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...
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
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
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
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...
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.
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...