ARTICLE
5 February 2020

SEC Publishes Annual Report

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A&O Shearman

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A&O Shearman was formed in 2024 via the merger of two historic firms, Allen & Overy and Shearman & Sterling. With nearly 4,000 lawyers globally, we are equally fluent in English law, U.S. law and the laws of the world’s most dynamic markets. This combination creates a new kind of law firm, one built to achieve unparalleled outcomes for our clients on their most complex, multijurisdictional matters – everywhere in the world. A firm that advises at the forefront of the forces changing the current of global business and that is unrivalled in its global strength. Our clients benefit from the collective experience of teams who work with many of the world’s most influential companies and institutions, and have a history of precedent-setting innovations. Together our lawyers advise more than a third of NYSE-listed businesses, a fifth of the NASDAQ and a notable proportion of the London Stock Exchange, the Euronext, Euronext Paris and the Tokyo and Hong Kong Stock Exchanges.
On 6 November 2019, the SEC announced the publication of its annual report for fiscal year 2019, which details the division's efforts and initiatives,...
United States Corporate/Commercial Law

On 6 November 2019, the SEC announced the publication of its annual report for fiscal year 2019, which details the division's efforts and initiatives, highlights several significant actions, and presents the activities of the division from both a qualitative and quantitative perspective.

As in prior years, the report describes the division's efforts guided by five core principles: (1) focus on the Main Street investor, (2) focus on individual accountability, (3) keep pace with technological change, (4) impose remedies that most effectively further enforcement goals, and (5) constantly assess the allocation of resources.

In releasing the report, the SEC emphasized that it brought a "diverse mix" of 862 enforcement actions, including 526 standalone actions, addressing a "broad range of significant issues," including issuer disclosure/accounting violations; auditor misconduct; investment advisory issues; securities offerings; market manipulation; insider trading; and broker-dealer misconduct. Through these actions, the SEC obtained judgments and orders totaling more than $4.3 billion in disgorgement and penalties. The SEC also "returned roughly $1.2 billion to harmed investors as a result of enforcement actions."

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