility. The SEC’s order finds that the S&P 500 VIX Short Term Futures Index ER (Index) published by S&P DJI was intended to calculate values based on real-time prices of certain CBOE Volatility Index (VIX) futures contracts. According to the order, S&P DJI licenses the Index to, among others, issuers that use it to offer securities, including the issuer of...05-17-2021, 11:34 PM -
U.S. Securities and Exchange Commission Awards Approximately $3.6 Million to Whistleblower | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: May 12, 2021) Washington D.C., May 12, 2021 - - The Securities and Exchange Commission today announced an award of approximately $3.6 million to a whistleblower whose information and assistance led to a successful SEC enforcement action. “The whistleblower brought valuable information to the attention of the SEC, causing it to open a new investigation into wrongdoing,” said Emily Pasquinelli, Acting Chief of the SEC’s Office of the Whistleblower. “The whistleblower further assisted the SEC by providing ongoing assistance as the Commission’s investigation progressed. This award shows the significant help a whistleblower can provide by sharing information of potential violations of the federal securities laws with the Commission.” The SEC has awarded appro...05-14-2021, 05:52 AM -
U.S. Securities and Exchange Commission Division of Examinations Announces 2021 Examination Priorities | site |
Enhanced Focus on Climate-Related Risks
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: March 3, 2021)
Washington D.C., March 3, 2021 - - The Securities and Exchange Commission’s Division of Examinations today announced its 2021 examination priorities, including a greater focus on climate-related risks. The Division will also focus on conflicts of interest for brokers (Regulation Best Interest) and investment advisers (fiduciary duty), and attendant risks relating to FinTech in its initiatives and examinations. The Division publishes its examination priorities annually to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. “This year, the Division is enhancin...03-08-2021, 04:34 AM -
Allison Herren Lee Named Acting Chair of the U.S. Securities and Exchange Commission | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 21, 2021)
Washington D.C., Jan. 21, 2021 - - The Securities and Exchange Commission announced today that President Joseph R. Biden, Jr. has designated Allison Herren Lee as Acting Chair of the agency. “It’s an honor to continue my service on the Commission in this new role,” Acting Chair Lee said. “I have tremendous respect for my colleagues on the Commission and the exceptional staff across the agency, and look forward to working closely with them. Together we will continue the agency’s work of protecting investors and ensuring market integrity.” “During my time as Commissioner, I have focused on climate and sustainability, and those issues will continue to be a priority for me,” Lee added. Acting Chair Lee was sworn in as Commissio...01-23-2021, 02:31 AM -
U.S. Securities and Exchange Commission announces Fee Rate Advisory #2 for Fiscal Year 2021 | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 15, 2021) Washington D.C., Jan. 15, 2021 - - The Securities and Exchange Commission today announced that starting on February 25, 2021, the fee rates applicable to most securities transactions will be set at $5.10 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $22.10 per million for covered sales occurring on charge dates through February 24, 2021, and a rate of $5.10 per million for covered sales occurring on charge dates on or after February 25, 2021. The reduction in the fee rate for fiscal year 2021 is due primarily to the substantially higher dollar amount of covered sales in recent months, a trend that began in March of 2020 due to record market volume during the COVID-19 pandemic, which has re...01-19-2021, 05:37 AM -
U.S. Securities and Exchange Commission issues Over $1.1 Million to Multiple Whistleblowers | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: January 7, 2021)
Washington D.C., Jan. 7, 2021 - - The Securities and Exchange Commission (SEC) today announced awards totaling more than $1.1 million to five whistleblowers who provided high-quality information that led to successful enforcement actions. In the first order, the SEC awarded three whistleblowers almost $500,000 in connection with two related enforcement actions. The first whistleblower provided information that prompted the opening of an investigation. The second and third whistleblowers provided information that significantly contributed to the success of the actions, and contributed additional, helpful assistance to the investigative staff. In the second order, the SEC awarded nearly $600,000 to a whistleblower whose information cause...01-09-2021, 06:11 PM -
Elad Roisman Named Acting Chairman of the U.S. Securities and Exchange Commission | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 28, 2020)
Washington D.C., Dec. 28, 2020 - - The Securities and Exchange Commission today announced that President Donald J. Trump has designated Elad L. Roisman as Acting Chairman of the agency.
Elad L. Roisman
Photo courtesy SEC)
"I am humbled and honored to serve as the Acting Chairman," said Acting Chairman Roisman. "During the time I am in this role, I am fully committed to maintaining the steady course that Chairman Clayton charted during his admirable tenure. I look forward to continuing...12-29-2020, 07:34 AM -
U.S. Securities and Exchange Commission Proposes Amendments to Rule 144 and Form 144 | site |
Designed to Reduce Risk of Unregistered Distributions
(Information included in U.S. Securities and Exchange Commission [SEC] press release: December 22, 2020)
Washington D.C., Dec. 22, 2020 - - The Securities and Exchange Commission today voted to propose an amendment to Rule 144 under the Securities Act of 1933 to revise the holding period determination for securities acquired upon the conversion or exchange of certain "market-adjustable securities." The proposed amendment is intended to reduce the risk of unregistered distributions in connection with sales of those securities. The Commission also voted to propose amendments to update and simplify the Form 144 filing requirements. "Today's proposed amendments modernize, clarify and strengthen Rule 144, including to ensure that holders of market-adjustable securities are assumin...12-26-2020, 04:51 PM -
U.S. Securities and Exchange Commission releases 2020 Office of Credit Rating Reports| site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 18, 2020) Washington D.C., Dec. 18, 2020 - - The Securities and Exchange Commission today issued the Annual Report on Nationally Recognized Statistical Rating Organizations (NRSROs) and the 2020 Summary Report of Commission Staff’s Examinations of Each Nationally Recognized Statistical Rating Organization. The annual report discusses, among other topics, the state of competition, transparency, and conflicts of interest among the firms. The exam report provides a comprehensive overview of the Office of Credit Rating (OCR)’s examinations of the NRSROs, including, among other things, the staff’s essential findings and recommendations. “The Office of Credit Ratings and its oversight of the NRSROs is an important aspect of the Commission’s overall focus on investor prote...12-22-2020, 12:31 PM -
U.S. Department of the Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States | site |
(Information contained in U.S. Department of the Treasury press release: December 16, 2010) Washington - - The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. In this Report, Treasury reviewed and assessed the policies of 20 major U.S. trading partners during the four quarters ending June 2020. The Report concluded that both Vietnam and Switzerland met all three criteria under the Trade Facilitation and Trade Enforcement Act of 2015 (the 2015 Act) during the period under review. Treasury consequently conducted enhanced analysis of Vietnam and Switzerland in the Report and will also commence enhanced bilateral engagement with each country in accordance with the ...12-16-2020, 05:22 PM -
U.S. Securities and Exchange Commission Awards More Than $300,000 to Whistleblower with Audit Responsibilities | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 14, 2020) Washington D.C., Dec. 14, 2020 - - The Securities and Exchange Commission today announced an award of more than $300,000 to a whistleblower whose high-quality information and continuing assistance significantly contributed to a successful enforcement action. The whistleblower became aware of the potential securities law violations in connection with audit-related responsibilities. Although individuals with audit or compliance responsibilities are generally not eligible for awards, a whistleblower who reasonably believes that an entity is engaging in conduct that would impede the investigation falls within one of the exceptions to that rule. Here, the whistleblower had a reasonable basis to believe that the entity would impede...12-15-2020, 07:33 AM -
U.S. Securities and Exchange Commission Staff Supplements Quarterly Private Funds Statistics | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release dated: December 10, 2020)
Washington D.C., Dec. 10, 2020 - - The Securities and Exchange Commission staff today published an expanded suite of data and analyses of private fund statistics and trends.
The Private Funds Statistics, released quarterly since October 2015 by the Division of Investment Management’s Analytics Office, offers investors and other market participants valuable insights by aggregating data reported by private fund advisers on Form ADV and Form PF. The most recent version of the report, published today, includes new statistics that offer more detailed reporting of the aggregate investment exposures by asset type for certain hedge funds as well as new analysis of private funds' borrowing, beneficial ownership, and use...12-14-2020, 02:30 AM -
Mr. Robert Stebbins to Conclude Tenure as U.S. Securities and Exchange Commission General Counsel | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 8, 2020) Washington D.C., Dec. 8, 2020 - - The U.S. Securities and Exchange Commission today announced that Robert B. Stebbins will conclude his tenure as General Counsel in early January, after serving over three and a half years as the agency's chief legal officer. During his tenure, Mr. Stebbins led the Office of the General Counsel (OGC), which includes over 150 professionals and is responsible for supporting a wide range of key functions across the agency. The office advises on all rulemaking, guidance and other Commission and staff policy matters; advises on all Commission enforcement actions; litigates non-enforcement matters and appeals on behalf of the agency; advises on matters related to the Commission's budget, real estate leasing, intelle...12-09-2020, 02:21 AM -
U.S. Securities and Exchange Commission Announces Office Focused on Innovation and Financial Technology | site |
FinHub Specialized Unit to Become Stand-Alone Office
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: December 3, 2020) Washington D.C., Dec. 3, 2020 — - The Securities and Exchange Commission today announced that the SEC's Strategic Hub for Innovation and Financial Technology, commonly referred to as FinHub, will become a stand-alone office. Valerie A. Szczepanik will continue to lead FinHub as its first director and will report directly to the SEC Chairman. Established within the Division of Corporation Finance in 2018, FinHub has spearheaded agency efforts to encourage responsible innovation in the financial sector, including in evolving areas such as distributed ledger technology and digital assets, automated investment advice, digital marketplace financing, and artificial intellig...12-07-2020, 09:21 PM -
U.S. Securities and Exchange Commission Issues Statement on European Central Counterparties Seeking to Register or Request Exemptions From the SEC | site |
(Information contained in U.S. Securities and Exchange Commission [SEC] press release: November 23, 2020) Washington D.C., Nov. 23, 2020 - - The Securities and Exchange Commission today issued a Policy Statement and Guidance focused on central counterparties (CCPs) authorized under the European Markets Infrastructure Regulation (EMIR) that may seek to access and operate in the U.S. securities markets. The Statement provides transparency into the Commission’s processes and highlights efficient ways that CCPs based in the European Union (EU) can register as a clearing agency or request exemptions from certain requirements under the Securities Exchange Act of 1934. The SEC has a longstanding and collaborative relationship with its European counterparts with respect to supervision and enforcement of regulate...11-25-2020, 12:37 AM -
U.S. Securities and Exchange Commission Awards Over $1.1 Million to Whistleblower for Independent Analysis | site |
(November 13, 2020) - - Today the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Nov. 13, 2020 — The Securities and Exchange Commission today announced an award of over $1.1 million to a whistleblower whose independent analysis led the staff to look at new conduct during an ongoing investigation. The whistleblower’s information and exemplary assistance helped the agency bring an emergency action preventing further investor harm. This whistleblower examined publicly available materials and conducted an analysis that revealed important new insights into the securities law violations, which helped the SEC protect investor assets from dissipation by the wrongdoer. “Today’s award reflects the Commission’s commitment to award whistleblowers who provide high-quality independent analysis,” said Jane ...11-13-2020, 05:45 PM -
U.S. Securities and Exchange Commission Awards More Than $3.6 Million and $750,000 in Separate Whistleblower Awards | site |
(November 5, 2020) - - On November 5, 2020 the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Nov. 5, 2020 — The Securities and Exchange Commission today announced two separate whistleblower awards for total payments of over $4.3 million. In the first order, the Commission awarded a whistleblower over $3.6 million for providing important information that alerted the Commission to misconduct occurring abroad. The whistleblower provided substantial and ongoing assistance to enforcement staff, which included traveling to another country at the whistleblower’s own expense to meet with staff in person and providing extensive supporting documentation. In the second order, the Commission awarded $750,000 to a whistleblower who provided significant information that led the Commission...11-09-2020, 06:38 PM -
U.S. Securities and Exchange Commission Awards Over $10 Million to Whistleblower | site |
(October 29, 2020) - - Today, October 29, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Oct. 29, 2020 — The Securities and Exchange Commission today announced an award of over $10 million to a whistleblower whose information prompted the opening of an investigation and provided substantial, ongoing assistance to SEC staff throughout the investigation. In more than a dozen communications with the staff, the whistleblower provided key evidence, helped decipher communications, and distilled complex issues. "After reporting internally and receiving no satisfactory response, the whistleblower alerted the agency to the securities violation and played a critical role during the investigation," said Jane Norberg, Chief of the SEC's Office of the Whistleblower. "Today's award demonstrates the significant contrib...10-31-2020, 03:12 AM -
U.S. Securities and Exchange Commission Updates Auditor Independence Rules | site |
Amendments Reflect Staff Experience Applying the Auditor Independence Framework
(October 16, 2020) - - Today, October 16, 2020 the U.S. Securities and Exchange Commission (SEC) published the following information:
Washington D.C., Oct. 16, 2020 — The Securities and Exchange Commission today announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X. Informed by decades of staff experience applying the auditor independence framework, the final amendments modernize the rules and more effectively focus the analysis on relationships and services that may pose threats to an auditor’s objectivity and impartiality.
The final amendments reflect updates based on recurring fact patterns that the Commission staff has observed over years of consultations in which certain relationships...10-22-2020, 01:51 AM -
U.S. Securities and Exchange Commission Charges Ponzi Scheme Targeting African Immigrants | site |
(August 28, 2020) - - Today, August 28, 2020, the U.S. Securities and Exchange Commission (SEC) published the following information:
Washington D.C., Aug. 28, 2020 — The Securities and Exchange Commission today charged two Maryland companies and their principals for a scheme that allegedly defrauded approximately 1,200 investors, many of them African immigrants, of more than $27 million.
According to the SEC’s complaint, Dennis Jali, John Frimpong, and Arley Johnson, directly and through their companies 1st Million LLC and The Smart Partners LLC, falsely told investors that their funds would be used by a team of skilled and licensed traders for foreign exchange and cryptocurrency trading, promising risk-free returns of between 6% and 42%. The complaint alleges that the defendants often targeted vulnerable African immigrants...08-31-2020, 09:08 AM -
U.S. Securities and Exchange Commission Issues Agenda for May 27 Meeting of the Asset Management Advisory Committee | site |
(May 21, 2020) - - Today (May 21, 2020), the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., May 21, 2020 — The Securities and Exchange Commission today released the agenda for the May 27 meeting of the Asset Management Advisory Committee (AMAC). AMAC was formed to provide the Commission with diverse perspectives on asset management and related advice and recommendations. The meeting will include a discussion of matters relating to AMAC’s subcommittees and to COVID-19 and the asset management industry. The meeting will be held by remote means and is open to the public. The meeting will be webcast live on SEC.gov and will be archived on the website for later viewing. Members of the public who wish to provide their views on the matters to be considered by AMAC may submit comments either ...05-26-2020, 11:40 PM -
U.S. Securities and Exchange Commission Provides Temporary Additional Flexibility to Registered Investment Companies Affected by Coronavirus | site |
Permits Funds to Use Additional Funding and Other Tools to Manage their Portfolios for the Benefit of Investors
(March 23, 2020) - - Today (March 23, 2020), the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., March 23, 2020 —The Securities and Exchange Commission today announced temporary flexibility for registered funds affected by recent market events to borrow funds from certain affiliates and to enter into certain other lending arrangements. Today’s relief is designed to provide funds with additional tools to manage their portfolios for the benefit of all shareholders as investors may seek to rebalance their investments. “Today’s temporary action will provide an additional tool that funds can use to manage their portfolios for the bene...03-24-2020, 05:15 PM -
U.S. Securities and Exchange Commission Enables Immediate Effectiveness of Proposed Rule Change to Facilitate NYSE Electronic Auctions in Light of Temporary Closure of Physical Trading Floor | site |
(March 21, 2020) - - Today (March 21, 2020) the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., March 21, 2020 — The U.S. Securities and Exchange Commission noticed for immediate effectiveness a proposed rule filing submitted by New York Stock Exchange LLC (NYSE) to facilitate electronic auctions in light of its decision to temporarily close its New York trading floor. NYSE announced that it will temporarily close its trading floor effective Monday, March 23, as a precautionary measure in response to COVID-19. The NYSE rule filing modifies certain rules to set wider price parameters, and to remove volume limits, within which NYSE designated market makers (DMMs) can facilitate auctions in an electron...03-23-2020, 06:54 AM -
U.S. Securities and Exchange Commission Updates List of Firms Using Inaccurate Information to Solicit Investors | site |
Enhanced Website Improves Main Street Investor Experience
(February 24, 2020) - - Today (February 24, 2020), the U.S. Securities and Exchange Commission (SEC) published the following information:
Washington D.C., Feb. 24, 2020 — The Securities and Exchange Commission today announced that it updated its Public Alert: Unregistered Soliciting Entities (PAUSE) list by adding 25 soliciting entities and four fictitious regulators. Additionally, the SEC is announcing enhancements to the PAUSE website, where the SEC provides the list of entities that falsely claim to be registered, licensed, and/or located in the United States, as well as entities that impersonate genuine U.S. registered securities firms and fictitious regulators, governmental agencies, or international organizations. This will allow Main Street...02-27-2020, 08:14 PM -
U.S. Securities and Exchange Commission Investor Advisory Committee to Meet on February 27| site |
(February 7, 2020) - - Today (February 7, 2020), the U.S. Securities and Exchange Commission (SEC) published the following:
The Securities and Exchange Commission's Investor Advisory Committee will hold a public meeting on Feb. 27. The meeting will begin at 9:30 a.m. ET in the Multipurpose Room at SEC headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. The meeting will be webcast live and archived on the committee's website for later viewing.
The committee will hold two panel discussions: an update for investors regarding accounting and auditing trends, and a discussion regarding the potential impact of the LIBOR transition on investors. The full agenda is available here. Members of the committee represent a wide variety of investor interests, including those of individual and institutional investors, senior citi...02-11-2020, 12:16 AM -
U.S. Securities and Exchange Commission announces Fee Rate Advisory #2 for Fiscal Year 2020| site |
(January 9, 2020) - - Today (January 9, 2020), the U.S. Securities and Exchange Commission (SEC) published the following information:
Washington D.C., Jan. 9, 2020 — The Securities and Exchange Commission announced that starting on Feb. 18, 2020, the fee rates applicable to most securities transactions will be set at $22.10 per million dollars.
Consequently, each SRO will continue to pay the Commission a rate of $20.70 per million for covered sales occurring on charge dates through Feb. 17, 2020, and a rate of $22.10 per million for covered sales occurring on charge dates on or after Feb. 18, 2020.
For more information on the term “charge date,” please refer to Rule 31(a)(3) and Exchange Act Release No. 49928. The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction...01-16-2020, 02:40 AM -
U.S. Securities and Exchange Commission Office of Compliance Inspections and Examinations Announces 2020 Examination Priorities | site |
(January 7, 2020) - - Today, the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Jan. 7, 2020 — The Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) today announced its 2020 examination priorities. OCIE publishes its examination priorities annually to enhance the transparency of its examination program and to provide insights into its risk-based approach, including the areas it believes present potential risks to investors and the integrity of the U.S. capital markets. “OCIE’s 2020 examination priorities identify key areas of risk, both existing and emerging, that we expect self-regulatory organizations (SROs), clearing firms, investment advisers and other market participants to identify and mitigate. I applaud OCIE’s thou...01-09-2020, 12:22 AM -
CMS Statement on Health Insurance Exchange Open Enrollment Extension| site |
(December 16, 2019) - - Today (December 16, 2019), the Centers for Medicare and Medicaid Services (CMS) published the following information:
CMS Statement on Health Insurance Exchange Open Enrollment Extension
“CMS’s primary goal is to provide a seamless Open Enrollment experience for HealthCare.gov consumers and ensure that those Americans who want coverage offered through the Exchange can enroll in a plan. In an abundance of caution, to accommodate consumers who attempted to enroll in coverage during the final hours of Open Enrollment but who may have experienced issues, starting at 3:00PM EST today, December 16 we are extending the deadline to sign up for January 1 coverage until 3:00AM EST December 18. This additional time will give consumers the opportunity to come back and complete their enrollment for January 1 coverage. While the website...12-19-2019, 08:29 AM -
U.S. Securities and Exchange Commission Releases Report on 38th Annual Small Business Forum | site |
(December 5, 2019) - - Today (December 5, 2019), the U.S. Securities and Exchange Commission (SEC) published the following information:
The Securities and Exchange Commission today released a report on the 38th Annual Government-Business Forum on Small Business Capital Formation. The Forum is a unique event attended by SEC Commissioners and staff in which members of the public and private sectors gather to craft suggestions for securities policy impacting emerging businesses and their investors. The 2019 Forum was hosted in partnership with the Heider College of Business at Creighton University in Omaha, Nebraska, on Aug. 14, 2019, and marks the first year that the Forum was organized by the SEC’s new Office of the Advocate for Small Business Capital Formation. The report provides an executive summary of the Forum proceedings, the recommendations made by the...12-12-2019, 11:16 PM -
U.S. Securities and Exchange Commission Charges Multinational Telecommunications Company With FCPA Violations | site |
(December 6, 2019) - - Today, the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Dec. 6, 2019 — The Securities and Exchange Commission today announced that Sweden-based Telefonaktiebolaget LM Ericsson was charged with engaging in a large-scale bribery scheme involving the use of sham consultants to secretly funnel money to government officials in multiple countries. The bribes netted Ericsson hundreds of millions in profits. To resolve these alleged violations of the Foreign Corrupt Practice Act (FCPA) and charges from a parallel criminal investigation, Ericsson has agreed to pay more than $1 billion to the SEC and the U.S. Department of Justice and to install an independent compliance monitor. The SEC’s complaint alleges that from 2011 through 2017, Ericsson subsidiaries obtained business value...12-07-2019, 04:30 AM -
U.S. Securities and Exchange Commission Releases Report on 38th Annual Small Business Forum | site |
(December 5, 2019) - - Today, the U.S. Securities and Exchange Commission (SEC) published the following information:
Washington D.C., Dec. 5, 2019 — The Securities and Exchange Commission today released a report on the 38th Annual Government-Business Forum on Small Business Capital Formation. The Forum is a unique event attended by SEC Commissioners and staff in which members of the public and private sectors gather to craft suggestions for securities policy impacting emerging businesses and their investors. The 2019 Forum was hosted in partnership with the Heider College of Business at Creighton University in Omaha, Nebraska, on Aug. 14, 2019, and marks the first year that the Forum was organized by the SEC’s new Office of the Advocate for Small Business Capital Formation. The report provides an executive summary of the Forum proceedings, the recomme...12-05-2019, 09:33 PM -
U.S. Securities and Exchange Commission Proposes Rule Amendments to Improve Accuracy and Transparency of Proxy Voting Advice| site |
(November 5, 2019) - - Today (November 5, 2019), the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Nov. 5, 2019 — The Securities and Exchange Commission today voted to propose amendments to its rules governing proxy solicitations to enhance the quality of the disclosure about material conflicts of interest that proxy voting advice businesses provide their clients. The proposal would also provide an opportunity for a period of review and feedback through which companies and other soliciting parties would be able to identify errors in the proxy voting advice. The review and feedback period would only be available to companies that file definitive proxy materials 25 days or more in advance of the relevant meeting. The Commission’s proposal aims to enhance the accuracy and transpa...11-18-2019, 06:22 AM -
U.S. Securities and Exchange Commission Adopts New Rules and Amendments under Title VII of Dodd-Frank| site |
(September 19, 2019) - - Today (September 19, 2019), the U.S. Securities and Exchange Commission (SEC) published the following information: Washington D.C., Sept. 19, 2019 — The Securities and Exchange Commission today announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). These actions establish recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants and amend the recordkeeping and reporting requirements for broker-dealers. Under these rules, these companies will be required to create and retain fundamental business records to document and track their operations, facilitating the Commiss...09-30-2019, 04:44 AM -
U.S. Securities and Exchange Commission Adopts Rules to Modernize Property Disclosures Required for Mining Registrants
Washington, DC - - (October 31, 2018) - - The Securities and Exchange Commission (SEC) today announced that it has voted to adopt amendments to modernize the property disclosure requirements for mining registrants, and related guidance, under the Securities Act of 1933 and the Securities Exchange Act of 1934. The amendments will provide investors with a more comprehensive understanding of a registrant’s mining properties, which should help them make more informed investment decisions. The amendments also will more closely align the Commission’s disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards. Under the final rules, a registrant with material mining operations must disclose specified i...11-03-2018, 02:46 AM -
U.S. Securities and Exchange Commission Investor Advisory Committee to Hold Nov. 7 Telephone MeetingU.S. Securities and Exchange Commission Investor Advisory Committee to Hold Nov. 7 Telephone Meeting
Washington, DC - - (October 25, 2018) - - The Securities and Exchange Commission’s Investor Advisory Committee will meet telephonically on Nov. 7 at 2 p.m. Eastern Time. The public is invited to listen to the meeting live using the dial-in details provided below. A recording of the meeting will be archived on the committee’s webpage for later listening.
The committee will discuss the SEC’s Proposed Regulation Best Interest and Form CRS Relationship Summary (which may include a Recommendation of the Investor as Purchaser Subcommittee). The agenda for the meeting is available here. Members of the committee represent a wide variety of investor interests, including those of individual and institutional investors, senior citizens, and state securities commissions. For a full ...10-29-2018, 08:35 PM -
U.S. Securities and Exchange Commission Issues Agenda for October 29 Meeting of the Fixed Income Market Structure Advisory Committee
Washington, DC - - (October 24, 2018) - - The Securities and Exchange Commission today released the agenda for the Oct. 29 meeting of the Fixed Income Market Structure Advisory Committee meeting. The Commission established the advisory committee to provide a formal mechanism through which the Commission can receive advice and recommendations on fixed income market structure issues.
The meeting will be held at the SEC’s headquarters at 100 F Street, N.E., Washington, D.C., and is open to the public. The meeting will be webcast live on the SEC’s website, www.sec.gov, and will be archived on the website for later viewing. Members of the public who wish to provide their views on the matters to be considered by the Fixed Income Market Structure Advisory Co...10-26-2018, 12:31 AM -
U.S. Securities and Exchange Commission Launches New Strategic Hub for Innovation and Financial Technology
Washington, DC - - (October 18, 2018) - - The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub). The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues. The FinHub will: • Provide a portal for industry and the public to engage directly with SEC staff on innovative ideas and technological developments; • Publicize information regarding th...10-23-2018, 05:29 AM -
U.S. Securities and Exchange Commission Announces 2018 Government-Business Forum to Be Held at The Ohio State University
Washington, DC - - (October 18, 2018) - - The Securities and Exchange Commission today announced it is partnering with the National Center for the Middle Market at The Ohio State University Max M. Fisher College of Business to host the SEC’s annual Government-Business Forum on Small Business Capital Formation on Dec. 12. This annual forum provides a platform to highlight additional measures to improve small business capital formation. “We have made it a priority to reach out to small businesses across the country,” said Chairman Jay Clayton. “Holding this event in Columbus, one of the top five best cities for entrepreneurs and startups, will give us the opportunity to hear directly from small businesses and their investors on ways to improve our regulatory system.” ...10-19-2018, 01:16 AM -
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
Washington, DC - - (October 17, 2018) - - The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant 2015 legislative criteria for enhanced analysis during the period covered by the Report. Further, no trading partner was found to have met the 1988 legislative standards during the current reporting period. “The Treasury Department is working vigorously to ensure that our trading partners dismantle unfair barriers that stand in the way of free, fair, and reciprocal trade. Of particular concern are China�...10-18-2018, 02:07 AM -
U.S. Securities and Exchange Commission Investigative Report: Public Companies Should Consider Cyber Threats When Implementing Internal Accounting Controls
Washington, DC - - (October 16, 2018) - - The Securities and Exchange Commission (SEC) today issued an investigative report cautioning that public companies should consider cyber threats when implementing internal accounting controls. The report is based on the SEC Enforcement Division's investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process. The SEC's investigations focused on "business email compromises" (BECs) in which perpetrators posed as company executives or vendors and used emails to dupe company personnel into sending large sums to bank accounts controlled by the perpetrators. The frauds in some instances lasted months and often were detected only after intervention by law enfo...10-18-2018, 01:06 AM -
U.S. Securities and Exchange Commission's New Strategic Plan Puts Investors, Innovation, and Performance at Top
Washington, DC - - (October 11, 2018) - - The Securities and Exchange Commission (SEC) today announced a new strategic plan to guide the agency’s work over the next four years with a primary focus on investors, innovation, and performance. The plan’s goals reflect the agency’s commitment to its longstanding mission while leveraging the opportunities and addressing the challenges that come from fast-evolving markets, products and services. "Our new strategic plan is a concise, straight-forward explanation of the goals that will guide us as our markets evolve. It is based on the core values that have motivated the women and men of the SEC for over 80 years, including, most importantly, serving the interests of our long term Main Street investors" stated SEC Chairman Ja...10-13-2018, 02:25 PM -
Securities and Exchange Commission Stops Fraudulent ICO That Falsely Claimed SEC Approval
Washington, DC - - (October 11, 2018) - - The Securities and Exchange Commission (SEC) today announced that it has obtained an emergency court order halting a planned initial coin offering (ICO), which backers falsely claimed was approved by the SEC. The order also halts ongoing pre-ICO sales by the company, Blockvest LLC and its founder, Reginald Buddy Ringgold, III. An SEC complaint unsealed yesterday alleges that Blockvest falsely claimed its ICO and its affiliates received regulatory approval from various agencies, including the SEC. According to the SEC's complaint, Blockvest and Ringgold, who also goes by the name Rasool Abdul Rahim El, were using the SEC seal without permission, a violation of federal law, and falsely claiming their crypto fund was "licensed and regulated." The complaint also allege...10-11-2018, 02:33 PM -
U.S Securities and Exchange Commission to Focus on Empowering Main Street Investors for 2018 World Investor Week
Joint Investor Bulletin Issued on Understanding Digital Assets and Online Investing
Washington, DC - - (October 1, 2018) - - The Securities and Exchange Commission today announced that empowering Main Street investors will be the SEC’s focus during World Investor Week, which takes place Oct. 1-7, 2018. SEC staff will emphasize both the basics of investing and savings as well as important emerging issues like the rise of initial coin offerings and digital assets, distributed ledger technology, and other innovations. World Investor Week is a global effort promoted by the International Organization of Securities Commissions (IOSCO), with regulators on six continents joining together for the second year to educate investors on how to be smart and avoid fraud. The ...10-02-2018, 07:09 PM -
U.S. Securities and Exchange Commisssion Awards Almost $4 Million to Overseas Whistleblower
Washington DC - - (September 24, 2018) - - The Securities and Exchange Commission today announced that it has awarded nearly $4 million to an overseas whistleblower whose tip led it to open an investigation and whose extensive assistance helped it bring a successful enforcement action. “Whistleblowers, whether they are located in the U.S. or abroad, provide a valuable service to investors and help us stop wrongdoing,” said Jane Norberg, Chief of the SEC’s Office of the Whistleblower. “This award recognizes the continued, important assistance provided by the whistleblower throughout the course of the investigation.” The SEC has now awarded over $326 million to 59 individuals since issuing its first award in 2012. In that time, more than $1.7 billion in monetary sanctions have been ordered again...09-26-2018, 03:43 AM -
U.S. Securities and Exchange Commission Staff to Host Nov. 15 Roundtable on the Proxy Process
Washington, DC - - (September 21, 2018) - - The Securities and Exchange Commission today announced that its staff will host a roundtable on Nov. 15 to hear investor, issuer, and other market participant views about the proxy process and rules.
The proxy process is central to investors’ participation in corporate governance at U.S. public companies. The roundtable will focus on key aspects of the U.S. proxy system, including proxy voting mechanics and technology, the shareholder proposal process, and the role and regulation of proxy advisory firms. Chairman Jay Clayton previously announced that the staff would hold a roundtable on the proxy process in light of changes in the marketplace since the Commission issued a 2010 concept release soliciting feedback on the proxy system. The roun...09-24-2018, 06:27 AM -
U.S. Securities and Exchange Commission Provides Regulatory Relief and Assistance for Hurricane Victims
Washington, DC - - (September 19, 2018) - - The Securities and Exchange Commission today announced that it is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, municipal advisors and others affected by Hurricane Florence. The loss of property, power, transportation, and mail delivery due to the hurricane poses challenges for some individuals and entities that are required to provide information to the SEC and shareholders.
To address compliance issues caused by Hurricane Florence, the Commission issued an order that conditionally exempts affected persons from certain requirements of the federal securities laws for periods following the weather event.
The Commission also adopted interim final...09-20-2018, 09:03 AM -
U.S. Securities and Exchange Commission Names Rebecca J. Olsen as Director of the Office of Municipal Securities
Washington, DC - - (September 4, 2018) - - The Securities and Exchange Commission today announced that Rebecca J. Olsen has been named Director of the agency's Office of Municipal Securities (OMS). Ms. Olsen has served as OMS's Acting Director since September 2017. The Office of Municipal Securities is responsible for coordinating the SEC's municipal securities activities, including policy development, coordination, and implementation of Commission initiatives to improve the municipal securities market, and administering the Commission's rules pertaining to municipal securities market participants. The office also coordinates with the Municipal Securities Rulemaking Board (MSRB) on rulemaking and enforcement. Under Ms. Olsen's leadership, OMS has been closely involved in recent init...09-13-2018, 09:11 PM -
U.S. Securities and Exchange Commission Announces Agenda for Sept. 13 Investor Advisory Committee Meeting
Washington, DC - - (August 24, 2018) - - The Securities and Exchange Commission (SEC) today announced the agenda for the Sept. 13 meeting of its Investor Advisory Committee (IAC). The meeting will begin at 9:00 a.m. in the Multipurpose Room at SEC headquarters at 100 F Street, NE, Washington, D.C., and is open to the public. The meeting will be webcast live and archived on the committee’s website for later viewing. The committee will hold panel discussions with outside speakers on two topics: a morning discussion on the U.S. proxy voting infrastructure (which may include two separate panels) and an afternoon session on the implications of passive investing. In addition, the committee will discuss the SEC’s Proposed Transaction Fee Pilot in NMS stocks (which may include a R...09-03-2018, 06:55 PM -
U.S. Securities and Exchange Commission Updates List of Firms Using Inaccurate Information to Solicit Investors
Washington, DC - - (August 6, 2018) - - The Securities and Exchange Commission (SEC) today announced that it has updated its list of unregistered firms that use misleading information to primarily solicit non-U.S. investors, adding 16 soliciting entities, four impersonators of genuine firms, and nine bogus regulators.
The updates by the SEC Division of Enforcement’s Office of Market Intelligence, in coordination with the SEC’s Office of Investor Education and Advocacy and the Office of International Affairs, are part of the agency’s continuing effort to protect retail investors.
The SEC’s list of soliciting entities that have been the subject of investor complaints, known as the Public Alert: Unregistered Soliciting Entities (PAUSE) list, enables...08-09-2018, 07:46 PM -
U.S. Securities and Exchange Commission Detects Silicon Valley Executive’s Insider Trading
Washington, DC - - (July 24, 2018) - - The Securities and Exchange Commission today announced that a senior executive at a Silicon Valley fiber optics company has agreed to settle charges that he made nearly $200,000 in illicit profits by trading on inside information in advance of three disappointing earnings announcements by the company. The case stems from the SEC Market Abuse Unit’s Analysis and Detection Center, which uses data analysis tools to detect suspicious patterns such as improbably successful trading in advance of earnings announcements over time. Enhanced detection capabilities enabled SEC enforcement staff to identify the unusual trading activity. The SEC’s order finds that Yao Li, as Vice President of Technology at Alliance Fiber Optic Products, Inc. (AFOP), learned during ...08-02-2018, 11:33 AM -
U.S. Securities and Exchange Commission Charges Merrill Lynch for Failure to Supervise RMBS Traders
Merrill Ordered to Return More than $10.5 Million to Harmed Customers in RMBS (Residential Mortgage Backed Securities) Case
Washington, DC - - (June 12, 2018) - - The Securities and Exchange Commission today announced that Merrill Lynch, Pierce, Fenner & Smith Inc. will pay more than $15 million to settle charges that its employees misled customers into overpaying for Residential Mortgage Backed Securities (RMBS). Merrill Lynch agreed to repay more than $10.5 million to its customers and to pay penalties of approximately $5.2 million. In its order, the SEC found that Merrill Lynch traders and salespersons convinced the bank’s customers to overpay for RMBS by deceiving them about the price Merrill Lynch paid to acquire the securities. The order also found that Merril...06-18-2018, 06:16 AM -
U. S. Securities and Exchange Chairman Clayton Issues Statement on NASAA Announcement of Enforcement Sweep Targeting Fraudulent ICOs and Crypto-asset Investment Products
SEC Chairman Clayton
North American Securities Administrators Association (NASAA) targets investment fraud
(May 22, 2018) - - In a public statement, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), commented on the North American Securities Administrators Association's (NASAA) announcement of enforcement sweep targeting fraudulent ICOs and crypto-asset investment products. In his statement, SEC Chairman Clayton said the following: I applaud our fellow regulators in the United States and Canada who are coordinating and participating in efforts to police fraud in the Initial Coin Offering (ICO) markets. These state and provincial regulators play a...05-22-2018, 07:05 PM -
The Securities and Exchange Commission Has an Opportunity You Won’t Want to Miss: Act Now!
Washington, DC - - (May 16, 2018) - - If you’ve ever been tempted to buy into a hot investment opportunity linked with luxury travel, the Securities and Exchange Commission has a deal for you.
Check out the SEC’s Office of Investor Education and Advocacy’s mock initial coin offering (ICO) website that touts an all too good to be true investment opportunity. But please don’t expect the SEC to fly you anywhere exotic—because the offer isn’t real.
The SEC set up a website, HoweyCoins.com, that mimics a bogus coin offering to educate investors about what to look for before they invest in a scam. Anyone who clicks on “Buy Coins Now” will be led instead to investor education tools and tips from the SEC and other financial regulators. “The rapid growth of t...05-17-2018, 11:12 AM -
U.S. Securities and Exchange Commission Names Jessica Kane Director of Office of Credit Ratings
Jessica Kane
Washington, DC - - (May 7, 2018) - - The Securities and Exchange Commission today announced that Jessica Kane has been named the Director of the agency’s Office of Credit Ratings, where she has served as Acting Director since September 2017. The Office of Credit Ratings is responsible for oversight of nationally recognized statistical rating organizations (NRSROs). The office conducts annual examinations of NRSROs and works to ensure that credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure to investors. “Jessica’s strong leadership, dedication, and diverse experience at the SEC will serve her well in this role,” said Chairman Jay Clayton. “The Off...05-07-2018, 05:21 PM -
Securities and Exchange Commission Enforcement Division Issues FAQs for Share Class Selection Disclosure Initiative
Washington, DC - - (May 1, 2018) - - The Securities and Exchange Commission’s Division of Enforcement today issued answers to frequently asked questions (FAQs) on the Share Class Selection Disclosure Initiative, providing additional information about adviser eligibility, disgorgement, and the distribution of funds to clients.
The Share Class Selection Disclosure (SCSD) Initiative, announced on February 12, seeks to protect advisory clients from and return money to those affected by undisclosed conflicts of interest. “It appears that many investment advisers are working diligently to evaluate whether they can take advantage of the initiative and we believe that providing these FAQs will help them make that determination,” said C. Dabney O’Riordan, Co-Chief of the Divi...05-03-2018, 03:11 PM -
Securities and Exchange Commission Launches Additional Investor Protection Search Tool
The SEC’s “SALI” Tool Will Allow Investors to Identify Individuals Subject to Judgments or Orders in Enforcement Actions
Washington, DC - - (May 2, 2018) - - The Securities and Exchange Commission (SEC) today announced the launch of an additional online search feature that enables investors to research whether the person trying to sell them investments has a judgment or order entered against them in an enforcement action. The new tool is intended to assist the public in making informed investment decisions and avoiding financial fraud.
The SEC Action Lookup for Individuals – or SALI– will help identify registered and unregistered individuals who have been parties to past SEC enforcement actions and against whom federal courts have entered judgments or the SEC has issued orders. �...05-02-2018, 08:24 PM -
Securities and Exchange Commission issues Fee Rate Advisory #3 for Fiscal Year 2018
Washington, DC - - (April 17, 2018) - - The Securities and Exchange Commission today announced that starting on May 22, 2018, the fee rates applicable to most securities transactions will be set at $13.00 per million dollars. Consequently, each SRO will continue to pay the Commission a rate of $23.10 per million for covered sales occurring on charge dates through May 21, 2018, and a rate of $13.00 per million for covered sales occurring on charge dates on or after May 22, 2018. The reduction in the fee rate for fiscal year 2018 is due, in part, to the substantially higher dollar amount of covered sales in recent months. The Commission notes that if the dollar amount of covered sales deviates from current levels when the fee rate is next adjusted, a large reduction or increase in the fee rate may aga...04-28-2018, 10:41 PM -
Securities and Exchange Commission Unveils Public Service Announcement to Promote Background Checks on Investor.gov
Washingtonm, DC - - (April 16, 2018) - - The Securities and Exchange Commission today unveiled a public service announcement (PSA) to encourage investors to check the background of their investment professional by using the free search tool on Investor.gov before investing. Investor.gov, the SEC’s website dedicated to individual investors, provides investors with tools and resources to help them invest wisely and avoid fraud.
“Investor education is an important line of defense against fraud and is critical to our efforts to both protect Main Street investors and improve their financial decision making,” said SEC Chairman Jay Clayton. “Through public service announcements, investor alerts and bulletins, and direct outreach, the SEC will continue...04-17-2018, 12:36 AM -
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
Washington, DC - - (April 13, 2018) - - The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States. The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant legislative criteria for enhanced analysis in 2017. Further, no trading partner was found to have met the legislative standards for currency manipulation during the current reporting period. “The Treasury Department is working vigorously to ensure that trade is free, fair, and reciprocal so American workers and companies can compete and succeed globally. We will continue to monitor and combat ...04-13-2018, 07:59 PM -
Securities and Exchange Commission Orders Three Investment Advisers to Pay $12 Million to Harmed Clients
Washington, DC - - (April 6, 2018) - - The Securities and Exchange Commission today announced that three investment advisers have settled charges for breaching fiduciary duties to clients and generating millions of dollars of improper fees in the process. According to the SEC’s orders, PNC Investments LLC, Securities America Advisors Inc., and Geneos Wealth Management Inc. failed to disclose conflicts of interest and violated their duty to seek best execution by investing advisory clients in higher-cost mutual fund shares when lower-cost shares of the same funds were available. The SEC also charged Geneos for failing to identify its revised mutual fund selection disclosures as a “material change” in its 2017 disclosure brochure. Collectively, the firms will pay almost $15 million, wi...04-10-2018, 08:54 AM -
Securities and Exchange Commission Awards More Than $2.2 Million to Whistleblower Who First Reported Information to Another Federal Agency Before SEC
Washington, DC - - (April 5, 2018) - - The Securities and Exchange Commission today announced a whistleblower award of more than $2.2 million to a former company insider whose tips helped the agency open an investigation that led to an enforcement action. The whistleblower first reported the information to another federal agency and later provided the same information to the SEC. This is the first award paid under the “safe harbor” of Exchange Act Rule 21F-4(b)(7), which provides that if a whistleblower submits information to another federal agency and submits the same information to the SEC within 120 days, then the SEC will treat the information as though it had been submitted to the SEC at the same time that it was subm...04-09-2018, 06:47 PM -
Securities and Exchange Commission Obtains Emergency Freeze of $27 Million in Stock Sales of Purported Cryptocurrency Company Longfin
April 9, 2018
Washington, DC - - (April 6, 2018) - - The Securities and Exchange Commission has obtained a court order freezing more than $27 million in trading proceeds from allegedly illegal distributions and sales of restricted shares of Longfin Corp. stock involving the company, its CEO, and three other affiliated individuals. According to a complaint unsealed today in federal court in Manhattan, shortly after Longfin began trading on NASDAQ and announced the acquisition of a purported cryptocurrency business, its stock price rose dramatically and its market capitalization exceeded $3 billion. The SEC alleges that Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi, and Suresh Tammineedi then illegally sold large blocks of their re...04-09-2018, 08:56 AM -
Securities and Exchange Commission Warns of Government Impersonators
Washington, DC - - (April 4, 2018) - - The Securities and Exchange Commission today issued an Investor Alert warning investors of fraudsters claiming to be SEC employees in an attempt to trick investors into sending money or revealing sensitive account information. The alert makes clear that the SEC does not contact investors to confirm trades, set up trading accounts, or record the details of trades. The alert also notes that federal government agencies, including the SEC, do not endorse or sponsor any particular securities, issuers, products, services, professional credentials, firms, or individuals.
The alert includes an audio recording of an actual imposter making a fraudulent pitch, excerpted below:...
“…I’m a senior compliance officer with the Securities and Exchange Commission…04-04-2018, 07:21 PM -
New York Stock Exchange to Pay $14 Million Penalty for Multiple Violations
March 12, 2018
Washington, DC - - (March 6, 2018) - - The Securities and Exchange Commission today announced that it charged the New York Stock Exchange and two affiliated exchanges with regulatory failures in connection with multiple episodes, including several disruptive market events. The charges arose from five separate investigations and include the first-ever charged violation of Regulation SCI. The Commission adopted Reg SCI to strengthen the technology infrastructure and integrity of the U.S. securities markets, and today charged two NYSE exchanges with violating Reg SCI’s business continuity and disaster recovery requirement. In settlement, the exchanges agreed to pay a $14 million penalty. According to the SEC’s order, the violations include erroneously implementing a market-wi...03-12-2018, 07:20 AM -
U.S. Securities and Exchange Commission Announces 2017 Compliance Outreach Program Seminars for Investment Companies and Investment Advisers
Washington, DC - - (March 23, 2017) - - The Securities and Exchange Commission today announced the opening of registration for its compliance outreach program seminars for investment companies and investment advisers. The seminars will be offered in four cities and are intended to help Chief Compliance Officers (CCOs) and other senior personnel enhance compliance programs at investment companies and investment advisory firms.
The SEC’s Office of Compliance Inspections and Examinations (OCIE), Division of Investment Management, and the Asset Management Unit of the Division of Enforcement jointly sponsor the compliance outreach program.
All regional seminars will include an overview of OCIE’s 2017 priorities and individual seminars will feature the following panel discussions on current...03-30-2017, 07:13 PM -
U. S. Securities and Exchange Commission's Office of the Investor Advocate to Hold Evidence Summit, Launch Investor Research Initiative
Washington, DC - - (March 2, 2017) - - The Securities and Exchange Commission’s Office of the Investor Advocate today announced it will host an Evidence Summit to discuss strategies for raising retail investors’ understanding of key investment characteristics such as fees, risks, returns, and conflicts of interest.
The March 10 Evidence Summit will mark the official launch of the SEC’s new investor research initiative led by the SEC’s Office of the Investor Advocate, dubbed ‘POSITIER’, also known as Policy Oriented Stakeholder and Investor Testing for Innovative and Effective Regulation.
POSITIER seeks to inform the rulemaking process with evidence obtained from surveys and specific testing projects. Under this initiative, the SEC’s Office of the Investor Advocate has launched a...03-06-2017, 11:25 PM -
U.S. Securities and Exchange Commission Posts Notice of Availability of International Financial Reporting Standards Taxonomy
Foreign Private Issuers May Begin Submitting Their Financial Statements in XBRL
March 3, 2017
Washington, DC - - (March 1, 2017) - - The Securities and Exchange Commission today published a taxonomy on its website so that foreign private issuers that prepare their financial statements in accordance with International Financial Reporting Standards (IFRS) may submit those reports using XBRL. XBRL is a machine readable data format that allows investors and other data users to more easily access, analyze and compare financial information across reporting periods and across companies.
Foreign private issuers that prepare their financial statements in accordance with IFRS as issued by the International Accounting Standards Board may begin immediately to submit their financial statements...03-03-2017, 02:18 PM -
U.S. Securities and Exchange Commission Votes to Seek Public Input on Possible Change to Industry Guide 3
Washington, DC - - (March 1, 2017) - - The Securities and Exchange Commission (SEC) today voted to publish a request for public comment on disclosures called for by Industry Guide 3 - Statistical Disclosure by Bank Holding Companies. Specifically, the Commission is soliciting public input on whether Guide 3 continues to elicit the information that investors need for informed investment and voting decisions. The Commission also seeks comment on whether there are new types of disclosures about the activities of bank holding companies that investors would find important. “As an agency designed to serve the American people, it is imperative to constantly look back on the SEC’s rules and engage the public on ways to improve,” said SEC Acting Chairman Michael Piwowar. “Today, we are asking for public comment on whether Industry Guide 3 contin...03-01-2017, 08:24 PM -
U.S. Securities and Exchange Commission Charges Chinese Citizens Who Reaped Massive Profits From Insider Trading on Comcast-Dreamworks Acquisition
Obtains Court Order Freezing More Than $29 Million in U.S. Accounts
February 10, 2017
Washington D.C. - - (February 10, 2017) - - The Securities and Exchange Commission today announced that it obtained an emergency court order freezing brokerage accounts holding more than $29 million in illegal profits from insider trading in advance of the April 2016 acquisition of DreamWorks Animation SKG, Inc. by Comcast Corp. The SEC alleges that in the weeks leading up to the news of the acquisition, Shaohua (Michael) Yin amassed more than $56 million of DreamWorks stock in the U.S. brokerage accounts of five Chinese nationals, including his elderly parents. DreamWorks stock price rose 47.3% once the acquisition was announced. In a complaint filed in U.S. District ...02-10-2017, 04:42 PM -
U.S. Securities and Exchange Commission says a Private Equity Adviser is Barred From Industry for Improper Withdrawal From Funds
February 8, 2017
Washington, DC - - (February 7, 2017) - - The Securities and Exchange Commission today announced that a private equity adviser has been permanently barred from the securities industry and must pay a $1.25 million penalty to settle charges that he withdrew improper fees from two private equity funds he managed. The SEC’s order finds that Scott M. Landress formed the funds to invest in real estate trusts with underlying investments in properties throughout the UK. His investment advisory firm SLRA Inc. earned management fees based on the net asset value of the underlying investments. SLRA’s fees shrank and its management costs increased as real estate property values fell during the financial crisis, and the funds’ limited partners declined several requests by Landress...02-08-2017, 07:57 AM -
U.S. Securities and Exchange Commission Announces $7 Million Whistleblower Award
January 23, 2017
Washington, DC - - (January 23, 2017) - - The Securities and Exchange Commission today announced an award of more than $7 million split among three whistleblowers who helped the SEC prosecute an investment scheme.
One whistleblower provided information that was a primary impetus for the start of the SEC’s investigation. That whistleblower will receive more than $4 million. Two other whistleblowers jointly provided new information during the SEC’s investigation that significantly contributed to the success of the SEC’s enforcement action. Those two whistleblowers will split more than $3 million.
“Whistleblowers played an important role in the success of this case as they helped our agency detect and prosecute a scheme preying on vulnerable investors,” said Jane Norberg, Chief of...01-23-2017, 01:23 PM -
U.S. Securities and Exchange Commission says 10 Firms Violated Pay-to-Play Rule By Accepting Pension Fund Fees Following Campaign Contributions
January 19, 2017
Washington, DC - - (January 17, 2017) - - The Securities and Exchange Commission today announced that 10 investment advisory firms have agreed to pay penalties ranging from $35,000 to $100,000 to settle charges that they violated the SEC’s investment adviser pay-to-play rule by receiving compensation from public pension funds within two years after campaign contributions made by the firms’ associates.
According to the SEC’s orders, investment advisers are subject to a two-year timeout from providing compensatory advisory services either directly to a government client or through a pooled investment vehicle after political contributions were made to a candidate who could influence the investment adviser selection process for a public pension fund or...01-18-2017, 09:24 AM