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Parties considering whether to settle an SEC enforcement investigation or criminal proceeding have a reasonable expectation that they will know the likely consequences of a settlement. T...
In a recently issued administrative order, the SEC implicitly acknowledged that the limiting principles for disgorgement that the Supreme Court outlined in Liu v. Securities and Exchange ...
Davis Polk is pleased to present its DOJ and SEC FCPA Resolution Tracker. The tracker details key characteristics of corporate and individual FCPA resolutions and is available through the...
On January 11, 2021, the Supreme Court vacated the Second Circuit’s controversial decision in United States v. Blaszczak, which held that proof of a benefit to the tipper is not a requi...
Congress overrode the President’s Veto of the National Defense Authorization Act. Among other things, the new law expands to 10 years the time for the SEC to bring disgorgement claims ...
The National Defense Authorization Act approved by Congress last week would extend to 10 years the time for the SEC to file disgorgement claims for scienter-based violations. It also wou...
The Commodity Futures Trading Commission (CFTC) Enforcement Division’s Annual Report highlights the agency’s record number of enforcement actions in 2020, a focus on retail fraud case...
The SEC Enforcement Division’s 2020 Annual Report focuses on COVID-related investigations while reporting fewer case filings, slightly more monetary relief ordered, and a record-breakin...
In a first-of-its-kind case, the SEC focused on a company’s accounting controls around Rule 10b5-1 buybacks and imposed a $20 million fine. The novel theory in the case highlights the n...
A divided Securities and Exchange Commission voted to amend its whistleblower rules to: (1) increase the amounts of smaller awards; (2) assert SEC discretion in determining award amounts;...