SEC's Oppenheimer Dissent Shows Cracks In Waiver Reform
Law360, New York (February 6, 2015, 6:08 PM EST) -- The public outcry of two U.S. Securities and Exchange Commission members over a decision to give Oppenheimer & Co. a pass on being deemed a "bad actor" after it admitted to breaking securities laws has again stirred the debate over whether the agency needs to get tougher on recidivist firms.
On Wednesday, the SEC's two Democratic commissioners, Luis Aguilar and Kara Stein, issued a blistering critique of a closed-door commission vote that allowed Oppenheimer to continue to do business in the realm of private securities transactions without first attaching some preconditions on the relief. This waiver was granted following a $20...
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