A new SEC enforcement direction for 2014

Abstract

Purpose

To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and senior staff provided thoughts and insights into the most pressing issues currently being considered by the commission.

Design/methodology/approach

Discusses SEC Chair’s decision to require defendants to admit violations in appropriate cases, the creation of the Financial Reporting and Audit (FRAud) Task Force, new guidelines that will allow staff to bring more enforcement cases as administrative proceedings rather than in federal district court, Foreign Corrupt Practices Act (FCPA) staff goals for 2014, some unfamiliar statutory provisions that are expected to be cited in upcoming enforcement cases, litigation goals for 2014, and other areas of historical concern that will receive continuing emphasis in 2014.

Findings

Where last year’s conference provided little insight in terms of specificity and direction of the enforcement program, this year’s conference revealed an Enforcement Division that has found its bearings and intends to use new technology, new ideas and new staff to enhance and improve its enforcement program.

Originality/value

Practical guidance from experienced financial services and securities lawyers.

Citation

Fons, R. and Rowe, T. (2014), "A new SEC enforcement direction for 2014", Journal of Investment Compliance, Vol. 15 No. 2, pp. 4-9. https://doi.org/10.1108/JOIC-05-2014-0018