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The Securities and Exchange Commission (SEC) was created by Congress in the aftermath of the 1929 stock market crash, the cause of which was widely attributed to fraudulent and deceptive practices on Wall Street. It is an independent regulatory agency whose five commissioners, including a Chairman, are appointed by the President. The SEC's Division of Enforcement is the "police force" of the Commission; it is responsible for the civil and administrative enforcement of the various federal securities laws. The Enforcement Division also typically works closely with U.S. Attorney's Offices throughout the country to assist with the criminal prosecution of securities violations.
Ever since the Supreme Court rendered its landmark decision in the case of <i>Blakely v. Washington</i>, lawyers and judges have been cast in the role of prognosticators, trying to predict how the courts -- most importantly the Supreme Court itself -- will apply <i>Blakely</i> to the Federal Sentencing Guidelines. We will soon know the answer, as the Supreme Court has agreed to hear arguments on Oct. 4, 2004, after expedited briefing. Until then, however, lawyers must prognosticate -- at the risk of guessing wrong.
Cooperation with government investigators has long been important for companies under the specter of an investigation. Under current agency policies and practices of the Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ), and relevant provisions of the Sentencing Guidelines for Organizational Offenders, a "cooperative" corporation can realize substantial reductions in penalties or even avoid an enforcement action altogether. Seaboard Corporation in 2001 and HomeStore, Inc. in 2002 are excellent examples -- both were able to avoid SEC enforcement actions because of the extent and nature of their cooperation with investigators. The multi-million dollar question is what will be defined as "cooperation."
National cases of interest to you and your practice.
Since 9/11, the government has stepped up the enforcement of laws and regulations relating to the control of exports, especially so-called "dual-use" items that have both military and non-military applications. Department of Commerce policy "seeks to keep terrorists and other criminals from possessing sensitive technologies -- in essence, to prevent export violations before they occur," according to Julie L. Myers, Assistant Secretary of Commerce for Export Enforcement.
Features
Lawyers' billing invoices are not privileged attorney-client communications and must be produced when subpoenaed in a civil contempt hearing, the Pennsylvania Superior Court ruled in late September in a dispute over a guardian ad litem's fee request.
Features
When I announced my intention to retire from a 25-plus year career as CFO at an AmLaw 200 law firm, the firm began a process to search for and select a replacement. Because I had been with the firm for such a long time, we took the opportunity to start more or less from square one in determining what the firm wanted in a CFO. I had evolved my position from that of Controller as the firm grew, and its management and its needs changed.
A&FP got lucky this summer when I sought an expert to advise our readers on law firm political contributions. Not only did Kurt Salisbury help me recruit his Arent Fox colleague Craig Engle, but he agreed to perform the interview on my behalf. Our readers thus gain not only the perspective of a major firm's PAC Director but also the perspective of the same firm's CFO.
Features
The California State Bar is throwing open the door to out-of-state lawyers, but strict conditions and high costs have some worried about tripping over the welcome mat.