Manipulation is one of the Commission’s long time focal points for enforcement. The reason is obvious – manipulation distorts the price and the market. Despite this focus by the agency and a multitude of cases, manipulation continues to be a
Securities
1980’s Rewind

Many of the underlying issues addressed by President Trump’s recent Executive Order have been part of the Foreign Corrupt Practices Act “conversation” for decades.
In 1980, the Carter administration (President Carter signed the FCPA into law in 1977) sent a…
Joint Trade Associations Submit Letter to SEC Acting Chair Mark Uyeda Regarding the Application of the Clearing Rule to US Treasury Securities
Various trade associations (the “Associations”), including the Securities Industry and Financial Markets Association (“SIFMA”), Managed Funds Association (“MFA”), Futures Industry Association (“FIA”), International Swaps and Derivatives Association (“ISDA”), Alternative Investment Management Association (“AIMA”) and The Institute of International Bankers (“IIB”),…
Thoughts
The following may be attributed to Professor Mike Koehler.
“The FCPA’s legislative history is clear that a main policy goal of Congress in enacting the FCPA was foreign policy. Moreover, the FCPA statute itself states that national security is a…
The Executive Order And Fact Sheet

On February 10th, President Trump signed an Executive Order Titled “Pausing Foreign Corrupt Practices Act Enforcement to Further American Economic and National Security.”
The Executive Order states:
“Section 1. Purpose and Policy. Since its enactment in 1977, the Foreign Corrupt…
Managed Funds Association Publishes Letter to SEC Acting Chair Mark Uyeda
The Managed Funds Association (“MFA”) published a letter dated January 20, 2025, to Acting Chair Mark T. Uyeda of the US Securities and Exchange Commission, outlining several policy recommendations for the SEC’s consideration.
The MFA urged the SEC to withdraw…
Exemption From the Requirement to Report Certain Personally Identifiable Information to the Consolidated Audit Trail
The Securities and Exchange Commission today provided an exemption from the requirement to report certain personally identifiable information (PII) – names, addresses, and years of birth – to the Consolidated Audit Trail (CAT) for natural persons. …
The Chickens Are Coming Home To Roost

I’ve been writing about the difference between the Foreign Corrupt Practices Act (the statute) and how the FCPA is often enforced for nearly 20 years. In part, this topic has been a major focus of my professional life.
As I…
FINRA Will Not Set an Effective Date for Amendments to TRACE Rules Establishing One-Minute Reporting Requirement; FINRA to Prepare New Filing for Public Comment
On February 5, 2025, Robert Cook, President and Chief Executive Officer of the Financial Industry Regulatory Industry, Inc. (“FINRA”), announced that FINRA will not set an effective date for its recent amendments (the “Amendments”) to Trade Reporting and Compliance Engine…
This Week In Securities Litigation (Week of February 10, 2025)
The Commission prevailed on a motion for summary judgment in a manipulation case. The agency also filed a new case tied to trading based on in follow-on transactions. It also resolved six pending enforcement cases. Acting Chairman Uyeda announced the…