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Current Developments in SEC Enforcement: The Division’s Efforts in Implementing Changes, Addressing Congressional Contradictions, and Charging Securities Law Violations
Kit Addleman, Matt McGee
The Securities and Exchange Commission’s Division of Enforcement encountered a difficult 2010 but nevertheless remained relatively active. The Division of Enforcement completed a landmark restructuring and began to see the results of the restructuring as some newly created specialty units brought high-profile enforcement actions. New SEC tools to enhance and encourage cooperation with its investigations and litigation bore fruit as well when the SEC entered into its first ever non-prosecution agreement. But unquestionably the most important recent development in SEC enforcement during 2010 was the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Obama on July 21, 2010. The rollout and implementation of the new enforcement tools that Dodd-Frank gave to the SEC is ongoing and promises to be a key development to watch in 2011.
This paper, presented by Kit Addleman at The University of Texas School of Law Conference on Securities Regulation and Business Law, discusses the SEC’s enforcement program results for 2010 and the possible priorities for 2011. Part I discusses recent and upcoming changes in how the Division of Enforcement carries out its duties. Part II deals with several substantive areas where the SEC focused its enforcement attention last year and examines representative cases in each area.
To read the full paper click on the PDF link below.