Reform – International
Mapping responsibility: HKMA extends focus on management and its accountability
01 November 2017 - Charlotte Robins
On 16 October 2017, the Hong Kong Monetary Authority (HKMA) announced the introduction of a new Management Accountability Initiative (MAI) aimed at increasing the accountability of the senior management of Hong Kong registered institutions (RIs). The MAI, effective from 16 March 2018, requires every RI to identify (and disclose to the HKMA and the SFC) › Read More
SEC Creates Cyber Enforcement Unit
17 October 2017 - 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
Last Call for Securities Class Actions
05 July 2017 - 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
Kokesh is a game changer for the SEC’s FCPA Enforcement Program
29 June 2017 - 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
SEC disgorgement – It’s now or never
08 June 2017 - 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