January 17, 2012

SEC Names Jane Norberg as Deputy Chief of Whistleblower Office

The SEC appointed Jane A. Norberg as Deputy Chief of the Office of the Whistleblower, which oversees the SEC’s whistleblower program. Under that program established by Dodd-Frank, individuals can receive awards if, among other things, they voluntarily provide the SEC with original information that leads to successful SEC enforcement actions.

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November 8, 2011

SEC Staff Holds Roundtable on “Measurement Uncertainty in Financial Reporting”

The SEC held its inaugural roundtable in the Financial Reporting Series.  The SEC stated that the purpose of the Financial Reporting Series is to identify risks and potential improvements in the financial information provided to investors.

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November 7, 2011

Daniel Gallagher is Sworn as the Newest SEC Commissioner

Daniel M. Gallagher was sworn into office as an SEC Commissioner.  He was actually appointed SEC Commissioner on October 24, 2011.

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October 27, 2011

SEC Orders FINRA to Improve Internal Compliance Policies and Procedures

The SEC ordered the Financial Industry Regulatory Authority (FINRA) to hire an independent consultant and undertake other remedial measures to improve its policies, procedures, and training for producing documents during SEC inspections.  According to the SEC’s order instituting settled administrative proceedings, certain documents requested by the SEC’s Chicago Regional Office during an inspection were altered just hours before FINRA’s Kansas City District Office provided them.

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October 14, 2011

SEC and FSA Co-Host International Roundtable on Market Structures

SEC Chairman Mary Schapiro and Martin Wheatley, the Managing Director of the Conduct Business Unit at the U.K. Financial Services Authority (FSA), co-hosted a meeting among regulators from Europe, the Americas, Asia, and Australia to share views on issues pertaining to equity market structure.

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October 12, 2011

SEC Proposes Rules for Registration of Securities-Based Swap Dealers and Major Security-Based Swap Participants

The SEC voted to propose rules that lay out the process by which security-based swap dealers and security-based swap participants must register with the SEC.  The rules stem from Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

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October 5, 2011

FINRA Cannot Use Courts to Collect Disciplinary Fines

In Fiero v. FINRA, No. 09-1556-cv (2d Cir. Oct. 5, 2011), the United States Court of Appeals for the Second Circuit held that FINRA and other self-regulatory organizations lack the authority to bring federal court actions to collect on their disciplinary fines. Therefore, FINRA can levy fines, but it cannot…

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September 27, 2011

Kara Novaco Brockmeyer Named Chief of FCPA Unit

The SEC named Kara Novaco Brockmeyer as Chief of its Foreign Corrupt Practices Act Unit, which focuses on violations of the anti-bribery provisions of the federal securities laws.  Ms. Brockmeyer has been serving as an Assistant Director in the SEC’s Enforcement Division and supervising a number of complex investigations involving violations of the Foreign Corrupt Practices Act (FCPA).  That law prohibits U.S. companies from bribing foreign officials to obtain government contracts and other business.

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September 23, 2011

Consolidation of Office of the Executive Director with Office of the Chief Operating Officer

The SEC is amending its rules to reflect the consolidation of the SEC’s Office of the Executive Director with the SEC’s Office of the Chief Operating Officer, including amendments to replace references to the Executive Director with references to the Chief Operating Officer. Please click here to access…

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September 21, 2011

SEC Charges Father and Son With Insider Trading

The SEC charged Spencer D. Mindlin and his father, Alfred C. Mindlin, with insider trading. The SEC’s Division of Enforcement alleges that Spencer Mindlin conveyed material nonpublic information that he obtained in the course of his duties as an employee of Goldman, Sachs & Co. to his father, Alfred Mindlin. Spencer and Alfred Mindlin then traded based on this information in a brokerage account in the name of a family member and in Alfred Mindlin’s brokerage account.

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