Securities and Exchange Commission News

Supreme Court Weighs Liability for Sharing Fraudulent Securities Information

U.S. Supreme Court justices on Monday appeared reluctant to further limit the scope of who can be held liable for violating laws that protect investors from securities fraud as they weighed an appeal by a New York investment banker who …

Bipartisan Senate Bill Would Regulate Proxy Advisors

Six U.S. senators on Wednesday introduced a bill that would require the U.S. securities watchdog to directly regulate firms such as Glass, Lewis & Co and Institutional Shareholder Services, which advise investors on how to vote in corporate elections. The …

New York Says Exxon Misled Investors About Climate Risks

New York’s attorney general on Wednesday sued Exxon Mobil, saying the Texas energy giant has misled investors about the risks that climate change poses to its operations. The lawsuit filed by Attorney General Barbara Underwood is the latest in a …

Settlement with Tesla’s Musk Reflects SEC Strategy of Targeting Individual Executives

A high-profile settlement with Tesla Inc. Chief Executive Elon Musk exemplifies a recent push by the U.S. Securities and Exchange Commission to go after executives and not just their companies, securities law experts said. In the last week, the SEC …

SEC Public Company Actions, Settlements Continue to Decline

Securities and Exchange Commission enforcement actions against public companies and their subsidiaries continued their downward trend through the first half of the 2018 fiscal year. SEC enforcement activity is on pace to reach the lowest level since 2013, according to …

Group Urges SEC Probe of California, Cites Climate Hypocrisy

California officials are downplaying the risks of climate change to bond investors while citing those same risks as the basis for a lawsuit against oil companies, according to a conservative think tank that has asked securities regulators to investigate. The …

Businessman in Vermont Ski Resort Fraud Case Agrees to Pay $81M

A Miami businessman accused of massive fraud involving foreign investors’ money in a Vermont ski area has agreed to pay back more than $81 million and give up ownership of two ski resorts, the Securities and Exchange Commission said Friday. …

Supreme Court Case on SEC Judges Could Disrupt Administrative Proceedings

The U.S. Supreme Court will decide whether the Securities and Exchange Commission’s in-house judges were appointed in violation of the Constitution, agreeing to hear a case that could upend administrative hearing systems across the federal government. The move came at …

SEC Hackers Took Advantage of Firms Using Authentic Data for Testing: Reuters Exclusive

Hackers breached the U.S. Securities and Exchange Commission’s computer system last year by taking advantage of companies that used authentic financial data when they were testing the agency’s corporate filing system, according to sources familiar with the matter. The Federal …

SEC Hacking Latest in Series of Government Agency Cyber Breaches

A major computer hack at America’s top stock market regulator is the latest sign that data stored in the highest reaches of the U.S. government remains vulnerable to cyber attacks, despite efforts across multiple presidencies to limit high-profile breaches that …