Prior articles have reviewed the provisions of Dodd-Frank
which focus on SEC Enforcement ( here ) and rule making ( here ). Other
provisions of the Act impact the Commission's authority regarding executive
compensation. In part, these are discussed by Chairman Schapiro in her remarks
at the Center...
The federal securities laws have traditionally focused largely on disclosure, leaving corporate governance to state law. Nevertheless, Dodd-Franks expands the Commission's role in corporate governance in three key areas. This is consistent with the impact of the legislation on the SEC's Enforcement...
The SEC and Tenaris S.A resolved an FCPA case with a
deferred prosecution agreement. It is the first deferred prosecution agreement
under the initiative the Commission announced last year. The company also
settled FCPA charges with the Department of Justice, entering into a
The SEC recently announced that it reached a settlement
with Beazer CEO O'Leary requiring O'Leary to pay back to Beazer more
than $1.4 million that he received during a time period when Beazer's financial
statements were allegedly misstated. It is undisputed that the SEC did
Last summer, an article was published in the University of Pennsylvania, Journal of Business Law , entitled " The OECD's Call for an End to the 'Corrosive' Facilitation Payments and the International Focus on the Facilitation Payments Exception under the Foreign Corrupt Practices Act...
The Securities and Exchange Commission is rattling a dull
sabre again towards Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. for its
refusal to provide the agency with audit work papers related to Longtop, a
China-based company under investigation for potential accounting fraud against
Deloitte has settled a shareholder case against the firm stemming from their role as
auditor of Bear Stearn s, one of the early financial services firms to fail,
be force sold or nationalized during the financial crisis of 2008-2009.
Deloitte was dangerously close to having to answer for its actions...
This article was reprinted with permission from FCPA
February's issue of the month is the statute of
limitations in SEC enforcement actions.
28 U.S.C. 2462 provides as follows.
"Except as otherwise provided by Act of Congress, an
action, suit or proceeding for the enforcement...
This article was reprinted with permission from FCPA Professor
The statute of limitations is a fundamental legal principle setting a fixed period of time to file a lawsuit after a claim arises. Last term in Gabelli v. SEC [ an enhanced version of this opinion is available to lexis.com subscribers...
Numerous questions surround the SEC’s new policy requiring enforcement action defendants in “egregious” cases to admit to wrongdoing in order to settle with the agency, rather than simply agreeing to neither admit nor deny the agency’s allegations. As I discussed in a prior post...
The Securities and Exchange Commission says it’s stepping up scrutiny of corporate accounting and disclosure fraud. That means going after gatekeepers like auditors, lawyers, and directors under an aptly named initiative Operation Broken Gate . The AgFeed case is the mother lode for an SEC that...