Enforcement
May 12, 2017
|
The Office of International Affairs has used the materials in this section as educational and training materials in past training programs, and may also use them in future programs. Materials authored by individual members of the Commission’s staff reflect the views of the author, and not necessarily the views of the Commission, individual Commissioners, or the Commission staff. The selection of materials furnished by non-federal persons or entities does not necessarily imply Commission endorsement of the materials, any legal or policy positions stated in them, or their source. Additional training materials will be added as they become available. Certain of the selected materials may contain, refer to, or explain particular statutes, rules, regulations, orders, and interpretations. These are subject to change, and you should rely only on the actual statutes, rules, regulations, orders, and interpretations that are currently in force. If you have questions concerning the meaning, application, or status of a particular statute, rule, regulation, order, or interpretation, you should consult with an attorney who specializes in securities law. |
Overview of SEC's Enforcement Program and Market Oversight Resources
- Rules of Practice & Rules on Fair Funds and Disgorgement Plans (U.S. Securities & Exchange Commission, January 2006; corrected March 2006).
- Linda Chatman Thomsen, An Overview of Enforcement (International Institute for Securities Market Development 2005).
Goals and Objectives of an Effective Enforcement Program
Cooperation between Civil and Criminal Authorities
- Thomas C. Newkirk, Assoc. Dir., and Ira L. Brandiss, Staff Attorney, Div. of Enforcement, U.S. SEC, The Advantages of a Dual System: Parallel Streams of Civil and Criminal Enforcement of the U.S. Securities Laws, Remarks at the 16th International Symposium on Economic Crime, Jesus College, Cambridge, England (September 19, 1998).
Cooperation with the SEC
- Seaboard Release on Cooperation, Exchange Act Release No. 44969 (October 23, 2001).
Penalties
- Press Release, Securities & Exchange Commission, Statement of the Securities & Exchange Commission Concerning Financial Penalties, (January 4, 2006).
Disgorgement
- Hearing on H.R. 2179 Before the Subcomm. on Capital Markets, Insurance, and Government Sponsored Enterprises, of the H. Comm. on Financial Services, 108th Cong. (2003) (testimony of Stephen M. Cutler, Dir., Div. of Enforcement, U.S. SEC) (concerning the return of funds to defrauded investors).
Sanctions Against Company Officers & Management
Settlements
- Press Release, Securities & Exchange Commission, Six Former Senior Executives of Xerox Settle SEC Enforcement Action Charging Them With Fraud, (June 5, 2003).
- Rules of Practice & Rules on Fair Funds and Disgorgement Plans 50 (U.S. Securities & Exchange Commission, January 2006; corrected March 2006), (see Rule 240 regarding settlement of complaints).
Asset Restraints
- Ethiopis Tafara, Dir., Office of International Affairs, U.S. SEC, Public Discussion Panel on Combating Financial Crime Globally, Speech at the IOSCO Annual Conference, Seoul, Korea (October 17, 2003).
- IOSCO Presidents Committee: Resolution on Cross-border Cooperation to Freeze Assets Derived fromSecurities and Derivatives Violations
Role of Self Regulatory Organizations
- National Association of Securities Dealers, NASD Sanction Guidelines (September 2006).
- Technical Committee of the International Organization of Securities Commissions, Report on Trading Halts and Market Closures (October 2002).
Investigative Techniques
- William R. McLucas, J. Lynn Taylor & Susan A. Mathews, A Practitioner's Guide to the SEC's Investigative and Enforcement Process, 70 TEMPLE L. REV. 1 (1997).
Market Surveillance Systems: Techniques & Enforcement
- Summary of the Role of the Intermarket Surveillance Group (updated February 6, 2006).
Investigating Financial Fraud By Issuers
- Technical Committee of the International Organization of Securities Commissions, Strengthening Capital Markets Against Financial Fraud (February 2005).
- Stephen M. Cutler, Dir., Div. of Enforcement, U.S. SEC, The Themes of Sarbanes Oxley as Reflected in the Commission's Enforcement Program, Speech at UCLA School of Law (September 20, 2004).
Insider Trading
- L. Hilton Foster, Sr. Attorney, Div. of Enforcement, U.S. SEC, Insider Trading Investigations (September 2000).
- Selective Disclosure and Insider Trading (Final Rule), Exchange Act Release Nos. 33-7881, 34-43154 (August 21, 2000).
- Thomas C. Newkirk, Assoc. Dir., and Melissa A. Robertson, Senior Counsel, Div. of Enforcement, U.S. SEC, Insider Trading - A U.S. Perspective, Remarks at the 16th International Symposium on Economic Crime, Jesus College, Cambridge, England (September 19, 1998).
- Hearing Before the S. Comm. on the Judiciary, 109th Cong. (2006) (testimony of Linda Chatman Thomsen, Dir., Div. of Enforcement, U.S. SEC) (regarding insider trading).
- SEC v. Sonja Anticevic et al., 05 Civ. 6991 (KMW) (S.D.N.Y.), Litigation Release No. 17528, (April 11, 2006).
Pyramid Schemes & Offering Fraud
- SEC Fast Answers Website, Pyramid Schemes (September 9, 2004).
- SEC Prime Bank Fraud Information Center, How Prime Bank Frauds Work (October 2003).
Market Manipulation
Boiler Rooms
- Press Release, Securities & Exchange Commission, SEC Charges 81 Defendants in Telemarketing Stock Fraud Schemes, (August 6, 2002).
- SEC v. Millennium Financial, Ltd., et al., Civil Action No. 02 CV 3901 (MBM) (S.D.N.Y.) (filed May 22, 2002), Litigation Release No. 19650, (May 22, 2002)
Internet Fraud
- International Organization of Securities Commissions, Report on Securities Activity on the Internet III (October 2003).
Foreign Corrupt Practices Act
- Ethical Pitfalls for Florida Practitioners Under the Foreign Corrupt Practices Act, Nina B. Finston, Branch Chief, Division of Enforcement, U.S. Securities and Exchange Commission, Washington, D.C.
International Enforcement Cooperation
- SEC Office of International Affairs, International Cooperation in Securities Law Enforcement (International Training Institute, Fall 2004).
- International Organization of Securities Commissions, Multilateral Memorandum of Understanding Concerning Consultation And Cooperation and the Exchange of Information (May 2002).
Administrative Law/Adjudication Procedures
- Rules of Practice & Rules on Fair Funds and Disgorgement Plans (U.S. Securities & Exchange Commission, January 2006; corrected March 2006).
Last Reviewed or Updated: Oct. 12, 2006