SEC Proposes New Approval Process for Certain Exchange-Traded Funds

The Securities and Exchange Commission today voted to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of ETFs…

SEC Adopts Inline XBRL for Tagged Data

The Securities and Exchange Commission today voted to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds.  The amendments are intended to improve the quality and accessibility of XBRL data. …

SEC Expands the Scope of Smaller Public Companies that Qualify for Scaled Disclosures

The Securities and Exchange Commission today voted to adopt amendments to the “smaller reporting company” (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations.

“I want our public capital…

Former Equifax Manager Charged With Insider Trading

The Securities and Exchange Commission today charged a former Equifax manager with insider trading in advance of the company’s September 2017 announcement of a massive data breach that exposed Social Security numbers and other personal information of a…

SEC and CFTC Announce Approval of New MOU

The Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC) announced today that the two agencies have approved a Memorandum of Understanding (MOU) that will help ensure continued coordination and information sharing betw…

SEC Charges Credit Ratings Analyst and Two Friends with Insider Trading

The Securities and Exchange Commission today charged a credit ratings agency employee with tipping two friends about The Sherwin-Williams Co.’s confidential plans to acquire The Valspar Corp., which he learned of through his work.  The SEC also charged…

Wells Fargo Advisors Settles SEC Charges for Improper Sales of Complex Financial Products

The Securities and Exchange Commission today announced that Wells Fargo Advisors LLC agreed to settle charges of misconduct in the sale of financial products known as market-linked investments, or MLIs, to retail investors.  

According to the order, t…

Paul G. Cellupica Named Deputy Director—Chief Counsel of the Division of Investment Management

The Securities and Exchange Commission announced today that Paul G. Cellupica has been named Chief Counsel of the Division of Investment Management, and will continue serving as the Division’s Deputy Director.
  
Mr. Cellupica served in a number of cap…

SEC Shuts Down $102 Million Ponzi Scheme

The Securities and Exchange Commission today filed charges and obtained an asset freeze against the individuals and companies behind a $102 million Ponzi scheme that bilked investors throughout the U.S.

According to the SEC’s complaint, the defendants…

Investors, Innovation, and Performance Top SEC’s Draft Strategic Plan

The Securities and Exchange Commission today published a draft strategic plan that focuses on investors, innovation, and performance as the top strategic goals in coming years. 
 
The SEC is seeking public comment on the proposed draft that will guide …

Merrill Lynch Admits to Misleading Customers about Trading Venues

The Securities and Exchange Commission today charged Merrill Lynch, Pierce, Fenner & Smith with misleading customers about how it handled their orders.  Merrill Lynch agreed to settle the charges, admit wrongdoing, and pay a $42 million penalty.

Accor…

Daniel J. Wadley Named as Regional Director of Salt Lake Office

The Securities and Exchange Commission today named Daniel J. Wadley as Regional Director of its Salt Lake office.  Mr. Wadley succeeds Richard R. Best, whom the agency named Regional Director of its Atlanta office in January.

Mr. Wadley, who served as…