A three-judge panel of the United States Court of Appeals for the Second Circuit ruled Wednesday that Judge Jed S. Rakoff made a mistake when he rejected a negotiated settlement between the SEC and Citigroup three years ago.
Entries in Securities and Exchange Commission (22)
The Securities and Exchange Commission on Monday issued guidance on the conflict-minerals disclosure requirements contained in the Dodd-Frank Act.
Mary Jo White, chairman of the Securities and Exchange Commission, sat last month for a terrific interview with C-SPAN founder Brian Lamb as part of its Q&A series.
The U.S. Securities and Exchange Commission’s (SEC) may finally be winning its long battle to convince China to hand over audit papers of companies under investigation in the U.S.
The U.S. Securities and Exchange Commission (SEC) published its fiscal year 2013 Agency Financial Report (AFR) to detail its financial and performance results for the President, Congress and public at large. Its purpose is portray its accomplishments and strategic goals for the next year, as well as its financial picture for budget planning. The report discusses its enforcement actions related to the FCPA in the past year, and the guidelines it provided businesses in complying with the law.
Since August 2012, there has been a lot of discussion in anti-corruption circles about Oracle’s settlement with the SEC, including here. Much of the past discussion has focused on the fact that the SEC charged Oracle with books & records and internal controls FCPA violations without an attendant allegation of bribery. Rather, the SEC said in its complaint that “[f]rom 2005 to 2007, certain employees of Oracle's Indian subsidiary Oracle India Private Limited ("Oracle India") secretly "parked" a portion of the proceeds from certain sales to the Indian government and put the money to unauthorized use, creating the potential for bribery or embezzlement.” (emphasis added).
The SEC now pays for information about securities law violations -- including the FCPA -- leading to a recovery of at least $1 million. The whistleblower reward can be from 10% to 30% of the recovery -- a big range that's entirely within the SEC's discretion.
We considered in a prior post the new spirit of tough enforcement at the DOJ and SEC and the need to seize the opportunity for more advocacy by the compliance profession, in particular to head off a resolution of the Wal-Mart investigation harmful to compliance officers and the public.
The SEC's associate director of enforcement, Stephen L. Cohen, left, had some great things to say when he spoke this week at the SCCE Annual Conference in Washington D.C.