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Stories of Interest
- New Cyberattack Goes Global, Hits WPP, Rosneft, Maersk
- Deutsche Bank Said to Lose as Much as $60Mn Over Derivative Trade
- Dimon Says JPMorgan Headcount to Keep Rising Despite Automation
- RBS to Cut 443 Jobs In UK, Move Many of Them to India
- Deutsche Bank Bullish on London Despite Brexit
- Supreme Court Nears Finish With Big Cases, Retirement Rumors
- The Richest Person in Every State
- LPL Tabs Scott Seese, Former eBay Exec, as Chief Information Officer
- Fired Biglaw Associate Arrested for Trying to Extort Partners
- Canada's CIBC Completes $5Bn PrivateBancorp Buy
- Word ‘Women’ Literally Never Appears in U.S. Senate’s 142-Page Health-Care Bill
- Stephen Pierce, Goldman Sachs Global Head of Equity Markets, To Retire
- Al Gore 'Not Very Smart,’ But Became Filthy Rich Using Simple Investing Formula - Charlie Munger
- U.S. Regulators, Lawmakers Support Volcker Rule Revamp at Hearing
- Morgan Stanley Opts for Frankfurt as New EU Hub
- A New Risk for Goldman, Morgan Stanley in Stress Tests (subsc reqd)
- A Trump Bump for Law Firm of President’s Lawyer - Kasowitz Benson Torres
- JPMorgan, BofA, Goldman, Citi, Wells Fargo Pass Fed's Stress Test
- Blackstone Stock Still Trading at $31 - Its IPO Price From 10 Years Ago
- NJ Resident and NY-Based Global FX Club Charged with Solicitation Fraud, Misappropriation - CFTC
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NEWSLETTERS & ALERTS
Rules & Regulations
Giving the SEC a Bigger Bite in Fight to Protect Investors
A bill was introduced in the Senate last week that would give the SEC authority to impose higher penalties on those who violate securities laws. Under The Stronger Enforcement of Civil Penalties Act of 2017:
- Individuals charged with the most serious securities law violations would face a penalty that would be the greater of: (i) $1 million; (ii) 3 times the monetary gain; or, (iii) the losses incurred by the victims of the violation.
- Entities charged with those serious violations would face a penalty that is the greater of: (i) $10 million; (ii) 3 times the monetary gain; or, (iii) losses the victims of the violations incurred.
- The SEC could triple its fines against repeat offenders that have committed criminal or civil securities fraud within the previous 5 years.
According to Bondbuyer.com, the SEC can currently only penalize violators in cases up to $181,071 per offense for individuals and $905,353 for institutions. The SEC can also calculate penalties to equal the amount of ill-gotten gains if the enforcement action is filed in federal court, but cannot do so if it is filed in an administrative proceeding. The legislation would allow the SEC to assess the penalties for cases in both federal court and administrative proceedings.
The bill was referred to the Senate Banking Committee for consideration.