With the SEC busy implementing Dodd-Frank, and the industry anxiously awaiting each development, Clear Thinking sought out the opinions of someone who has seen things from both sides of the regulatory playing field. Both at the SEC and in her current work on behalf of industry clients, Kit Addelman has seen the industry up close and has some keen insights into what impact the industry can expect from Dodd-Frank. >>
WASHINGTON — An examination of credit ratings agencies by the Securities and Exchange Commission found repeated instances of the companies failing to follow their own procedures or to manage conflicts of interest adequately, according to an S.E.C. staff report issued Friday.
The examinations were mandated in the Dodd-Frank regulatory law passed last year after numerous investigations into the causes of the financial crisis. Several of those inquiries found that the agencies had issued inaccurate reports, failed to report or manage conflicts of interest and appeared to put generating revenue ahead of rigorous financial analysis... >>
On June 22, 2011, the Securities and Exchange Commission (the “SEC”) adopted final rules implementing new exemptions from registration as an investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). >>
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SEC Enforcement
There is no time to spare when the SEC’s Division of Enforcement turns its attention your way. Your company needs experienced counsel to help navigate the SEC investigatory process. Our clients can rest assured: Haynes and Boone’s lawyers have a broad base of experience in defending SEC enforcement actions and investigations ranging from inquiries into accounting practices or options backdating, to allegations of insider trading and related party transactions. Our defense experience is complemented by the "insider" perspective offered by a number of our partners, who are veterans of key positions at the SEC and other governmental entities. Because of our unparalleled experience, Haynes and Boone has had the opportunity to represent public and private companies, financial service firms, and senior executives and board members in some of the most significant SEC investigations in recent years.
Our goal is to have investigations close without an enforcement action filed. For this reason, a number of our most significant representations have received no publicity. However, if litigation should arise, we combine our trial experience and unparalleled resources to expertly handle these cases. Our cross-discipline approach provides clients with access to securities, antitrust, white collar criminal defense, and other highly specialized attorneys. If the investigations are not closed, we spare no effort to obtain a favorable result for our clients.