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Recently, the United States Securities and Exchange Commission’s (“SEC”) Enforcement Director, Andrew Ceresney (“Ceresney”), spoke to pharmaceutical compliance personnel at the CBI’s Annual Pharmaceutical Compliance Congress and discussed three current areas of SEC focus most relevant to the pharmaceutical industry: the Foreign Corrupt Practices Act (“FCPA”), corporate disclosures relating to interactions with the Food and Drug Administration (“FDA”), and financial internal controls.…
Securities and Exchange Commission (“SEC”) Enforcement Division Director Andrew Ceresney, recently drew attention when he announced that the SEC intends to include among its enforcement priorities compliance with the Bank Secrecy Act (the “BSA”). Ceresney’s comments, made during SIFMA’s 2015 Anti-Money Laundering and Financial Crimes Conference, focused on broker-dealers and the SEC’s concern that broker-dealers have not implemented adequate anti-money laundering (“AML”) programs to comply with the BSA’s reporting and recordkeeping requirements. BSA enforcement actions…
Securities and Exchange Commission (“SEC”) Enforcement Division Director Andrew Ceresney, recently drew attention when he announced that the SEC intends to include among its enforcement priorities compliance with the Bank Secrecy Act (the “BSA”). Ceresney’s comments, made during SIFMA’s 2015 Anti-Money Laundering and Financial Crimes Conference, focused on broker-dealers and the SEC’s concern that broker-dealers have not implemented adequate anti-money laundering (“AML”) programs to comply with the BSA’s reporting and recordkeeping requirements. BSA enforcement actions…
This post was also written by S. William Richter. The SEC has been increasingly active in its enforcement efforts in the municipal securities market.  Such efforts are being conducted through its Municipal Securities and Public Pensions unit, which was one of the five specialized enforcement units the SEC first created in 2010. In 2014, the SEC boldly acted in this area by offering a deal to underwriters and issuers of municipal securities, incentivizing them…
In a widely anticipated decision, the Second Circuit on Wednesday clarified the standard for insider trading actions against tippees, downstream recipients of inside information who trade on that information. The court overturned the criminal convictions of two hedge fund portfolio managers who were convicted in 2013 as part of a massive sweep by New York federal prosecutors targeting insider trading on Wall Street and beyond. The court held that it is not enough for…
For the second time in as many months, the U.S. Securities and Exchange Commission’s Division of Corporation Finance (“Corp Fin”) has issued a Revised Statement on Well-Known Seasoned Issuer Waivers (“WKSIs”). As we mentioned last month, WKSIs are issuers of securities that can get the benefit of registering their securities offerings on shelf registrations that become automatically effective upon filing, as opposed to having to wait for a Corp Fin review and a declaration that…
The U.S. Securities and Exchange Commission’s Division of Corporation Finance (“Corp Fin”) recently updated its guidance concerning how it will evaluate requests for waivers by Well Known Seasoned Issuers (“WKSI”) who would otherwise become ineligible to be WKSIs under Rule 405 of the Securities Act..  According to Corp Fin, this update is more of a refinement than it is a change to the existing policy. WKSIs have benefits such as the ability to sell their…