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Article

Russ Ryan, Matthew H. Baughman, Carmen J. Lawrence, Aaron W. Lipson, Richard H. Walker, Jessica Rapoport, Katie Barry and Scott Hiers

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek…

Abstract

Purpose

To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

Design/methodology/approach

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

Findings

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Originality/value

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1528-5812

Keywords

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Article

M. Alexander Koch, Carmen J. Lawrence, Aaron Lipson, Russ Ryan, Richard H. Walker, Jessica Rapoport and Katie Barry

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal…

Abstract

Purpose

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

Design/methodology/approach

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

Findings

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Originality/value

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Details

Journal of Investment Compliance, vol. 21 no. 2/3
Type: Research Article
ISSN: 1528-5812

Keywords

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Book part

Richard Walker, Kimberley Pressick-Kilborn, Erica Sainsbury and Judith MacCallum

Until recently, motivation has been considered to be an individual phenomenon. Motivational theorists have accordingly conceptualised key constructs in individualistic…

Abstract

Until recently, motivation has been considered to be an individual phenomenon. Motivational theorists have accordingly conceptualised key constructs in individualistic terms and emphasised the individual origins and nature of motivation, although they have also long recognised that contextual or social factors have a significant influence on these individual processes. Recently this conceptualisation has been questioned as theorists have suggested, after Vygotsky, that motivation, like learning and thinking, might be social in nature. This idea was first suggested by Sivan (1986) more than twenty years ago but it received a major impetus with the publication of an article by Hickey (1997) eleven years later. Since that time interest in the social nature of motivation has grown as a small number of book chapters and journal articles have been published and conference papers have been presented on the topic. Although some motivational theorists remain sceptical (e.g. Winne, 2004) of this theoretical development, the inclusion of a section on sociocultural approaches to motivation in Perry, Turner, and Meyer's (2006) chapter on classrooms as contexts for motivating learning in the 2nd edition of the Handbook of Educational Psychology suggests that this perspective is being seriously considered by motivational researchers. Similarly, the inclusion of a chapter (Walker, in press-b) on the sociocultural approach to motivation in the 3rd edition of the International Encyclopedia of Education indicates that this approach has achieved some recognition.

Details

The Decade Ahead: Applications and Contexts of Motivation and Achievement
Type: Book
ISBN: 978-0-85724-254-9

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Article

Thomas R. Hurst

On 6th September, 2000 the SEC issued a press release accusing 33 companies and individuals of fraudulently using the Internet to make more than $10m in illegal profits by…

Abstract

On 6th September, 2000 the SEC issued a press release accusing 33 companies and individuals of fraudulently using the Internet to make more than $10m in illegal profits by driving up the prices of more than 70 small stocks. The companies and individuals, including a bus mechanic, a car service driver and a self‐chilling can company, boosted the total market value of these stocks by $1.7bn, claimed the SEC, in announcing 11 civil fraud lawsuits filed in federal courts. ‘What used to require a network of professional promoters and brokers, banks of telephones and months to accomplish can now be done in minutes by a single person using the Internet and a home computer,’ SEC enforcement director Richard H. Walker said. Two weeks later, the SEC announced that it had settled an enforcement proceeding brought against a 15‐year‐old stock trader who, operating from a computer in a bedroom in his parents' home, had earned more than $270,000 in profits over a six‐month period by engaging in classic ‘pump and dump’ market manipulation of small over‐the‐counter stocks.

Details

Journal of Financial Crime, vol. 8 no. 3
Type: Research Article
ISSN: 1359-0790

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Article

Kirk Moll

States that there has been a recent explosion in the publication of reference works in the field of African American studies which indicates the mature field of…

Abstract

States that there has been a recent explosion in the publication of reference works in the field of African American studies which indicates the mature field of scholarship being achieved in this area. Provides a bibliographic guide for those wishing to identify and use research tools for studying African American literature.

Details

Collection Building, vol. 21 no. 3
Type: Research Article
ISSN: 0160-4953

Keywords

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Article

Thomas A. Peters

The purpose of this article is to present an overview of the history and development of transaction log analysis (TLA) in library and information science research…

Abstract

The purpose of this article is to present an overview of the history and development of transaction log analysis (TLA) in library and information science research. Organizing a literature review of the first twenty‐five years of TLA poses some challenges and requires some decisions. The primary organizing principle could be a strict chronology of the published research, the research questions addressed, the automated information retrieval (IR) systems that generated the data, the results gained, or even the researchers themselves. The group of active transaction log analyzers remains fairly small in number, and researchers who use transaction logs tend to use this method more than once, so tracing the development and refinement of individuals' uses of the methodology could provide insight into the progress of the method as a whole. For example, if we examine how researchers like W. David Penniman, John Tolle, Christine Borgman, Ray Larson, and Micheline Hancock‐Beaulieu have modified their own understandings and applications of the method over time, we may get an accurate sense of the development of all applications.

Details

Library Hi Tech, vol. 11 no. 2
Type: Research Article
ISSN: 0737-8831

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Article

Richard Walker and Philip Morgan

The pace of the development within the NHS initiated both by recent government reforms aimed at introducing a more businesslike attitude to health care, coupled with…

Abstract

The pace of the development within the NHS initiated both by recent government reforms aimed at introducing a more businesslike attitude to health care, coupled with advances in clinical medicine has necessitated a management response from the medial profession. To date, however, the management training of doctors remains sparse, and is almost non‐existent at medical undergraduate level due to the long demands of the clinical specialties. While the need for management development of doctors is recognised at postgraduate (Senior Registrar) level both access to and content of the training are strongly variable throughout the NHS in Wales. As Hadley and Forster (1993) note:—

Details

Management Research News, vol. 19 no. 4/5
Type: Research Article
ISSN: 0140-9174

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Article

James Walker, Clive Fletcher, Richard Williams and Keith Taylor

Over recent years there has been a move towards more open appraisal, with the individual appraised being shown the written assessment of him, but there is little evidence…

Abstract

Over recent years there has been a move towards more open appraisal, with the individual appraised being shown the written assessment of him, but there is little evidence to indicate what effects this change in practice may have had on the value of the appraisals. The survey of appraisal schemes in private and public sector organizations reported in this paper attempts to gauge the influence of greater openness on the standards of written appraisals and on the amount of reliance organizations place upon them in deciding such matters as promotion.

Details

Personnel Review, vol. 6 no. 1
Type: Research Article
ISSN: 0048-3486

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Book part

Gene A. Brewer, Yujin Choi and Richard M. Walker

This study utilizes World Bank Governance Indicators to investigate government effectiveness in Asia, both regionally and across sub-regions. Several factors seem to…

Abstract

This study utilizes World Bank Governance Indicators to investigate government effectiveness in Asia, both regionally and across sub-regions. Several factors seem to influence the level of government effectiveness: accountability and voice, control of corruption, and wealth and income. The presence of a democratic form of government does not seem to be an important factor, but we note that more sensitive measures of democracy might produce more positive results. We then comment on the strengths and weaknesses of the dataset and offer some suggestions for future research.

Details

Comparative Governance Reform in Asia: Democracy, Corruption, and Government Trust
Type: Book
ISBN: 978-1-84663-996-8

Abstract

Details

Using Subject Headings for Online Retrieval: Theory, Practice and Potential
Type: Book
ISBN: 978-0-12221-570-4

1 – 10 of over 2000