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The purpose of this article is to highlight a recent settlement by the United States Securities and Exchange Commission (the “SEC”) in which it alleged that a regulated entity failed to supervise a representative principally because the entity did not establish clear guidance as to how its personnel should investigate red flags of a representative’s potential misconduct (e.g., how to follow up on the red flags and define the scope of any inquiry).

This article provides an overview of failure-to-supervise liability for broker-dealers and investment advisers, and highlights key takeaways from the SEC’s recent enforcement resolution that may be applied in establishing compliance procedures relating to internal investigations going forward.

The article concludes that the SEC appears to expect regulated entities to implement procedures guiding employees on “how to investigate” suspicious activity. Companies, however, should define such procedures in general terms to allow for flexibility in investigations, which can present unique or unforeseen situations. Internal procedures must also account for and preserve attorney-client privilege and attorney work product protections.

This article provides expert analysis and practical guidance from experienced lawyers in the Investigations and White Collar Defense and Securities Enforcement practices

To explain the import of a recent enforcement action by the US Securities and Exchange Commission (SEC) against an investment adviser for failing to prevent insider trading against the context of an unsettled legal definition of “insider trading” as evidenced by the issue presented in a recent case before the US Supreme Court.

Reviews the principal issues raised by the SEC in its enforcement action, legal requirements imposed on investment advisers, and the insider trading issues presented by the US Supreme Court case.

Because the legal concept of insider trading has developed through case law and is not defined by statute, it remains uncertain, and therefore the practice of insider trading will be difficult to prevent without restricting activities that could ultimately be determined to be legal.

In light of the SEC’s high threshold for investment advisers to prevent insider trading and the uncertain legal definition of that concept, investment advisers should review their insider trading policies and err on the side of caution.

Practical guidance from an experienced former SEC counsel and SEC practitioners offers new insights into the steps investment advisers should take in response to SEC enforcement activities and nebulous legal definitions.

For many of the current leadership theories, models, and approaches, the answer to the question posed in the title, “Is leadership more than ‘I like my boss’?,” is “no,” as there appears to be a hierarchy of leadership concepts with Liking of the leader as the primary dimension or general factor foundation. There are then secondary dimensions or specific sub-factors of liking of Relationship Leadership and Task Leadership; and subsequently, tertiary dimensions or actual sub-sub-factors that comprise the numerous leadership views as well as their operationalizations (e.g., via surveys). There are, however, some leadership views that go beyond simply liking of the leader and liking of relationship leadership and task leadership. For these, which involve explicit levels of analysis formulations, often beyond the leader, or are multi-level in nature, the answer to the title question is “yes.” We clarify and discuss these various “no” and “yes” leadership views and implications of our work for future research and personnel and human resources management practice.

Articulation of a vision is commonly held to be a critical component of theories of outstanding leadership – both transformational and charismatic leadership. Although there is reason to suspect that vision contributes to leader performance, less is known about the nature and origin of viable visions. In the present chapter, we argue that leaders’ visions can be viewed as a prescriptive mental model reflecting beliefs about the optimal functioning of an organization. To test this proposition, outstanding leaders possessing two contrasting types of prescriptive mental models were identified: ideologues whose models stress the maintenance of extant standards and charismatics whose models stress adaptive change. These two types of prescriptive mental models were associated with distinct patterns of leader behavior in a sample of notable historic leaders. The implications of these findings are discussed with respect to current theories of outstanding leadership.

This chapter investigated how pre-existing ideas (i.e., prototypes and antiprototypes) and what the eyes fixate on (i.e., eye fixations) influence followers' identification with leaders from another race. A sample of 55 Southeast Asian female participants assessed their ideal leader in terms of prototypes and antiprototype and then viewed a 27-second video of an engaging Caucasian female leader as their eye fixations were tracked. Participants evaluated the videoed leader using the Identity Leadership Inventory, in terms of four leader identities (i.e., prototypicality, advancement, entrepreneurship, and impresarioship). A series of multiregression models identified participants' age as a negative predictor for all the leader identities. At the same time, the antiprototype of masculinity, the prototypes of sensitivity and dynamism, and the duration of fixations on the right eye predicted at least one leader identity. Such findings build on aspects of intercultural communication relating to the evaluation of global leaders.

This paper develops a theoretical framework to guide future inquiry into board governance of independent schools.

The authors' approach is to integrate literatures related to corporate and educational boards, motivation, leadership and group processes that are appropriate for conceptualizing independent school board governance processes.

Shows that the institutional role of an independent school board is likely to be quite different, and considerably more significant than the role of a board of a systemic school.

This paper develops an original theoretical framework that will provide a sound basis for investigation of an important but neglected aspect of educational administration in Australia.

This research systematically analyzed the effect of leadership (coaches and owners) on organizational performance in the National Football League (NFL) during the 1970 through 1992 seasons. In addition, it examined the relation of stable individual differences in personality of NFL leaders with performance outcomes for both coaches and owners. Results revealed that leadership added substantially to the prediction of performance in the NFL, even after controlling for non-leadership variables such as quality of competition and year. Furthermore, one facet of Conscientiousness – Deliberateness – showed strong linear relations with all performance measures. The results of both studies also revealed that hierarchical level of leadership was an important moderator, with coaches having greater impact than owners. The desirability of studying leadership in the context of the NFL was recognized and suggestions were provided on the direction that research might take.

In this chapter we examine various human resource management (HRM) implications involved in the leadership of fluid teams. Leadership of fluid teams, which are distinguished by their dynamic composition, requires consideration of issues that may not be as pertinent for stable teams. In particular, we focus on the concept of familiarity. Composing and leading teams with members exhibiting varying degrees of familiarity with one another creates obstacles to effective and efficient functioning and may ultimately lead to poor performance. With this in mind, leaders must pay particular attention to issues of coordination, and composition such that a broad range of generalizable teamwork skills exists within the team. Within this chapter, we explain the concepts of fluid teams, team leadership within fluid teams, and other relevant concepts related to the formation of familiarity. Next, we thoroughly review extant empirical and theoretical research within these areas. We identify areas of correspondence among the various concepts and findings of the reviewed studies and generate an integrated model of fluid team leadership. To conclude, we highlight the distinct HRM implications associated with the use, and leadership, of fluid teams.