Keynote Address, SEC Regulation Outside the United States “The SEC at Home and Abroad” Andrew J. Donohue, Chief of Staff   InvestoRegulation Conference, London June 28, 2016 Introduction[1] Thank you, Mark, for that kind introduction.  Let me begin by providing the standard SEC disclaimer that the views I express today are my own and do…

Washington D.C., June 27, 2016 — The Securities and Exchange Commission voted today to propose amendments that would increase the financial thresholds in the “smaller reporting company” definition.  The proposal to update the definition would expand the number of companies that qualify as smaller reporting companies, thus qualifying for certain existing scaled disclosures provided in…

FOR IMMEDIATE RELEASE 2016-87 Washington D.C., May 13, 2016 — The Securities and Exchange Commission today announced fraud charges against two attorneys accused of making undisclosed risky investments and in some instances outright stealing money they obtained in escrow accounts from small business owners seeking commercial loans. The SEC alleges that Jay Mac Rust and…

The Graham ruling and the Step Backward for the SEC Due to a the ruling in SEC v. Graham, issued on May 12, 2014, the SEC’s enforcement program, which has struggled to gain footing, may have taken a step backward. The Court dismissed all of the claims brought by the SEC based on the five…

As you might know, in August 2011, the SEC create the Office of the Whistleblower which established a Whistleblower program at the Securities & Exchange Commission (“SEC”) that encourages insiders to “blow the whistle” on financial fraud, granting the whistleblowers part of the monies recovered from financial fraud.  Whistleblowers can receive an award equal to…

In this speech made on May 6, SEC Commissioner Kara Stein calls for the creation of a digital disclosure task force. The money quote: “What does a shareholder report look like on a four-inch screen?  Let’s look at what the science has to say about the visual display of information.  Let’s not limit ourselves to…

Chair Mary Jo White March 31, 2016 Introduction Thank you Jina [Choi] for that kind introduction and for your leadership of the San Francisco Regional Office.  It is always good to be back at Stanford,[1] and it is an honor to speak at the SEC’s and Rock Center’s Silicon Valley Initiative.  This is an important…

As we know, it is illegal under the federal securities regime to make material misstatements in connection with a securities transaction (see Rule 10b-5 “It shall be unlawful for any person…[t]o make any untrue statement of material fact…in connection with the purchase or sale of any security.”). Therefore, based on Rule 10b-5, you must disclose all…

Mutual fund investors are like anyone else—they find their time consumed by jobs, family obligations, and the myriad of other priorities we face in today’s world.  They are lucky if they can make it to the gym in their spare time.  So, to expect most investors to closely follow the performance of their fund investments,…

On December 2, 2015, there was a terrorist attack in San Bernardino, California where 14 people were killed and 22 people were seriously injured.  On December 3, 2015, the FBI opened a counter-terrorism investigation.  On December 6, 2015, President Barack Obama defined the shooting as an act of terrorism. Fast forward to Tuesday February 16,…

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