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Stories of Interest
- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
- Catherine Keating Appointed CEO of BNY Mellon Wealth Management
- Credit Suisse to Pay $47Mn to Resolve DOJ Asia Probe
- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
- SEC's Opening Remarks to the Elder Justice Coordinating Council
- Massachusetts Jury Convicts CA Attorney of Securities Fraud
- Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
- World’s Biggest Hedge Fund Reportedly ‘Bearish On Financial Assets’
- SEC Fines Constant Contact, Popular Email Marketer, for Overstating Subscriber Numbers
- SocGen Agrees to Pay $1.3 Billion to End Libya, Libor Probes
- Cryptocurrency Exchange Bitfinex Briefly Halts Trading After Cyber Attack
- SEC Names Valerie Szczepanik Senior Advisor for Digital Assets and Innovation
- SEC Modernizes Delivery of Fund Reports, Seeks Public Feedback on Improving Fund Disclosure
- NYSE Says SEC Plan to Limit Exchange Rebates Would Hurt Investors
- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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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.