SEC Reveals Its 2014 Exam and Enforcement Priorities
Officials at the Securities and Exchange Commission have ushered in an era of more transparency, parting the curtain for advisory firms on what they’ll be scrutinizing as well as which rulemakings are priorities this year.
Canellos Departs SEC, Leaving Ceresney to Lead Enforcement
As was expected, the co-director of Enforcement will leave agency after 4 1/2 years, leaving Chairwoman White’s longtime lieutenant to lead the division.
SEC Levied Record $3.4B in Fines in 2013
But brokers and advisors were hit with fewer enforcement actions this year, the SEC says.
Pre-Crisis CDOs Haunt Merrill With $131.8M SEC Fine
Merrill Lynch failed to inform investors that a hedge fund firm shorting the CDOs had significant influence over the selection of their collateral.
SEC Busts Fifth Third Bank, CFO for Hiding Real Estate Loan Losses in 2008
In 2008, Fifth Third sold large pools of troubled real estate loans and improperly classified them, thereby hiding the losses, the SEC states.
SEC Enforcement: RBS Securities to Pay $150M for Misleading Investors
Among other recent SEC actions was an emergency freeze order in a scheme involving phony investments in New Zealand dialysis clinics.
How the SEC Plans to Be ‘Everywhere’
Despite limited resources, the agency is leveraging its strengths to zero in on advisors’ smallest infractions.
SEC Puts Fund Directors in Spotlight
The SEC enforcement division will put a heightened focus on fund boards’ approval of advisor fees, the co-director of the division said Wednesday.
JPMorgan to Pay $920 Million Penalty for London Whale Losses
JPMorgan Chase has agreed to pay $920 million to settle charges brought in a coordinated global settlement.
UBS to Pay SEC $50M for Misrepresenting CDO
The SEC said that the head of the U.S. CDO group at UBS stated, “Let’s see how much money we can draw out of the deal.”