Current Developments in SEC Enforcement


There are two ways of meeting difficulties: you alter the difficulties, or you alter yourself to meet them.
Phyllis Battome (British novelist, 1884-1963)

The Securities and Exchange Commission encountered repeated difficulties in its enforcement and compliance programs during 2009. From the much-publicized failure to uncover the Ponzi scheme perpetrated by Bernard Madoff, to the fallout from the on-going market crisis, and from reports of the SEC’s Inspector General criticizing both people and process, to Congressional proposals to abolish or restructure the agency, the SEC received unprecedented scrutiny. In the spring of 2009, the new SEC Chairman, Mary Schapiro, admonished her most senior enforcement and examination staff members to respond to the problems with new ideas, re-engineer the programs before someone else, namely Congress, did so, and fight to keep the SEC alive.

In this paper presented at The University of Texas School of Law 2010 Conference on Securities Regulation and Business Law, Haynes and Boone Partner Kit Addleman and Associate Dan Gold discuss current developments in the SEC’s enforcement program. Part I discusses the significant changes underway within the Division of Enforcement, changes which are designed to make the division more effective and efficient.  Part II discusses substantive areas where the SEC has been and likely will be continuing to focus its enforcement attention.

To read the full paper click on the PDF link below.

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