Recently, the SEC amended its rules to create a separate Office of Ethics Counsel. The Ethics Counsel will now report directly to the Commission’s Chairman.

This organizational change is important for the SEC since previously documented ethics abuses still linger in the press.  This new chain of command will allow the Ethics Counsel to serve

In a letter to certain senators, SEC Chairman Mary Schapiro has requested new statutory power to enhance the SEC’s Enforcement program’s effectiveness. In particular, the SEC is seeking statutory upgrades in five areas.

The first new power would be to increase the SEC’s ability to impose fines on individuals and entities up to $1 million

The SEC adopted a rule requiring hedge fund and private equity fund advisors to report systemic risk data.  The new Form PF was jointly developed by the SEC and the CFTC in consultation with members of the Financial Stability Oversight Council, to satisfy Dodd Frank Act Sections 404 and 406. 

In particular, for hedge, private

An independent public interest group has asked the SEC’s Inspector General to investigate press reports that Staff members are using private e-mails to conduct agency matters to avoid oversight by the SEC’s IG. 

Given the activity of the SEC’s IG over the last several years, the Staff seems reluctant to have their conduct under public

A congressman recently introduced a bill that would create a private right of action against foreign companies for violations of the Foreign Corrupt Practices Act.  This would allow for companies to sue foreign companies for any damages stemming from the violation of this law. 

In such an action, the company would merely allege that the

At a recent conference, federal regulators, including the DOJ and the SEC, stated that they are aggressively pursuing investigations into private equity and hedge funds and their FCPA compliance. 

Most likely, we  will see a spike in enforcement issues for these funds regarding the FCPA as the new year begins.  The government will undoubtedly look