Last Tuesday, Holland & Hart's Michael MacPhail and Patrick Hunnius of White & Case discussed key issues emerging from the SEC’s Enforcement Division, and the impact of these issues on regulated entities and the lawyers who represent them. MacPhail is a former senior attorney with the SEC’s Division of Enforcement.
According to Compliance Building, the SEC under new Chairman Mary Shapiro’s leadership has obtained budget increases that will be used to increase the number of enforcement lawyers. It has streamlined procedures relating to the issuance of formal orders of investigation and negotiating civil penalties with corporations. Its staff has responded enthusiastically to the change by bringing an unprecedented number of emergency civil actions, cases involving Foreign Corrupt Practices Act violations, and cases targeting lawyers.
For a summary of their presentation in the Securities Docket web-cast entitled, “SEC Enforcement Update: A Wounded Animal is a Dangerous Animal,” please see Compliance Building's website, here.
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