ESG, Enforcement and Effective Disclosure

Please join the Faegre Drinker team for a three-part webinar series providing updates on year-end financial reporting and the 2021 proxy season. This session will cover:

  • Discuss current trends and considerations related to ESG oversight and disclosure
  • Review SEC enforcement activity and lessons learned
  • Review best practices in annual report and proxy disclosures
  • Update on other hot topics heading into the annual meeting season

Register.

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CCO Barred for Altering Reports to Mislead SEC Staff

Recently, the U.S. Securities and Exchange Commission (the “SEC”) charged a dually registered firm and its Chief Compliance Officer (“CCO”) with multiple violations of the Investment Advisers Act of 1940 (“Advisers Act”). The charges included allegations against the CCO that she altered documents in an attempt to mislead SEC examination staff and failures to comply with enhanced policies and procedures adopted as a result of a prior examination by FINRA. The SEC charged the firm with willfully violating Section 206(4) of the Advisers Act and Rule 206(4)-7 thereunder, which require, in part, that registered investment advisors “[a]dopt and implement written policies and procedures reasonably designed to prevent violation” of the Advisers Act and its rules. The CCO was charged with willfully aiding and abetting the firm’s violations. The firm and the CCO were fined $1.7 million and $45,000, respectively, and the CCO was barred from the industry.

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Regulatory Enforcement Movie Streaming – A Thumbs Up

Stepping away from the more serious task of covering the “Enforcement Highlights” of financial regulators, such as the U.S. Securities and Exchange Commission, and taking into account that we have not been able to go to the movies all summer, here, in no particular order, are five movies that touch on our industry and are definitely worth streaming to watch one more time:

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