SEC Commissioner Uyeda On Foreign Company Disclosures
Recently, various SEC officials have delivered speeches in connection with the 90th anniversary of the Securities and Exchange Commission (SEC).
This speech by SEC Commissioner Mark Uyeda focused on foreign company disclosures.
In recent years, approximately 1,000 foreign companies (the number fluctuates each year) have shares traded on a U.S. exchange and thus qualify as “issuers” making such companies subject to a variety of securities laws including the Foreign Corrupt Practices Act.
SEC Director Of Enforcement Grewal On Cooperation
Recently Gurbir Grewal (the SEC’s Director of the Division of Enforcement) delivered this speech titled “The Five Principles of Effective Cooperation in SEC Investigations” at a securities law conference.
This post summarizes the speech and provides factual information and rebuttal points relevant to certain topics.
Grewal began as follows:
The Gap In SEC Individual FCPA Enforcement Actions Is Now Over 3.5 Years
One reason to take FCPA enforcement agency rhetoric with a grain of salt is because it is warranted.
For instance, the FCPA enforcement agencies often talk about the importance of x and how they are committed to x, but in reality rarely do x.
Case in point is SEC individual FCPA enforcement actions.
SEC Commissioner Peirce Unleashes On The SEC’s Neither Admit Nor Deny Settlement Policy
Numerous prior posts (see here for the subject matter tag) have focused on the SEC’s neither admit nor deny settlement policy (the so-called “Gag Rule”).
In the FCPA’s modern era, nearly all issuer enforcement actions are resolved through SEC administrative actions most of which include the “neither admit nor deny” settlement language.
In 2018, the New Civil Liberties Alliance (“NCLA”) petitioned the SEC to amend its rule restricting speech in the aftermath of an SEC settlement.
A Focus On SEC Individuals Actions
This previous post highlighted various facts and figures from 2023 SEC FCPA enforcement actions against issuers.
This post focuses on SEC FCPA individual actions – both in 2023 and historically.
Like the DOJ, the SEC frequently speaks in lofty rhetoric concerning its focus on holding individuals accountable under the FCPA or other laws.
Set forth below are representative quotes from SEC officials over the years.