- SEC Report on Credit Rating Agency Conflicts of Interest.
On November 21st, the Securities and Exchange Commission ("SEC") published its report to Congress on the independence of credit rating agencies. The report finds that the credit rating agencies have managed the conflicts of interest which accompany the agencies' provision of ancillary services to clients. As a result, the SEC's Office of Credit Ratings does not recommend any changes to the Commission's policy concerning credit rating agency provision of ancillary services.
- Co-Enforcement Director Discusses the FCPA.
On November 19th, Andrew Ceresney, SEC Co-Director of the Division of Enforcement, discussed the latest developments in the SEC's enforcement of the Foreign Corrupt Practices Act. Over the last twelve months, the Commission recovered over $240 million in disgorgement and penalties from FCPA cases. The success with FCPA cases is due, in part, to the SEC's partnerships with the Justice Department and the FBI. Ceresney also emphasized the Enforcement Division's intention to bring FCPA cases against individuals. Ceresney Remarks.
- Office of the Whistleblower Reports.
On November 15th, the SEC's Office of the Whistleblower issued its report on its 2013 fiscal year. The Office paid out over $14 million in bounties and received 3,238 tips. Forbes touched on the reports high points, noting that it can take between two and four years to resolve a case stemming from a whistleblower tip. Because the Office is in its third year, its caseload is just now starting to peak. The Office's efforts to protect whistleblowers are also noted. Highlights.
- Staff Announcements.
The SEC announced the appointment of Julie K. Lutz as director of the Denver Regional Office, where she will oversee enforcement and examinations in a seven-state region.