SEC Clarifies Position On Imposing Civil Penalties On Public Companies

Law360, New York (January 17, 2006, 12:00 AM EST) -- On Jan. 4, 2006, SEC Chairman Christopher Cox announced a unanimously adopted policy designed to guide the market about how the SEC may use its enforcement powers to fine public companies for securities law violations. At its essence, the announcement states that the SEC will focus on whether the issuer’s violation provided an improper benefit to the corporation and its shareholders. In a situation involving such perceived improper benefit, the SEC states it is inclined to seek fines to deter future conduct. Alternatively, where shareholders, already...
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