BROWSE BY TOPIC
Stories of Interest
- I Owned Bitcoin For a Weekend and Here's What I Learned
- SEC Appoints New Chair and Board Members to PCAOB
- FINRA, Georgetown Team Up to Deliver 'Certified Regulatory and Compliance Professional' Program
- FINRA Board Meeting - This Week's Agenda
- Statement on Cryptocurrencies and Initial Coin Offerings - SEC Chair Clayton
- Company Halts Initial Coin Offering Over SEC Registration Concerns
- Kevin O'Leary Explains One Big Thing People Don't Understand About Bitcoin (But Need To)
- CME Bitcoin Futures: A Better Way to Buy (or Short) Bitcoin?
- Address at ICI's 2017 Securities Law Developments Conference - SEC Commissioner Stein
- New York Pension Fund Seeks More Pay Disclosure from Wells Fargo
- Wells Fargo Sanctions Are on Ice Under Trump Official
- Josh Brown: Here's How to Buy Bitcoin, But Realize It Could Be One Giant Bubble
- Trump's New Tax Plan Could Cost Citigroup $20 Billion
- Morgan Stanley Fires Former Congressman Harold Ford Jr.
- Al Franken Will Resign Over Sexual Misconduct Allegations - His Full Resignation Speech
- Ex-NFL Player Gets 40 Years for Running $10Mn Fraud
- Bitcoin Blows Past $15K, Adding $2K in Under 12 Hours
- Financial Adviser Settles Charges for Defrauding Private Equity Fund Investors
- New Cross Market Equity Supervision Report Cards - FINRA Phone-In Workshop, WebEx Presentation
- Mueller Just Crossed Trump's Red Line, With Deutsche Bank Subpoena
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.