SEC Proposes New Share Repurchase Disclosure Rules

The Securities and Exchange Commission today proposed amendments to its rules regarding disclosure about an issuer’s repurchases of its equity securities, often referred to as buybacks. “Share buybacks have become a significant component of how public…

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SEC Proposes Amendments to Money Market Fund Rules

The Securities and Exchange Commission today voted to propose amendments to certain rules that govern money market funds under the Investment Company Act of 1940. In March 2020, growing economic concerns about the impact of the COVID-19 pandemic led…

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SEC Charges Clinical Drug Trial Investigator with Insider Trading

The Securities and Exchange Commission today announced charges against Daniel V.T. Catenacci for insider trading in the securities of biotechnology company Five Prime Therapeutics, Inc. in advance of the company’s November 10, 2020 announcement that it…

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SEC Charges Five Russians in $80 Million Hacking and Trading Scheme

The Securities and Exchange Commission today announced fraud charges against five Russian nationals for engaging in a multi-year scheme to profit from stolen corporate earnings announcements obtained by hacking into the systems of two U.S.-based filing…

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SEC Charges Private Equity Fund Adviser with Fee and Expense Disclosure Failures

The Securities and Exchange Commission today charged registered investment adviser Global Infrastructure Management, LLC for failing to properly offset management fees and for making misleading statements about the fees and expenses it charged. Global…

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William Birdthistle Named Director of Division of Investment Management

The Securities and Exchange Commission today announced the appointment of William A. Birdthistle, currently a professor at Chicago-Kent College of Law, as Director of the Division of Investment Management. The Division oversees regulatory policy for…

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Nikola Corporation to Pay $125 Million to Resolve Fraud Charges

The Securities and Exchange Commission today announced that Nikola Corporation, a publicly traded company created through a special purpose acquisition company transaction, has agreed to pay $125 million to settle charges that it defrauded investors by…

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SEC Proposes Rules to Prevent Fraud in Connection With Security-Based Swaps Transactions, to Prevent Undue Influence over CCOs and to Require Reporting of Large Security-Based Swap Positions

The Securities and Exchange Commission today voted to propose rules to prevent fraud, manipulation and deception in connection with security-based swaps, to prevent undue influence over the chief compliance officer (CCO) of security-based swap dealers…

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SEC Approves 2022 PCAOB Budget and Accounting Support Fee

The Securities and Exchange Commission today voted to approve the 2022 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. “Finance is about trust, and the PCAOB has a critical role to play in…

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James E. Grimes Named Chief Administrative Law Judge at SEC

The Securities and Exchange Commission today announced that James E. Grimes has been named the agency’s Chief Administrative Law Judge. Judge Grimes will lead the SEC’s impartial Office of Administrative Law Judges that conducts hearings, issues initial…

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