Just in time for today's Forum webinar featuring Gibson Dunn's Mark Schonfeld, the firm has issued a memo surveying the SEC's enforcement activities in 2010. Mr. Schonfeld's discussion in the webinar focuses on SEC enforcement activities that fund directors should be aware of. The Gibson Dunn memorandum provided a wider view.
The year 2010 has been a watershed year for securities enforcement. The Dodd-Frank Wall Street Reform and Consumer Protection Act gave the SEC additional enforcement powers, while also bringing additional market participants under SEC registration and potentially elevating the standards of conduct for other securities professionals. At the same time, the SEC, working closely with criminal prosecutors, continued to pursue insider trading investigations based on recorded conversations and cooperating witnesses. In addition, the reorganization of the Enforcement Division into specialized units has started to yield enforcement actions in areas of priority. By all accounts, the heightened enforcement reflected this year will continue for the foreseeable future, putting a premium on the ability of in-house compliance programs to adapt to the changing regulatory landscape.
Providing a summary of legislative and regulatory developments spurring SEC enforcement, as well as some statistics of the Division of Enforcement's activities in 2011, and a look at what may be ahead in 2011, the memo is a good reference for those looking to put 2010 in perspective.
For those reading this before 2:00PM EST, you may still register to tune in to what Mr. Schonfeld has to say on the topic. Members reading this after, or who were unable to tune in, will find an archive of the webinar on the Forum's website at http://www.mfdf.org/events/event/webinar_enforcement_update/ under the materials tab, shortly after the conclusion of the event.
The full text of the Gibson Dunn memorandum, "2010 Year-End Securities Enforcement Update," is available at: http://www.gibsondunn.com/Publications/Pages/2010Year-EndSecuritiesEnforcementUpdate.aspx