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…

DOJ, SEC Charge M&A Lawyer, Trader over Longrunning $32 Million Insider Trading Plot

The U.S. Attorney’s Office for the District of New Jersey April 6 charged a mergers and acquisitions attorney and a stock trader with conspiracy, securities fraud and other violations over their alleged roles in a long-running insider trading scheme…

BNA INSIGHTS: Top Ten SEC Enforcement Developments of 2010

This article highlights significant developments during 2010 in the enforcement program of the U.S. Securities and Exchange Commission (“SEC”). Developments were selected because they may signal future trends or establish new legal standards…

OUTLOOK 2011: SEC 2011 Enforcement Trends to Include Whistleblowers and Cooperation

In 2011, the single most important development likely to impact the Securities and Exchange Commission’s enforcement program is finalization of the whistleblower bounty program, the defense bar told BNA in recent interviews and comments.

Other major enforcement trends anticipated to take center stage this year include further development of the SEC’s cooperation program; a continuing close alliance between the SEC and…

SEC Maintains Dodd-Frank Act Reverses Morrison Ruling for Enforcement Purposes

The Securities and Exchange Commission believes that the financial reform legislation effectively overturned the U.S. Supreme Court’s landmark decision in Morrison and restored the so-called “conduct and effects” test for commission enforcement actions, a senior official said…

BNA INSIGHTS: New SEC Enforcement Unit Focuses on Funds and Advisers

For decades, the Securities and Exchange Commission’s Enforcement Division allocated few of its limited resources to the world of funds and advisers. The ’40 Act was left to the regulatory lawyers while, apart from the combined state-federal campaign against market timing and late trading a few years ago, the…

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