Criminal Law

SEC Issues Agenda for Nov. 9 Meeting of the Small Business Capital Formation Advisory Committee

Posted on November 03, 2020
The Securities and Exchange Commission today released the agenda for the Monday, Nov. 9, 2020, meeting of its Small Business Capital Formation Advisory Committee, which will be hosted via video conference.  The Committee will discuss the Commission?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Awards Over $28 Million to Whistleblower

Posted on November 03, 2020
The Securities and Exchange Commission today announced an award of over $28 million to a whistleblower who provided significant information that aided the SEC in bringing a successful enforcement action.  The whistleblower internally reported?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Division of Enforcement Publishes Annual Report for Fiscal Year 2020

Posted on November 02, 2020
The Securities and Exchange Commission?s Division of Enforcement issued its annual report for fiscal year 2020 today. The report provides a comprehensive view of the Division's accomplishments over the past year, discusses significant actions and?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Harmonizes and Improves ?Patchwork? Exempt Offering Framework

Posted on November 02, 2020
The Securities and Exchange Commission today voted to amend its rules in order to harmonize, simplify, and improve the multilayer and overly complex exempt offering framework. These amendments will promote capital formation and expand investment?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

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SEC Issues Agenda for Nov. 5 Special Meeting of the Asset Management Advisory Committee

Posted on October 29, 2020
The Securities and Exchange Commission today released the agenda for the Nov. 5, 2020, special meeting of the Asset Management Advisory Committee (AMAC).  AMAC was formed to provide the Commission with diverse perspectives on asset management?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Raquel Fox, Director of the Office of International Affairs, to Depart SEC

Posted on October 29, 2020
The Securities and Exchange Commission today announced that Raquel Fox, Director of the Office of International Affairs, will leave the agency in November. The Office of International Affairs (OIA) advises the Commission on cross-border regulatory,?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Awards Over $10 Million to Whistleblower

Posted on October 29, 2020
The Securities and Exchange Commission today announced an award of over $10 million to a whistleblower whose information prompted the opening of an investigation and provided substantial, ongoing assistance to SEC staff throughout the investigation.?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Adopts Modernized Regulatory Framework for Derivatives Use by Registered Funds and Business Development Companies

Posted on October 28, 2020
The Securities and Exchange Commission today voted to enhance the regulatory framework for derivatives use by registered investment companies, including mutual funds (other than money market funds), exchange-traded funds (ETFs) and closed-end funds, as?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Division of Corporation Finance Director Bill Hinman Announces Intention to Conclude His Tenure Later This Year

Posted on October 27, 2020
The Securities and Exchange Commission today announced that William H. Hinman, Director of the SEC?s Division of Corporation Finance, plans to leave the SEC later this year. Since joining the SEC in May 2017, Mr. Hinman led the Division?s work on a wide?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Day-Trading Education Firm for Unregistered Security-Based Swap Transactions

Posted on October 23, 2020
The Securities and Exchange Commission today charged Israeli company Tradenet Capital Markets Ltd. for offering and selling security-based swaps to over 5,000 retail investors without registration and for failing to transact its swaps on a registered?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC to Host Panel with Women Entrepreneurs of Color on Oct. 28

Posted on October 22, 2020
The Securities and Exchange Commission today announced it will host a virtual forum next week featuring women entrepreneurs and investors of color from Los Angeles and Atlanta discussing their business experiences and?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Issues Record $114 Million Whistleblower Award

Posted on October 22, 2020
The Securities and Exchange Commission today announced an award of over $114 million to a whistleblower whose information and assistance led to the successful enforcement of SEC and related actions.  The $114 million award consists of an?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Goldman Sachs With FCPA Violations

Posted on October 22, 2020
The Securities and Exchange Commission today announced charges against The Goldman Sachs Group Inc. for violations of the Foreign Corrupt Practices Act (FCPA) in connection with the 1Malaysia Development Berhad (1MDB) bribe scheme, and as part of?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

At Joint Open Meeting, SEC and CFTC Approve Final Rule on Security Futures Margin and Request for Comment on Portfolio Margining

Posted on October 22, 2020
The Securities and Exchange Commission and the Commodity Futures Trading Commission, at their first joint open meeting to vote on rulemaking initiatives, today approved: (1) a joint final rule to harmonize the minimum margin level for security futures?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Obtains Final Judgment Against Kik Interactive For Unregistered Offering

Posted on October 21, 2020
The Securities and Exchange Commission announced today that a federal district court has entered a final judgment on consent against Kik Interactive Inc. to resolve the SEC?s charges that Kik?s unregistered offering of digital ?Kin? tokens in 2017?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Updates Auditor Independence Rules

Posted on October 16, 2020
The Securities and Exchange Commission today announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X.  Informed by decades of staff experience applying the auditor independence framework?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Releases Agenda for October 26 Roundtable on Regulation Best Interest and Form CRS

Posted on October 16, 2020
The Securities and Exchange Commission today announced the agenda and panelists for the October 26, 2020, roundtable where Commission staff and FINRA will discuss initial observations on Regulation Best Interest and Form CRS implementation. The event?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Board Member James G. Kaiser to Retire From the PCAOB; Contributed Substantially to PCAOB Strategic Plan and the Use of Technology to Enhance Audit Quality

Posted on October 15, 2020
The Securities and Exchange Commission today announced that James (Jim) G. Kaiser will leave the Public Company Accounting Oversight Board (PCAOB) after completing his term as a Board member. Mr. Kaiser was appointed to the Board in December 2017 and his?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Appoints PCAOB Chief Auditor Megan Zietsman to PCAOB Board

Posted on October 15, 2020
The Securities and Exchange Commission today announced the appointment of Megan Zietsman as a Board member of the Public Company Accounting Oversight Board (PCAOB) for a term ending in October 2025. Ms. Zietsman has been the Chief Auditor and?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Awards $800,000 to Whistleblower

Posted on October 15, 2020
The Securities and Exchange Commission today announced an award of more than $800,000 to a whistleblower whose information caused the staff to open an investigation that led to two successful SEC enforcement actions.      ?The?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC and CFTC to Hold a Joint Open Meeting on October 22

Posted on October 15, 2020
The U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission today announced their agencies will hold a joint open meeting on Thursday, Oct. 22, 2020, at 10:00 a.m. (EDT). The meeting will be held virtually?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Andeavor for Inadequate Controls Around Authorization of Stock Buyback Plan

Posted on October 15, 2020
The Securities and Exchange Commission today announced settled charges against Andeavor LLC for controls violations relating to a stock buyback plan it implemented while it was in discussions to be acquired by Marathon Petroleum Corp. in 2018.?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Tamara Brightwell Named Deputy Director of Division of Corporation Finance?s Disclosure Review Program

Posted on October 13, 2020
The Securities and Exchange Commission today announced that Tamara M. Brightwell has been named Deputy Director of the Division of Corporation Finance?s Disclosure Review Program. As the Disclosure Review Program Deputy Director, Ms. Brightwell will?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

Jessica Kane Named Director of Division of Corporation Finance?s Disclosure Review Program

Posted on October 13, 2020
The Securities and Exchange Commission today announced that Jessica S. Kane has been named Director of the Division of Corporation Finance?s Disclosure Review Program. As the Director of the Disclosure Review Program, Ms. Kane will lead the Division?s?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges Seismic Data Company, Former Executives With $100 Million Accounting Fraud

Posted on October 08, 2020
The Securities and Exchange Commission today charged Houston-based seismic data company, SAExploration Holdings Inc. (SAE), and four former executives for a multi-year accounting fraud that falsely inflated the company?s revenue by approximately $100?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Names Nichola L. Timmons Chief of New Office of Bankruptcy, Collections, Distributions, and Receiverships

Posted on October 07, 2020
The Securities and Exchange Commission today announced that Nichola L. Timmons has been named Chief of the newly-formed Office of Bankruptcy, Collections, Distributions, and Receiverships in the Division of Enforcement. This new office will centralize?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC to Hold National Compliance Outreach Seminar for Investment Companies and Investment Advisers Virtually

Posted on October 07, 2020
The Securities and Exchange Commission today announced that it has rescheduled its compliance outreach program's national seminar for investment companies and investment advisers to Nov. 19, 2020. This program is intended to help Chief?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Proposes Conditional Exemption for Finders Assisting Small Businesses with Capital Raising

Posted on October 07, 2020
The Securities and Exchange Commission today voted to propose a new limited, conditional exemption from broker registration requirements for ?finders? who assist issuers with raising capital in private markets from accredited investors.  If adopted?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Updates Regulatory Framework for Fund of Funds Arrangements

Posted on October 07, 2020
The Securities and Exchange Commission today voted to adopt a new rule and related amendments designed to put in place a comprehensive regulatory framework for fund of funds arrangements.  The rule also reflects the Commission?s decades of?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

SEC Charges John McAfee With Fraudulently Touting ICOs

Posted on October 05, 2020
The Securities and Exchange Commission today charged businessman and computer programmer John McAfee for promoting investments in initial coin offerings (ICOs) to his Twitter followers without disclosing that he was paid to do so. McAfee?s bodyguard,?Read the Full Press ReleaseHave a securities law question? Call Sallah Astarita & Cox at 212-509-6544.

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