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The Commission announced that its enforcement program remains vibrant, having filed just one less action last year that its record setting 735 actions in the prior fiscal year. The enforcement program is being bolstered by over 3,000 whistleblower complaints that were filed last year from all 50 fifty states and a number of foreign countries. And, the long awaited guidance on the FCPA was published by the agency and the DOJ.
In court the Commission lost another significant market crisis case centered on the first mutual fund to "break the buck." The jury did find in the Commission's favor on the negligence based charges but it rejected each intentional fraud claim. At the same time the Commission settled with BP over its faulty disclosures regarding the Deep Water Horizon oil spill, collecting the third largest penalty in its history.
Report: The House Sub-Committee on Oversight and Investigations, Committee on Financial Services, issued a report on MF Global (Nov. 15, 2012). The Report is critical of the lack of coordination between the CFTC and the SEC and raises the prospect of a merger of the two agencies (here).
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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