The U.S. Securities and Exchange Commission recently announced its enforcement results for fiscal year 2024. The SEC’s Division of Enforcement filed 583 enforcement actions, a 26% decline from fiscal year 2023, including:
By Mauro Wolfe, Vincent Nolan and Angela Benoit
On July 13, 2023, the U.S. District Court for the Southern District of New York granted partial summary judgment in favor of Ripple Labs Inc. (Ripple), holding that the company did not violate the Securities Act by selling its XRP token on public exchanges.
Despite this partial win, the Court also held that Ripple’s sale of the XRP tokens to sophisticated individuals and entities including hedge funds and institutional investors did constitute an unregistered securities offering.
This week reports surfaced that a major shift in the SEC enforcement division had taken place – behind the scenes. The timing is quite interesting as the agency’s annual seminar and SEC Alumni dinner will occur at the end of the month. No doubt this will be a topic, among many, of the annual SEC cocktail regulars in DC.
The reports indicate that the Acting Chairman Michael Piwowar has centralized the power of the enforcement division to “issue subpoenas or formally launch probes,” as Reuters put it. The question that has been asked is – What does all of this really mean, really? Continue reading “Changes Are Coming to the SEC Enforcement Division – What Does It All Mean?”
Duane Morris special counsel Michael E. Clark, who is this event’s co-chair, will also present during several sessions at the American Bar Association’s (ABA) First Annual Foreign Corrupt Practices Act Mock Trial Institute, to be held on November 16–17, 2016, in Houston, Texas.
On Wednesday, November 16, Mr. Clark will participate in the following sessions: “Jury Selection and Voir Dire,” at 8:30 a.m.; “Initial Jury Charge and Opening Statements” at 10:00 a.m.; “Government Witness Two: FBI Agent” at 10:45 a.m.; and “Defense Witness One – Henry Hornsby” at 2:00 p.m. On Thursday, November 17, Mr. Clark will be a panelist on the topic, “Session One: Discussion of Key Strategies, Issues and Themes in the FCPA Trial,” at 8:30 a.m.
