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Failure to report suspicious money-laundering activity exacts heavy price

A registered broker, its AML officer, and a clearing bank have settled SEC charges of failing to report suspicious liquidations of billions of penny stocks for seven customers within a nine-month period. Charged with violating the anti-money laundering provision of the Excha

SEC charges four in $34M microcap stock price manipulation scheme

The SEC announced charges against four individuals for manipulating the market for a microcap issuer, resulting in illicit profits of nearly $34 million. The individuals allegedly used deceptive practices to artificially increase the price and trading value of Biozoom, Inc.

Supreme Court declines to review spoofing conviction in U.S. v. Coscia

The Supreme Court denied certiorari in Michael Coscia’s challenge to his conviction for criminal commodities spoofing, leaving an affirmance by the Seventh Circuit intact. Coscia had argued that the statute was overly vague and improperly swept up legitimate trading ac

Corporation Finance staff updates interpretations on proxy rules and Schedules 14A and 14C

A company’s proposal to seek shareholder approval at the annual meeting to change its corporate name does not, by itself, require that company to file a preliminary proxy statement, according to the staff of the Division of Corporation Finance. The staff offered advice

Enforcement chiefs’ priorities include cyber issues, cross-border cases

Officials from the enforcement arms of the SEC and the PCAOB outlined their agencies’ priorities at the Practising Law Institute’s 2018 Enforcement forum. A recurring theme of the forum was cyber-related enforcement issues, including hacking, cryptocurrencies, an

Commissioner Peirce suggests regulators should leave room for innovation

Regulators should leave plenty of room for innovators to develop their ideas instead of sitting at their shoulders during the innovative process, suggested SEC Commissioner Hester Peirce.

New MSRB B-D/I-A advertising rules promote fair practice, prevent fraud

The SEC has approved amendments to the Municipal Securities Rulemaking Board’s (MSRB) Rule G-21 on advertising requirements for brokers, dealers and municipal securities dealers, as well as new MSRB Rule G-40 on advertising requirements for municipal advisors. The rule

Commissioner Piwowar announces exit plans

SEC Commissioner Michael Piwowar announced he plans to resign his position as of July 7, 2018, or earlier if a successor is sworn in. If not immediately replaced, Piwowar’s departure will leave the Commission with four commissioners.

‘Conceivable’ injury enough for Article III standing but not commodities manipulation, antitrust claims

Highlighting a subtle but crucial difference in pleading standards for constitutional standing versus substantive causes of action, the Second Circuit held that derivatives traders’ "colorable" but not "plausible" injury arising from alleged manipul

SEC chairman continues focus on retail investors, investment advice

In remarks at Temple University, SEC Chairman Jay Clayton again expressed the importance of the retail investor market, an area he has focused on since the beginning of his tenure in May 2017. Retail investor participation in the capital markets has been a democratizing forc

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