FOIA Appeals Logs for the Securities and Exchange Commission (SEC), 2009-2016
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Will the Sec Survive Financial Regulatory Reform?
WILL THE SEC SURVIVE FINANCIAL REGULATORY REFORM? Renee M. Jones* A BSTRACT The Securities and Exchange Commission’s (“SEC”) conspicuous failures during the financial crisis of 2008 have led many to question the agency’s relevance in the modern financial era. Some commentators have called for the creation of new super-agencies to assume a substantial portion of the SEC’s duties. Others highlight enforcement failures and question the agency’s commitment to its investor protection mission. Despite its recent missteps and persistent calls for regulatory overhaul, the SEC’s future seems secure for now as President Obama’s reform proposals (the “Obama Plan”) as currently conceived preserve the agency’s independence. Although thus far the Obama Plan protects the SEC’s status as an independent agency, several aspects of the plan threaten the agency’s long- term prospects. The proposal to expand the executive branch’s role in oversight over financial institutions may represent the beginning of an incremental encroachment on SEC authority. Similarly, the proposed Consumer Financial Protection Agency could absorb a portion of the SEC’s traditional investor protection role. In the end, the SEC’s survival depends on whether its leadership takes effective action to restore its credibility and regain the public trust in the years to come. I. INTRODUCTION The Securities and Exchange Commission (“SEC”) is currently under siege. Its once stellar reputation has been tarnished by a series of inauspicious events that unfolded during the financial meltdown of 2008. The agency’s passivity during the collapse of Bear Stearns, its failure to detect Bernard Madoff’s massive fraud, and the failure of the Consolidated Supervised Entity program for financial conglomerates have led many to question the agency’s competence and relevance in the era of modern globalized financial markets.1 * Associate Professor, Boston College Law School. -
September 23–24, 2020
Wednesday, Thursday, On Demand Sponsors September 23 September 24 Sessions A gathering for regulators and industry professionals to exchange ideas and empower success September 23–24, 2020 Wednesday, September 23 LIVE 10:00 AM – 11:00 AM – LIVE: Virtual Exhibit Hall During this allotted time, visit sponsors, ask questions, and learn from fellow colleagues about industry topics. 11:00 AM – 11:05 AM – LIVE: Welcome Remarks C&L VIRTUAL FORUM CHAIRPERSON Scott Kursman Citi 11:05 AM – 11:35 AM – LIVE: One-on-One Conversation with Robert Cook Robert Cook MODERATOR FINRA Ira D. Hammerman SIFMA 11:45 AM – 12:45 PM – LIVE: COVID-19: Lessons Learned for Compliance & Legal Professionals • Operational capacity – what does this mean for systems access, especially trading businesses • Meeting regulatory obligations for oversight in this COVID-19 environment. Anticipating unique risks in this new operating structure. • Supervisory and management challenges with remote staff and related information security challenges • Discuss today’s challenges of internal and external communications and recordkeeping • Considerations for Return-to-Work plans Michael Broadbery Andy Cadel Kevin H. Dunn Marlon Paz Emily Westerberg MODERATOR Goldman Sachs Citi National Institute for Mayer Brown Russell Amy J. Greer Occupational Safety SEC Baker & McKenzie LLP and Health 12:55 PM – 2:00 PM – LIVE: Leadership Matters: Meaningful, Measured Impact in Diversity and Inclusion This panel will take a deeper dive into how today’s financial industry leadership work must be a matter -
Report of Investigation
REPORT OF INVESTIGATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION OFFICE OF INSPECTOR GENERAL Investigation into Allegations of Improper Preferential Treatment and Special Access in Connection with the Division of Enforcement's Investigation of Citigroup, Inc. Case No. OIG-559 September 27,2011 This document is subjed to the provisions of th e Privacy Act of 1974, and may require redadion before disdosure to third parties. No redaction has betn performed by the Office of Inspedor Gmeral. Recipients of this report should not disseminate or copy it without the Inspector General's approval. " Report of Investigation Cas. No. OIG-559 Investigation into Allegations of Improper Preferential Treatment and Speeial Access in Connection with the Division of Enforcement's Investigation ofCitigroup, Inc. Table of Contents Introduction and Summary of Results ofthe Investigation ......................................... ..... .. I Scope of the Investigation................................................................................................... 2 Relevant Statutes, Regulations and Pol icies ....................................................................... 4 Results of the Investigation................................................. .. .............................................. 5 I. The Enforcement Staff Investigated Citigroup and Considered Various Charges and Settlement Options ........................................................................................... 5 A. The Enforcement Staff Opened an Investigation -
The SEC's Troubling New Policy Requiring Admissions
Securities Regulation & Law Report™ Reproduced with permission from Securities Regulation & Law Report, 45 SRLR 1172, 06/24/2013. Copyright 2013 by The Bureau of National Affairs, Inc. (800-372-1033) http://www.bna.com SEC ENFORCEMENT The SEC’s Troubling New Policy Requiring Admissions mission of misconduct may be appropriate, even if it does not allow us to achieve a prompt resolution.’’2 While the exact parameters of when admissions will be required were not laid out, Enforcement Division Co- Directors Andrew Ceresney and George Canellos said admissions might be required in cases of ‘‘egregious in- tentional misconduct,’’ where the defendant had ob- structed the investigation, or where the conduct ‘‘harmed large numbers of investors.’’3 Although Chair White may have seen a need to re- spond to critics of the SEC’s settlement approach, this policy change could have serious consequences for the agency, and ultimately for the very investors whose in- BY MARC FAGEL terests the SEC is supposed to protect. Faced with the n June 18, recently-appointed Securities and Ex- prospect of admissions that can be used against them in change Commission Chair Mary Jo White re- other proceedings and expose them to massive collat- O leased something of a bombshell, announcing that eral damages, companies and their officers will be in- the agency would break from its long-standing practice centivized to take more cases to trial. And the SEC, of allowing defendants to settle cases without admitting which will see its already limited enforcement re- liability and, in certain cases, require admissions as a sources further diminished by protracted litigation, will 1 condition of settlement. -
SEC Historical Society Highlights
Securities and Exchange Commission Historical Society o Highlights of 2005 Preserving Investing’s Past WWW. SECHISTORICAL. ORG Exploring Investing’s Future T the virtual museum of sec and securities industry history T Highlights of 2005 Report The Highlights of 2005 is the narrative section of the Securities and Exchange Commission Historical Society’s 2005 Annual Report. The 2005 financial statement and list of donors Letter from the President will be published in the 2005 Annual Report later in 2006. Dear Friends: Carla L. Rosati, CFRE, Editor On December 1st, our virtual museum and archive at www.sechistorical.org Donald Norwood Design, Design and Publication opened its first galleries – 431 Days: Joseph P. Kennedy and the Creation of Scavone Photography and the SEC (1934-35); and William O. Douglas and the Growing Power of the Rob Tannenbaum, Photography SEC (1936-39) – a milestone in the mission of the Securities and Exchange (and images from the virtual museum and archive) Commission Historical Society to preserve and share SEC and securities history for generations to come. Securities and Exchange Commission For those of you who helped to build the Society as a non-profit organiza- Historical Society The Securities and Exchange Commission tion from our founding on September 15, 1999, and those of you who wit- Historical Society, a 501(c)(3) non-profit nessed the opening of the virtual museum and archive on June 1, 2002, this organization, independent of and separate was indeed a proud moment. from the U.S. Securities and Exchange When I met with SEC Chairman Christopher Cox in October, he informed Commission, preserves and shares SEC and me that the museum’s collections were used to prepare for his confirmation securities history through its virtual museum hearings. -
CORPORATIONS and CAPITAL MARKETS EVOLUTION Sponsored
CORPORATIONS AND CAPITAL MARKETS EVOLUTION Sponsored by: Columbia Law School Transactional Studies Program Speaker Biographies Raanan A. Agus Raanan A. Agus is the global head of the Principal Strategies Group in the Equities Division of Goldman Sachs. The Principal Strategies Group is a proprietary, multi-strategy investment arm within Goldman Sachs that engages in equity long/short strategies, convertible arbitrage, volatility strategies, distressed and capital structure arbitrage, tactical trading, and special situation/event-driven strategies. Mr. Agus joined Goldman Sachs in 1993 as an associate in Equities Arbitrage, and became a managing director in 1999 and a partner in 2000. Mr. Agus is also a member of the Equities/FICC Joint Operating Committee and the Firmwide Risk Committee. He is also on the Goldman Sachs chess team. Mr. Agus earned an A.B. degree from Princeton University in 1989 and a joint J.D./M.B.A. degree, specializing in finance, from Columbia University in 1993. Alan L. Beller Alan L. Beller is a partner based in the New York office of Cleary Gottlieb Steen & Hamilton. His practice focuses on a wide variety of complex securities, corporate governance, and corporate matters. Mr. Beller served as the Director of the Division of Corporation Finance of the U.S. Securities and Exchange Commission and as Senior Counselor to the Commission from January 2002 until February 2006. During his four-year tenure, Mr. Beller led the Division in producing the most far-reaching corporate governance, financial disclosure, and securities offering reforms in Commission history, including the implementation of the corporate provisions of the Sarbanes- Oxley Act of 2002 and the adoption of corporate governance standards for listed companies. -
Report of Investigation
This document is subject to the provisions of the Privacy Act of 1974, and may require redaction before disclosure to third parties. No redaction has been performed by the Office of Inspector General. Recipients of this report should not disseminate or copy it without the Inspector General's approval. REPORT OF INVESTIGATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION OFFICE OF INSPECTOR GENERAL Case No. OIG-567 Destruction of Records Related to Matters Under Inquiry and Incomplete Statements to the National Archives and Records Administration Regarding that Destruction by the Division of Enforcement October 5, 2011 OIG-567 Redaction Key All redactions have been made pursuant to FOIA Exemptions (b)(6) & (b)(7)(C). This document is subject to the provisions of the Privacy Act of 1974, and may require redaction before disclosure to third parties. No redaction has been performed by the Office of Inspector General. Recipients ofthis report should not disseminate or copy it without the Inspector General's approval. REPORT OF INVESTIGATION Case No. OIG-567 Destruction of Records Related to Matters Under Inquiry and Incomplete Statements to tbe National Archives and Records Administration Regarding tbat Destruction by tbe Division of Enforcement Table of Contents INTRODUCTION AND SUMMARY OF RESULTS ...................................................... 1 SCOPE OF THE OIG INVESTIGATION ......................................................................... 4 I. Review ofE-mails .................................................................................................. -
Strengthening the Sec's Vital Enforcement
S. HRG. 111–175 STRENGTHENING THE SEC’S VITAL ENFORCEMENT RESPONSIBILITIES HEARING BEFORE THE SUBCOMMITTEE ON SECURITIES, INSURANCE, AND INVESTMENT OF THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED ELEVENTH CONGRESS FIRST SESSION ON EXAMINING THE IMPORTANT ROLE OF THE SECURITIES AND EX- CHANGE COMMISSION IN PROTECTING INVESTORS BY AGGRESSIVELY ENFORCING FEDERAL SECURITIES LAWS MAY 7, 2009 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.access.gpo.gov/congress/senate/senate05sh.html U.S. GOVERNMENT PRINTING OFFICE 53–779 PDF WASHINGTON : 2009 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS CHRISTOPHER J. DODD, Connecticut, Chairman TIM JOHNSON, South Dakota RICHARD C. SHELBY, Alabama JACK REED, Rhode Island ROBERT F. BENNETT, Utah CHARLES E. SCHUMER, New York JIM BUNNING, Kentucky EVAN BAYH, Indiana MIKE CRAPO, Idaho ROBERT MENENDEZ, New Jersey MEL MARTINEZ, Florida DANIEL K. AKAKA, Hawaii BOB CORKER, Tennessee SHERROD BROWN, Ohio JIM DEMINT, South Carolina JON TESTER, Montana DAVID VITTER, Louisiana HERB KOHL, Wisconsin MIKE JOHANNS, Nebraska MARK R. WARNER, Virginia KAY BAILEY HUTCHISON, Texas JEFF MERKLEY, Oregon MICHAEL F. BENNET, Colorado EDWARD SILVERMAN, Staff Director WILLIAM D. DUHNKE, Republican Staff Director DAWN RATLIFF, Chief Clerk DEVIN HARTLEY, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor SUBCOMMITTEE ON SECURITIES, INSURANCE, AND INVESTMENT JACK REED, Rhode Island, Chairman JIM BUNNING, Kentucky, Ranking Republican Member TIM JOHNSON, South Dakota MEL MARTINEZ, Florida CHARLES E. -
The Rise of Deferred Prosecution Agreements James R
T R EPO R E C USTI J IVIL C THE SHADOW REGULATORY STATE No. 14 No. May 2012 14 The Rise of Deferred Prosecution Agreements James R. Copland Senior Fellow Manhattan Institute for Policy Research C L P CENTER FOR LEGAL POLICY AT THE MANHATTAN INSTITUTE Published by Manhattan Institute The Shadow Regulatory State EXECUTIVE SUMMARY Over the last decade, a novel form of federal government regulation has emerged, prompted not by new congressional legislation or administrative agency action but rather by aggressive assertion of prosecutorial authority over business. With- out any actual criminal trials and little to no judicial supervision, government attorneys in the U.S. Department of Justice have pressured corporations to pay significant fines, to modify business practices, and even to sack top management. The Justice Department and various U.S. Attorneys’ offices have entered into more than 200 “deferred prosecution” or “non-prosecution” agreements (DPAs and NPAs) in the last ten years. Seven of the 100 largest U.S. businesses, as ranked by Fortune magazine, are currently operating under the supervision of federal prosecutors. The widespread use of DPAs and NPAs followed shortly in the wake of the federal government’s May 6, 2002, indict- ment of the large accounting firm Arthur Andersen. The U.S. Supreme Court ultimately set aside Andersen’s conviction in 2005, but the firm had long since collapsed—throwing tens of thousands of Americans out of work. Many businesses can ill afford to fight a criminal investigation: criminal inquiries place significant pressure on stock prices and can impair companies’ ability to obtain credit, and businesses in some industries can be debarred from government contracting or denied government licenses upon an indictment or conviction. -
Allegations of Improper Coordination Between the SEC and Other Governmental Entities Concerning the SEC's Enforcement Action Against Goldman Sachs & Co
This document is subject to the provisions of the Privacy Act of 1974, and may require redaction before disclosure to third parties. No redaction has been performed by the Office of Inspector General. Recipients of this report should not disseminate or copy it without the Inspector General's approval. REPORT OF INVESTIGATION UNITED STATES SECURITIES AND EXCHANGE COMMISSION OFFICE OF INSPECTOR GENERAL Case No. OIG-534 Allegations of Improper Coordination Between the SEC and Other Governmental Entities Concerning the SEC's Enforcement Action Against Goldman Sachs & Co. September 30, 2010 REDACTION KEY LE = Law Enforcement PrivilegelPotentially Harmful to Ongoing Litigation PH = Personal Identifying Information This document is subject to the provisions of the Privacy Act of 1974, and may require redaction before disclosure to third parties. No redaction has been performed by the Office ofInspector General. Recipients of this report should not disseminate or copy it without the Inspector General's approval. Table of Contents INTRODUCTION AND BACKGROUND ....................................................................... 1 SCOPE OF THE OIG INVESTIGATION ......................................................................... 1 I. E-MAIL SEARCHES AND REVIEW OF E-MAILS ............................................ 1 II. DOCUMENT REQUESTS AND REVIEW OF RECORDS ................................. 2 III. TESTIMONY AND INTERVIEWS ...................................................................... 2 RELEVANT STATUTES, RULES AND REGULATIONS ............................................ -
Taskforce on Scaling Voluntary Carbon Markets: Consultation Document
NOVEMBER 2020 TASKFORCE ON SCALING VOLUNTARY CARBON MARKETS CONSULTATION DOCUMENT REPORT FRONT-PIECE ABOUT THE TASKFORCE The Taskforce on Scaling Voluntary Carbon Markets is a private sector-led initiative working to scale an effective and efficient voluntary carbon market to help meet the goals of the Paris Agreement. The Taskforce was initiated by Mark Carney, UN Special Envoy for Climate Action and Finance Advisor to UK Prime Minister Boris Johnson for the 26th UN Climate Change Conference of the Parties (COP26); is chaired by Bill Winters, Group Chief Executive, Standard Chartered; and sponsored by the Institute of International Finance (IIF) under the leadership of IIF President and CEO, Tim Adams. Annette Nazareth, a partner at Davis Polk and former Commissioner of the US Securities and Exchange Commission, serves as the Operating Lead for the Taskforce. McKinsey & Company provides knowledge and advisory support. The Taskforce’s more than 50 members represent buyers and sellers of carbon credits, standard setters, the financial sector and market infrastructure providers. The Taskforce’s unique value proposition has been to bring all parts of the value chain to work intensively together and to provide recommended actions for the most pressing pain-points facing voluntary carbon markets. The Taskforce is also supported by a highly engaged Consultation Group, composed of subject- matter experts from more than 80 institutions, who contribute additional perspective to the recommendations. ABOUT THE REPORT This report was developed by the Taskforce on Scaling Voluntary Carbon Markets, drawing on multiple sources, including a research collaboration with McKinsey & Company, which is providing knowledge and advisory support to the IIF. -
Requestor Organization Request # Short Description Request Type
Departmental Offices, FOIA Log January 1, 2016 -December 31, 2016 Requestor Organization Request # Short Description Request Type Spicer, Jonathan Reuters News 2017-01-015 Information regarding the Central Bank and International Account Services FOIA (CBIAS) unit at the Federal Reserve Bank of New York (FRBNY) Stone, Mike Reuters News 2016-01-015 Request is seeking database used to track applications for licenses to travel to FOIA Cuba filed with OFAC since December 16, 2014. (b) (6) United States Mint, San 2016-01-008 copy of investigative report sent to US Mint headquarters on October 22, 2015 Privacy Act/FOIA Francisco Arrington, Christina Virginia State Crime 2016-01-011 Data regarding DOJ's Asset Forfeiture (Equitable Sharing) Program FOIA Commission (b) (6) private citizen 2016-01-033 Consultation request from DOD IG DODIG Report D-2003-069 Interagency FOIA Review of the Federal Export Enforcement Efforts 4/18/2003. (b) (6) private citizen 2016-01-027 Requester seeks a copy of records requested from OCC by the Freedom of the FOIA Press Foundation in their FOIA request dated April 3, 2015. Aftergood, Steven F.A.S. - Federation of 2016-01-019 copy of the latest six-month periodic report to Congress from the Secretary of FOIA American Scientists the Treasury on the national emergency with respect to North Korea (b) (6) N/A 2016-01-022 Request is seeking find out if her financial records were used by the US FOIA government to assets fines against very large banks. Ward, Jon Yahoo News 2015-12-142 All e-mail, correspondence and internal memos related to the decision to FOIA redesign the $10 bill.