Sunday, December 21, 2014

Facebook IPO Draws Scrutiny of Regulators, Congress, Others

The May 18 initial public offering of Facebook Inc. (FB) shares is drawing new scrutiny, with regulators and key members of Congress looking for more information, and some disgruntled investors complaining about the lack of disclosure and trading snafus.

BNA INSIGHTS: The Year Ahead: SEC Enforcement Outlook 2012

The year 2011 was a challenging year for the Securities and Exchange Commission (“SEC”) in many respects. Main Street and Congress placed tremendous pressure on the SEC to bring to justice those who contributed to the recent financial crisis. That task was complicated, however, by continuing budget constraints and a judiciary that began to question the SEC’s methods and results in unprecedented ways. Despite these challenges, SEC enforcement activity in 2011 reached an all-time high as 735 enforcement actions were filed, disgorgement orders increased approximately twenty percent, and monetary penalties nearly tripled.

BNA INSIGHTS: Evaluating SEC Non-Prosecution and Deferred Prosecution Agreements

Prosecutors have encouraged and rewarded cooperation with corporate criminal investigations over the past decade through the use of criminal non-prosecution agreements (NPAs) and deferred prosecution agreements (DPAs). Corporate criminal NPAs and DPAs ascribe culpability and exact potentially stiff fines, while permitting cooperative parties to avoid the often devastating consequences of a corporate criminal conviction. The relatively new options of resolving investigations by the Securities and Exchange Commission (“SEC”) through

In Major Win for SEC, Appeals Court Stays SEC/Citigroup Case, Slams Lower Court Rejection of Parties’ Pact

In a major win for the Securities and Exchange Commission, the U.S. Court of Appeals for the Second Circuit March 15 granted the agency and Citigroup Global Markets Inc.’s (C) request for a stay of lower court proceedings that rejected their proposed $285 million settlement of securities fraud charges (SEC v. Citigroup Global Markets Inc., 2d Cir., No. 11-5227, 3/15/12).

BNA INSIGHTS: Securities Enforcement 2011 — What Hath Dodd-Frank Wrought?

For the SEC’s Division of Enforcement, 2011 was a year of extremes — record breaking enforcement activity contrasted with a highly publicized challenge to one of the fundamental aspects of its program…

Group Sues SEC over File Destruction, Contending Agency Violated Federal Law

A public interest group—Citizens for Responsibility and Ethics in Washington—Sept. 27 sued the Securities and Exchange Commission over allegations that the agency destroyed documents relating to preliminary inquiries…

SEC Whistleblower Rules Take Effect; Agency Lists Cases for Possible Claims

The Securities and Exchange Commission’s whistleblower program formally became effective Aug. 12, starting with a launch by the commission of a new webpage with detailed instructions on how would-be informants can submit claims for awards…

BNA INSIGHTS: U.S. SEC’s Final Rules Implementing Whistleblower Provisions of Dodd-Frank Law

On May 25, 2011, in a 3-2 vote, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) approved its final rules (“Whistleblower Rules”) to implement the whistleblower award program of Section 21F of the Securities Exchange Act of 1934, which was added by Section 922 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).

SEC Adopts Whistleblower Bounty Final Rules That Encourage, Not Require, Internal Reporting

In a controversial and much-anticipated action, a divided Securities and Exchange Commission May 25 voted 3-2 to adopt final rules to establish a whistleblower bounty program mandated under the 2010 financial reform legislation…

SEC Signs First Deferred Prosecution Pact; Tenaris To Pay $8.9 Million Over FCPA Breaches

The Securities and Exchange Commission May 17 announced its first ever deferred prosecution agreement, entering into a pact with steel pipe manufacturer Tenaris S.A. (TS) over allegations that company employees bribed Uzbekistan officials to secure oil pipeline contracts…

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