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Securities and Exchange Commission (SEC) Chairman Jay Clayton recently announced a change in how the SEC will consider requests for waivers of certain serious collateral consequences that would otherwise result from settlement of an SEC enforcement action. These collateral consequences, often referred to as “bad actor” or “bad boy” provisions, can vary greatly and may disqualify an entity from conducting certain business or utilizing certain means to offer securities. Historically, a company often would not know unequivocally whether the commission would agree to waive these disqualifications until after the announcement of the settlement — a situation that brought a significant degree of uncertainty to the impact of a settlement decision.
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By Peter Collins
It is imperative that every organization acknowledges and takes seriously the potential harm that can be caused by insiders who misuse AI as a weapon for personal gain or to settle scores.
By Elkan Abramowitz and Jonathan Sack
This article analyzes the Second Circuit’s decision, which rejected the defense’s arguments for narrowing the definition of “corruptly” and a “thing of value” in the context of Section 215(a)(2).
By Sarah Heaton Concannon and Alexander Schwartz
This article identifies certain information asymmetries in the SEC’s beneficial ownership reporting rules, discusses the extent to which those information asymmetries are addressed (or not) under the SEC’s recent rule amendments, and considers whether additional rule amendments or SEC guidance continue to be necessary.
By Maydeen Merino
Artificial intelligence could drive greater efficiency and lower costs in the finance sector but U.S. Securities and Exchange Commission Chair Gary Gensler warned last month about companies potentially making false claims about using the technology, a nefarious practice known as “AI washing.”