These are some of the compliance-related stories that recently caught my attention.
Mark Cuban vs. The SEC in WealthManagement.com
The only way to reform what ails the Securities and Exchange Commission is to “burn it down and start again,” says Mark Cuban, billionaire entrepreneur, host of the television show “Shark Tank,” and the owner of the Dallas Mavericks.
Corruption Allegations Lead to Securities Lawsuits by Kevin LaCroix in The D&O Diary
I was on a panel at a law firm event last week during which I was asked to make some predictions for 2015. Among other things, I said that I thought we would see an increase of securities class action lawsuit filings following in the wake of regulatory investigations, especially bribery investigations. I also said that many of these lawsuits next year will involve bribery investigations being led by governments other than that of the United States. Well, we not yet into the new year, but there has already been a flurry of activity consistent with my predictions.
Forum Selection For SEC Cases – District Court or Administrative Proceeding? by Thomas O. Gorman in SEC Actions
Under this approach the seven insider trading cases filed as administrative proceedings since September would not represent a new trend or a move toward bringing these actions as administrative proceedings rather than the traditional civil injunctive action. At the same time the filing of so many insider trading cases as administrative proceedings in a brief period does represent a significant departure from prior practice. That is particularly notable for an agency which frequently looks for consistency. No doubt, the Director is correct that selecting the administrative forum quickly ends the matter – there is no district court to seek the assistance of or to ask questions and delay the entry of the settlement.
SEC Chief Is Not Pleased Over Insider Trading Decision by Michelle Celarier in the NY Post
Securities and Exchange Commission chief Mary Jo White is none too pleased about Wednesday’s landmark federal appeals court ruling that overturned two insider trading convictions. “My initial sense is that it is an overly narrow view of the insider trading law, and that is a concern,” she said at a conference in New York on Thursday.
Brick Pattern is by AGF81 at DeviantArt