SEC News

SEC Adopts Amendments to Finalize Rules Relating to the Holding Foreign Companies Accountable Act

Washington D.C., Dec. 2, 2021 — The Securities and Exchange Commission today adopted amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies Accountable Act (HFCAA). The rules apply to registrants the SEC identifies as having filed an annual report with an audit report issued by a registered public accounting […]

SEC News

SEC Charges Latvian Citizen With Digital Asset Fraud

Washington D.C., Dec. 2, 2021 — The Securities and Exchange Commission today charged a Latvian citizen with defrauding hundreds of retail investors out of at least $7 million through two separate fraudulent digital asset securities offerings. According to the civil complaint, filed in U.S. District Court for the Eastern District of New York, Ivars Auzins […]

SEC News

SEC Staff Issues Accounting Guidance on “Spring-Loaded” Compensation Awards to Executives

Washington D.C., Nov. 29, 2021 — Securities and Exchange Commission staff today released guidance for companies about how to properly recognize and disclose compensation cost for “spring-loaded awards” made to executives. Spring-loaded awards are share-based compensation arrangements where a company grants stock options or other awards shortly before it announces market-moving information such as an […]

SEC News

SEC Charges Oilfield Services Company and Former CEO With Failing to Disclose Executive Perks and Stock Pledges

Washington D.C., Nov. 22, 2021 — The Securities and Exchange Commission today announced that Texas-based oilfield services company ProPetro Holding Corp. and its founder and former CEO Dale Redman have agreed to settle charges that they failed to properly disclose some of Redman’s executive perks and two stock pledges. The SEC’s order finds that Redman […]

SEC News

SEC Issues Whistleblower Awards Totaling Approximately $10.4 Million

Washington, D.C., Nov. 22, 2021 — The Securities and Exchange Commission today announced awards totaling approximately $10.4 million to several whistleblowers who provided information and assistance in three separate covered actions. In the first order, the SEC issued awards totaling approximately $7.5 million to two whistleblowers. Both whistleblowers provided new and significant information during an […]

SEC News

McKinsey Affiliate to Pay $18 Million for Compliance Failures in Handling of Nonpublic Information

Washington D.C., Nov. 19, 2021 — The Securities and Exchange Commission today announced that an affiliate of McKinsey & Company that offers investment options exclusively to current and former McKinsey partners and employees has agreed to pay an $18 million penalty for compliance failures. The SEC’s investigation found that the affiliate maintained inadequate policies and […]

SEC News

SEC Proposes Updates to Electronic Recordkeeping Requirements

Amendments Will Help Modernize How Broker-Dealers Preserve Electronic Records and Enhance the Requirements for Security-Based Swap Entities Washington D.C., Nov. 18, 2021 — The Securities and Exchange Commission today published proposed amendments to the electronic recordkeeping and prompt production of records requirements applicable to broker-dealers, security-based swap dealers (SBSDs), and major security-based swap participants (MSBSPs). […]