Reform – International

SEC Creates Cyber Enforcement Unit

Kurt Wolfe

The Enforcement Division of the U.S. Securities and Exchange Commission recently announced the formation of a dedicated “Cyber Unit” that will focus on detecting and prosecuting cyber-related misconduct. (1)   The announcement follows several statements by high-ranking SEC officials that stress the programmatic importance of cyber enforcement. For example, in a recent interview with Reuters, Read More

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Last Call for Securities Class Actions

Justin Ormand

The Supreme Court made clear this past Monday that there’s no room for hesitation in pursuing claims for securities law violations. In a 5-4 decision, the Court held in California Public Retirement System v. ANZ Securities (CalPERs) that the three year deadline for filing claims under Section 11 of the Securities Act of 1933 is Read More

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Kokesh is a game changer for the SEC’s FCPA Enforcement Program

Kurt Wolfe

The U.S. Supreme Court recently ruled, in Kokesh v. SEC, that a five-year statute of limitations applies to claims for disgorgement in SEC enforcement proceedings. It is an important decision that is likely to impact the SEC’s enforcement program, particularly in Foreign Corrupt Practices Act (FCPA) cases. Below, we suggest five changes that are likely to Read More

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SEC disgorgement – It’s now or never

Rebecca Delfiner

When is a penalty a “penalty,” and why does it matter?  The question is whether SEC-mandated disgorgement of illicit profits is a “penalty” under the law, and the decision is Kokesh v. SEC.  Why do we care?  A “penalty” is subject to a five-year statute of limitations under 28 U.S.C. §2462.  Per a unanimous panel, Read More

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Whistleblower update: Normal service resumes at the SEC’s Office of the Whistleblower

Kurt Wolfe

Things went conspicuously quiet at the SEC’s Office of the Whistleblower after President Trump took office. Over the past several weeks, however, there have been a number of interesting developments at the Whistleblower Office, which remind us that the SEC’s whistleblower program is still up and running. In this blog, we take a look at Read More

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