Tag: Market Misconduct

1
United States: A Record Year: SEC FY 2022 Enforcement Actions Bring Big Penalties
2
AUSTRALIA: DDO IMPLEMENTATION AND ENFORCEMENT

United States: A Record Year: SEC FY 2022 Enforcement Actions Bring Big Penalties

By: Keri E. Riemer, Michael W. McGrath, Neil T. Smith, Hayley Trahan-Liptak, and Christopher F. Warner

On 15 November 2022, the U.S. Securities and Exchange Commission (SEC) announced its enforcement statistics for its 2022 fiscal year (FY 2022), noting that it filed 760 total enforcement actions — a 9% increase over fiscal year 2021.  This total was comprised of 462 new actions, 169 “follow-on” actions, and 129 actions for delinquent filings.  Money obtained in SEC actions, comprising civil penalties, disgorgement, and pre-judgment interest, totaled a record-breaking $6.439 billion (compared to $3.852 billion in fiscal year 2021).  Civil penalties, totaling $4.194 billion, were also the highest on record.

Read More

AUSTRALIA: DDO IMPLEMENTATION AND ENFORCEMENT

By Daniel Knight and Simon Kiburg

ASIC have announced the first enforcement action it has taken in relation to the Design and Distribution Obligations (DDO), which were introduced late last year. The enforcement action shows that, as described by ASIC deputy chair Karen Chester, “ASIC’s focus has now shifted to compliance. Industry has had sufficient time to bed down its implementation of the DDO regime.

Read More

Copyright © 2022, K&L Gates LLP. All Rights Reserved.