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: NASD, SEC and Regulatory Defense Blog

Michael MacPhail to Present Free SEC Enforcement Webcast on April 21, 2009

By Michael MacPhail, Esq.

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In a sharp detour from the era of Chairman Christopher Cox, the SEC under new Chairman Mary Shapiro's leadership has obtained big budget increases that will be used to increase the number of enforcement lawyers. It has also empowered its staff by streamlining procedures relating to the issuance of formal orders of investigation and negotiating civil penalties with corporations. The staff has responded enthusiastically to the change in regime by bringing an unprecedented number of emergency civil actions, cases involving Foreign Corrupt Practices Act violations, and cases targeting lawyers. The agency's new "get tough" approach, however, raises fundamental issues of fairness that pose dangers to both attorneys and clients. The SEC's actions in areas such as asset freezes, cases against attorneys, and the application of standards governing when it will allow defense lawyers to review the investigative file during the Wells process raise important due process questions...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on April 15, 2009 (boomark / email).