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.
Tag Archives: Securities and Exchange Commission
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 enforcement. Look for additional posts throughout the month of January.
As we look towards the SEC Division of Enforcement’s agenda for 2020,… More
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