Dispatches From Securities Enforcement Forum
Scads of securities lawyers gathered in Washington on Thursday for the annual Securities Enforcement Forum, a one-day confab on all things related to enforcement actions against publicly traded companies — insider trading, FCPA, cybersecurity, whistleblower retaliation, and much more.
The event is run by SecuritiesDocket.com, which follows securities enforcement just as obsessively as we follow corporate compliance around here. Alas, I did not get to attend this year’s forum in person, so as always, here are a few dispatches from social media to give you a sense of what was discussed.
First, nothing starts your day like an enforcement panel discussion about cybersecurity. (Seriously; this is a big issue and the brain does its best thinking in the morning.)
Cybersecurity panel kicks off Securities Enforcement Forum 2018! #enforcementforum2018 @RopesGray @proskauer pic.twitter.com/KENENaBjxm
— Securities Docket (@SecuritiesD) November 1, 2018
It’s a shame Elon Musk wasn’t present for this gathering.
#enforcementforum2018 Extraordinary panel of current and former SEC Enforcement directors moderated by Famed SEC practitioner Brad Bondi (with Avakian; Ceresney; Canellos; Walker; McLucas;Thomsen). Very special opportunity. pic.twitter.com/aMS7SBGpGV
— John Reed Stark (@JohnReedStark) November 1, 2018
I agree with SEC commissioner Robert Jackson here. Kokesh v. SEC was the Supreme Court ruling in 2017 that said SEC disgorgement orders are subject to five-year statute of limitations.
SEC Commissioner Jackson says the 2 biggest things Congress can do to help the Commission: fix Kokesh and increase resources (e.g., to increase enforcement headcount). #EnforcementForum2018
— Kurt Wolfe (@Enforce_Update) November 1, 2018
And if Congress could do one big thing for corporate compliance programs, rectifying the Digital Realty Trust v. Somers ruling earlier this year would be it.
During the #whistleblower panel, the Chief of the SEC’s Whistleblower Office says the Digital Realty case, which requires whistleblowers to report to the SEC to secure anti-retaliation protection, had a big impact on the program. #EnforcementForum2018
— Kurt Wolfe (@Enforce_Update) November 1, 2018
Whistleblower devotees, discuss this among themselves.
One prominent attorney asking panel about “fake whistleblowers” who get SEC to spend time in investigations and “only purpose is to line their pockets and those of plaintiff lawyers?” Jane Norberg says no such thing. Fakes don’t get money. #talkinghisbook #EnforcementForum2018
— Francine McKenna (@retheauditors) November 1, 2018
When compliance acronyms collide…
On the intersection of the #FCPA and #GDPR—There has traditionally been a view among prosecutors that privacy concerns must be overcome; they “want their documents.” But it’s too early to tell what the impact of the GDPR will be. #EnforcementForum2018 #dataprivacy #dataprotection
— Kurt Wolfe (@Enforce_Update) November 1, 2018
This was last funny in, like, 2011.
Funny insight from Financial Firm Panel at #enforcementforum2018 – “There’s two types of companies; those who have been hacked, and those who don’t know they’ve been hacked.” #cybersecurity
— Chris Ekimoff, CPA (@EkimoffCPA) November 1, 2018
Commissioner Jackson very much does follow in footsteps of the previous “enforcement commissioner,” Luis Aguilar.
#enforcementforum2018 Great discussion going on right now between legendary SEC Enforcement Director, Dick Walker and SEC Commissioner Robert Jackson, who many are dubbing the new “SEC Enforcement Commissioner.” pic.twitter.com/OO0KGo5BpL
— John Reed Stark (@JohnReedStark) November 1, 2018
You can find many more informative snippets on Twitter using the hashtag #EnforcementForum2018. Congratulations to Securities Docket for a great event.