Posts tagged enforcement actions.

The SEC reports it brought 868 enforcement actions in the fiscal year ended September 30, 2016 -- more than ever before, and for the third year in a row. But a Wall Street Journal article this week attributes it to playing "small ball" with little, easily-won cases.

In the Journal's analysis, the SEC's enforcement numbers would have remained relatively flat (up some) if not for the addition of 91 smaller cases under Chair White's "broken windows" mandate. The mandate derives from community policing models (and a 1982 article by political scientist James Q. Wilson) that posit overall ...

Posted in: SEC
In an August 18 letter to SEC Enforcement Director Ceresney, the National Society for Compliance Professionals ("NSCP") urged the SEC to adopt an internal guideline requiring a higher "aiding and abetting" standard for compliance-officer liability in enforcement actions. While underscoring its commitment to a strong enforcement program in appropriate circumstances, NSCP expressed concern over the hindsight breadth of the "caused" standard used in recent actions against compliance professionals. The group urged the SEC to consider several issues when making ...
Posted in: SEC
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