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Tag Archives: Mary Jo White

Cybersecurity: SEC Is Starting to Scrutinize Registrants’ Practices

Posted in Broker-Dealer Regulation, Cybersecurity/Privacy, Enforcement, FINRA Enforcement, Investment Adviser Regulation, SEC Enforcement

The SEC plans to examine the cybersecurity practices of over 50 registered broker-dealers and investment advisers. The SEC announced its plan in an April 15, 2014 Risk Alert, which closely follows the March 26 Cybersecurity Roundtable at which Chair Mary Jo White underscored the importance of cybersecurity to market security and customer data protection. At… Read More

SEC Intensifies Scrutiny of Fee-Based Accounts and Reverse Churning

Posted in Broker-Dealer Regulation, Enforcement, FINRA Enforcement, SEC Enforcement

The SEC is crunching a lot of data these days, and it apparently intends to use some of that data to identify “reverse churning.” Reverse churning is the practice of placing a client who trades infrequently in a fee-based, rather than a commission-based, account; Chair Mary Jo White recently identified this as a problem that… Read More

SEC Chair Says Commission Is Prepared to Try More Cases on Heels of Change to Settlement Policy

Posted in Enforcement, SEC Enforcement

Last Thursday, SEC Chair Mary Jo White told a crowd of white collar lawyers and judges in Washington, D.C., that the Commission is prepared to try more cases in the wake of its recent policy change requiring certain respondents to admit wrongdoing as a condition of settling enforcement cases. This was another in a series… Read More

Uniform Fiduciary Standard Still a Priority, But No Timeline Yet

Posted in Broker-Dealer Regulation, Investment Adviser Regulation

Both the SEC and FINRA believe that the question of whether a uniform fiduciary standard should be imposed on broker-dealers and investment advisers needs to be resolved.  The problem is, neither one seems to have a view about when that might happen. On Wall Street reported that SEC Chair Mary Jo White told the delegates… Read More

BDC Reform Bills Face Uncertain Future

Posted in Investment Adviser Regulation

Three bills introduced in the House of Representatives that would ease leverage restrictions on business development companies (BDCs) face an uncertain future in light of concerns expressed by the Chair of the Securities and Exchange Commission. BDCs are closed-end investment companies that invest in small-and medium-sized private companies. H.R. 1800, the Small Business Credit Availability… Read More

White on Serving as Fund Director: Not for the Uninitiated or Faint of Heart

Posted in Enforcement, Fund Independent Directors, SEC Enforcement

SEC Chair Mary Jo White dismissed suggestions that the SEC’s recent focus on “gatekeepers,” including fund directors, may drive away qualified candidates “for fear of being second-guessed or blamed for every issue that arises.”  Let’s face it: with SEC enforcement personnel sniffing around fund boardrooms and suing fund directors, that thought has crossed our mind…. Read More

Inside Baseball

Posted in Enforcement, SEC Enforcement

Baseball fans and legal practitioners alike gathered on June 17 to hear co-director George Canellos of the SEC Enforcement Division lay out some ambitious plans for the agency. Asked about the SEC’s new lineup, Canellos gave fellow co-director Andrew Ceresney and newly appointed Chair Mary Jo White his vote of confidence, noting that they were… Read More