George Canellos and Andrew Ceresney, two former colleagues in the Manhattan
U.S. Attorney's Office, became the first Co-Directors of the SEC's Enforcement
Division. The Division also secured a ruling this week which will permit its
subpoena enforcement action against the PRC based affiliate of Deloitte to move
forward. The ruling may set the stage for a precedent setting clash of U.S and
PRC law on the question of whether audit work papers for a U.S. registered
issuer based in the PRC and audited by a firm there are available to the SEC.
The Commission resolved an FCPA case this week in conjunction with the DOJ.
For the first time the SEC and the DOJ both entered into non-prosecution
agreements with the company. This is the first FCPA case settled by the SEC
with such an agreement. It is also the first FCPA case resolved with two
non-prosecution agreements. The Commission, in addition, filed a settled
financial fraud action and an insider trading case involving a corporate
executive. Finally, the PCAOB announced a new cooperation policy, encouraging
cooperation with its investigations.
Remarks: Commissioner Luis A. Aguilar delivered remarks titled
"Institutional Investors: Power and Responsibility" to the Georgia
State University Department of Finance CEAR Workshop, Atlanta, Ga. (April 19,
2013). The remarks focused on the important role institutional investors,
particularly regarding good disclosure which can aid a company, and in overall
corporate governance (here).
Remarks: Chairman Gary Gensler delivered remarks titled
"Benchmark Interest Rates" at the London City Week (April 22, 2013).
His remarks focused on the challenges of transitioning from LIBOR (here).
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For more commentary on developing securities issues, visit
SEC Actions, a blog by Thomas Gorman.
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