LexisNexis® Legal Newsroom
SEC LOSES TWO KEY ISSUES IN THE ELEVENTH CIRCUIT

The Commission suffered a significant loss in a recent decision by the Eleventh Circuit Court of Appeals. The Court constricted the reach of Exchange Act Section 10(b) and tightened the standards for issuing an injunction, precluding "obey the law" orders which have long been a staple of SEC...

Court Tosses Madoff Investors' Lawsuit Against SEC

Despite the 'regrettable inaction' by the Securities and Exchange Commission ("SEC") in failing to detect Bernard Madoff's historic $65 billion Ponzi scheme, a federal appeals court ruled that those victimized by Madoff's fraud could not hold the SEC accountable for negligence...

The New SEC Chair Charts a Course for the Agency

Commentators have speculated since the appointment of Mary Jo White as SEC Chair that there would be a new emphasis on enforcement. Ms. White's remarks during her Senate confirmation hearings about unrelenting enforcement bolstered that view. Yet her recent remarks suggest perhaps another focus...

Where Will the New Administration Take the SEC?

While the SEC Chair is battling Congress to secure a budget which approaches $2 billion the number of cases being brought by the enforcement program is dwindling. Regardless of what budget Congress actually gives the agency, a critical question will be how the resources are used and by what standard...

Could the SEC Become Irrelevant?

New SEC Chair Mary Jo White many well be facing an early test of her leadership. The battle ground could be money market reform. The stakes are high - the SEC could find itself becoming less than relevant in a critical corner of the markets. Treasury Secretary Jacob Lew testified regarding the...

Obama Nominates Two New SEC Commissioners

President Obama last week nominated two senior US Senate aides to replace one Democratic and one Republican commissioner of the Securities and Exchange Commission. As we know, there are 5 commissioners, two from each party and then the fifth is a chair from the party of the sitting President. Obama...

The Stature of the SEC is Rising, But Business Ethics are Sinking

Another survey presents significant questions regarding the state of ethics on Wall Street and, in particular, the financial services industry. A significant number of those who responded to a new survey stated that the rules might have to be broken to be successful, that their company may have engaged...