Robert M. Fisher Named Managing Executive of the Office of Compliance Inspections and Examinations
The Securities and Exchange Commission today announced that Robert M. Fisher has been named Managing Executive of the Office of Compliance Inspections and Examinations (OCIE). In this role, Dr. Fisher will oversee OCIE’s business operations, technology services, examiner training, and Tips, Complaints and Referrals programs. He succeeds Peter B. Driscoll who has been named Chief Risk and Strategy Officer of OCIE’s new Office of Risk and Strategy. “Rob has terrific experience and brings proven skill sets to the position of Managing Executive,” said OCIE Director Marc Wyatt. “I look forward to working with him to further advance the effectiveness of…
Read MoreSEC Announces Creation of Office of Risk and Strategy for its National Exam Program
The Securities and Exchange Commission today announced the creation of the Office of Risk and Strategy within its Office of Compliance Inspections and Examinations (OCIE). The new office will consolidate and streamline OCIE’s risk assessment, market surveillance, and quantitative analysis teams and provide operational risk management and organizational strategy for OCIE. Peter B. Driscoll will lead the office and has been named as its first Chief Risk and Strategy Officer. In this role, Mr. Driscoll will manage the new office and the Investment Adviser/Investment Company examination staff based in Washington, D.C. “The Office of Risk and Strategy will lead our…
Read MoreSEC Charges Rhode Island Agency and Wells Fargo With Fraud in 38 Studios Bond Offering
The Securities and Exchange Commission today charged a Rhode Island agency and its bond underwriter Wells Fargo Securities with defrauding investors in a municipal bond offering to finance startup video game company 38 Studios. The Rhode Island Economic Development Corporation (RIEDC, now called the Rhode Island Commerce Corporation) issued $75 million in bonds for the 38 Studios project as part of a state government program intended to spur economic development and increase employment opportunities by loaning bond proceeds to private companies. According to the SEC’s complaint filed in federal district court in Providence: The RIEDC loaned $50 million in bond…
Read MoreSEC: Qualcomm Hired Relatives of Chinese Officials to Obtain Business
The Securities and Exchange Commission today announced that Qualcomm Incorporated has agreed to pay $7.5 million to settle charges that it violated the Foreign Corrupt Practices Act (FCPA) by hiring relatives of Chinese government officials deciding whether to select the company’s mobile technology products amid increasing competition in the international telecommunications market. An SEC investigation found that Qualcomm also provided gifts, travel, and entertainment to try to influence officials at government-owned telecom companies in China. With insufficient internal controls to detect improper payments, Qualcomm misrepresented in its books and records that the things of value provided to foreign officials were…
Read MoreFee Rate Advisory #4 for Fiscal Year 2016
Pursuant to Section 31(j)(2) of the Securities Exchange Act of 1934, the Commission has determined that a mid-year adjustment to the Section 31 fee rate for fiscal year 2016 is not required. These adjustments do not directly affect the amount of funding available to the SEC. The Section 31 fee rate for fiscal 2016 will remain at the current rate of $21.80 per million, as previously announced on Jan. 7, 2016. This rate will remain in place until Sept. 30, 2016, or 60 days after the enactment of a regular FY 2017 appropriation, whichever is later. The Section 31 assessment…
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