Securities Enforcement Forum 2019
Several hundred securities enforcement professionals gathered in Washington on Wednesday for the 2019 Securities Enforcement Forum. Radical Compliance couldn’t be there in person, so we gathered a bundle of dispatches from social media to give a flavor of what was discussed. After all, when under SEC investigation, you want the experience to be as enjoyable as possible, right?
First — we’re always up for retweeting a tweet about more tweeting.
Bruce Carton, editor of Securities Docket, encourages more Tweeting at #EnforcementForum2019, so here’s one: SEC Chair Jay Clayton defends agency’s enforcement pace to open conference. pic.twitter.com/LywngbNLII
— Mark Schoeff Jr. (@MarkSchoeff) October 23, 2019
And the obligatory fireside chat to kick off a conference.
At the #enforcementforum2019, Chairman Clayton talks about how the #SEC has had to move quickly to react to rapidly growing, shifting #cryptocurrency market. Fmr. Comm’r Gallagher (@DanGallagherGrp) says it was just coming to the Commission’s attention when he left in 2015. #ICO
— Kurt Wolfe (@Enforce_Update) October 23, 2019
Bits, whoever that is, asks the tough question that SEC chairman Jay Clayton left unanswered.
#enforcementforum2019 https://t.co/rJV6XACbow
— Francine McKenna (@retheauditors) October 23, 2019
This is what we in the news business call a non-response response.
SEC Chair Clayton on how the agency will enforce Reg BI when it’s implemented on June 30: ‘I think people should be ready.’ #EnforcementForum2019
— Mark Schoeff Jr. (@MarkSchoeff) October 23, 2019
Interesting point on disclosing cybersecurity risks.
On the Cybersecurity Disclosure & Enforcement panel, acting Dir. of the Cyber Unit says companies should focus on disclosures around incidents and risks; the fact of a regulatory investigation may not mean an incident shouldn’t be disclosed. #enforcementforum2019 #cybersecurity
— Kurt Wolfe (@Enforce_Update) October 23, 2019
I will send a note on my Enron letterhead asking about how these mugs were obtained.
I wonder where @brucecarton got all these Theranos mugs to use as mini-centerpieces. Must be in honor of @JohnCarreyrou #enforcementforum2019 pic.twitter.com/8NNoGheO60
— Francine McKenna (@retheauditors) October 23, 2019
Good points to consider about insider trading.
On the insider trading panel at #enforcementforum2019, my friend Bill White of @AllenOvery talks about questions public companies should ask: Do your (dated) policies & procedures work to identify suspicious trading? Do you have a technology framework to spot suspicious trades?
— Kurt Wolfe (@Enforce_Update) October 23, 2019
Whistleblower panel!
On the #Whistleblower panel at #enforcementforum2019, Jane Norberg, the Chief of the Whistleblower Office, hints that the #SEC received more than 5,000 tips again in FY2019. (The annual report will be released in a few weeks.) pic.twitter.com/RSk1GZBz7T
— Kurt Wolfe (@Enforce_Update) October 23, 2019
I made the same points. Nobody listened to me either.
Since Digital Realty (where #SCOTUS said #whistleblowers must report to the #SEC to receive anti-retaliation protection) whistleblowers increasingly go straight to the #SEC. Sean McKessy of @Fraudmatters says he warned companies not to litigate the issue. #enforcementforum2019
— Kurt Wolfe (@Enforce_Update) October 23, 2019
You can find lots more on Twitter with the hashtag #enforcementforum2019. Congratulations to Securities Docket for another successful conference, and next year I will weasel my way there on a press pass if it kills me.