Tag Archives: SEC

Three Takeaways from the SEC’s New Proposed Rules on Climate Disclosures

Today, the Securities & Exchange Commission voted 3 to 1 in favor of adopting a long-awaited set of proposed revisions to SEC regulations concerning the disclosure of climate risks and related financial impacts, as well as data on greenhouse gas emissions in certain SEC filings. The recommendation to adopt the new set of rules was not unanimous, with Commissioner Hester Peirce voting against the measure, arguing that the new set of rules is at best unnecessary,… More

SEC Enforcement in 2022: A Look Ahead

This is the sixth post in this year’s series examining important trends in white collar law and investigations. Our previous post discussed trends in sanctions & export controls enforcement. Up next: trends in False Claims Act enforcement.

Takeaways:

  • The SEC Division of Enforcement’s increasingly aggressive pursuit of investigations and enforcement actions will continue in 2022.…
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2021 Marked by SEC Focus on Climate-related Disclosures

With the third quarter coming to a close and year-end reporting just around the corner, public companies should be giving careful thought to the evolving landscape for climate-related disclosures. While it did not promulgate any new rules in 2021 regarding these disclosures, the SEC has been actively commenting on climate change disclosures, and new rules are almost certainly on the way.

Since 2010, the SEC has made clear that its existing disclosure regime requires issuers to assess and,… More

Insider Trading, Congress and COVID-19: A Renewed Focus on the STOCK Act

The recently-reported sales of stock by several U.S. Senators following private briefings on the COVID-19 pandemic, apparently allowing them to avoid significant losses before the markets plummeted, have focused attention on the Stop Trading on Congressional Knowledge (STOCK) Act.  The Act, which President Obama signed into law in 2012, followed the public outcry resulting from a “60 Minutes” report on lucrative trades by members of Congress during the debate over the Affordable Care Act and prior to the 2008 financial crisis. … More

SEC Office of Compliance Inspections and Examinations Issues 2020 Examination Priorities

John W.R. Murray recently authored a White Collar Crime and Government Investigations Alert about the SEC Office of Compliance Inspections and Examinations 2020 examination priorities.  They include prioritizing the interests of retail or “Main Street” investors, particularly with respect to registered investment advisers that serve retail investors, cybersecurity and digital assets.

Click here to read the full alert. More

White Collar Year in Preview: SEC Enforcement Trends in 2020

Editors’ Note:  This is the first in our start-of-year series examining important trends in white collar law and investigations in the coming year.  Up next:  a look at trends in health care enforcementLook for additional posts throughout the month of January.

As we look towards the SEC Division of Enforcement’s agenda for 2020,… More

SEC Division of Enforcement Issues 2019 Annual Report

On November 6, 2019, the SEC Division of Enforcement published its annual report for fiscal year 2019. The report provides valuable insight, not only as to the Division’s performance over the past year, but also about its current priorities and where it will be focused in the near-term future. Overall, Enforcement’s program since 2017, when SEC Chairman Jay Clayton assumed leadership of the agency, has been shaped by five “core principles”: (1) focus on the retail investor;… More

Supreme Court Extends Securities Fraud Liability to Knowing Dissemination of False Statements Made By Others

Recently, in Lorenzo v. Securities and Exchange Commission, No. 17-1077, the Supreme Court held that an investment banker had committed securities fraud by copying and pasting false statements prepared by his supervisor into emails to prospective investors, even though he was not on the hook for making the statements himself.

The decision focuses on Rule 10b-5 of the Securities and Exchange Commission,… More