... context on the history of disgorgement in SEC enforcement proceedings; discusses factual and procedural background underlying the Liu decision; summarizes the Court’s opinion and rationale, with a particular focus on the Court’s pronouncements regarding the permissible scope of SEC disgorgement...

... funds, in order to understand its guidance and recommend best practices. Design/methodology/approach The study discusses the categories of deficiencies that the SEC regularly finds in its reviews of private fund advisers, current SEC enforcement trends, and recommendations for disclosures, internal...

... experienced lawyers in the mutual fund and investment advisory industries. The SEC’s Division of Enforcement (Division) announced the SCSD Initiative in February 2018, citing a “significant” concern of the SEC Staff that advisers across the industry were not fully disclosing all material conflicts...

... has ceded most responsibility for broker-dealer examinations to FINRA staff, broker-dealers should expect FINRA exams to cover areas identified as OCIE examination priorities. Practice Note: Trading in microcap securities has been a focus of regulatory examinations (and related enforcement...

...Brian Rubin; Adam Pollet Purpose To analyze FINRA’s 2018 disciplinary actions, the issues that resulted in the most significant fines and restitution, and the emerging enforcement trends from 2018 and beyond. Design/methodology/approach Discusses the disciplinary actions in 2018 and prior...

... liability for broker-dealers and investment advisers, and highlights key takeaways from the SEC’s recent enforcement resolution that may be applied in establishing compliance procedures relating to internal investigations going forward. Findings The article concludes that the SEC appears to expect...

...Katherine Kirkpatrick; Christine Savage; Russell Johnston; Matthew Hanson Purpose To understand and analyze sanctions evasion and enforcement via virtual currencies. Design/methodology/approach Discusses various jurisdictions’ attempts to further the use of virtual currency to facilitate...

... statistics regarding enforcement actions brought by the CFTC, as well as the amount of restitution, disgorgement and penalties collected in 2017. These statistics are contrasted with the same statistics from 2016. This paper also discusses the types of enforcement actions brought by the CFTC in 2017...

...Brian Rubin; Adam Pollet Purpose The purpose of this paper is to analyze the Financial Industry Regulatory Authority’s (FINRA) 2017 disciplinary actions, the issues that resulted in the most significant fines and restitution and the emerging enforcement trends from 2017 and beyond. Design...

.../methodology/approach This paper explains key features to the guidance note, the SFC’s current approach in investigations and enforcement and the impact on regulated parties and senior management. In particular, the authors discuss what cooperation means in disciplinary, civil court and market misconduct...

...Brian Rubin; Adam Pollet Purpose To analyze FINRA’s 2016 sanctions and cases, the issues that resulted in the most significant fines, emerging enforcement trends, and make predictions about key issues for FINRA for 2017 and beyond. Design/methodology/approach Discusses the sanctions...

...Benjamin Neaderland; Jared Cohen Purpose – To alert companies and individuals subject to regulation and investigation by the US Securities and Exchange Commission (SEC) of potential arguments to enforce time limits on enforcement actions that have heretofore commonly been ignored. Design...

... regarding the SEC’s ongoing efforts to be the advocate of whistleblowers. Findings – This article finds that the SEC will continue its role in protecting whistleblowers, including ongoing enforcement scrutiny of employment agreements and similar provisions that may discourage whistleblowers...

...Daniel Adams; Jennifer Chunias; Robert Hale; John Newell; William T. Goldberg Purpose – The article highlights one of several recent SEC enforcement developments involving whistleblowers. Design/methodology/approach – The article describes a recent SEC enforcement action based...

... the MCDC enforcement process. Members of the SEC enforcement staff have said that underwriter MCDC cease-and-desist orders will be announced in the “coming months” and that issuers will not be named in these enforcement actions. Originality/value – Practical guidance from experienced financial...

...Perrie Michael Weiner; Patrick Hunnius; Sean R. Crain Purpose – To address “Conflicts, Conflicts Everywhere,” a speech at the recent IA Watch 17th Annual Compliance Conference by Julie M. Riewe, co-chief of the Securities and Exchange Commission’s Enforcement Division’s Asset Management Unit (AMU...

... and securities fraud. Design/methodology/approach – Provides background, including the enactment of FATCA and the details of the indictment; describes an undercover investigation conducted by President Obama’s Financial Fraud Enforcement Task Force; and discusses the warnings this indictment sends...

...Terence Healy; Amy J. Greer; Daniel Z. Herbst Purpose – To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the practice was called into question by a federal district court...

...M. Norman Goldberger; John C. Grugan; Christine O’Neil; Tesia N. Stanley Purpose – To explain the first enforcement action the USA Securities and Exchange Commission (SEC) has brought under “pay to play” rules for investment advisers since those rules were adopted nearly four years ago...

...Deborah G. Heilizer; Brian L. Rubin; Andrew M. McCormick Purpose The paper's aim is to describe a recent increase in FINRA enforcement activity and to discuss how broker‐dealers and representatives may want to prepare themselves for FINRA's increasing willingness to sanction members in the wake...