SEC Should Use Data-Driven Method For Materiality Standards
Law360 (June 4, 2019, 1:03 PM EDT) -- A recent ruling in Robare Group Ltd. v. SEC by the U.S. Court of Appeals for the District of Columbia Circuit gave the U.S. Securities and Exchange Commission an apparent victory that may further fuel its ongoing efforts to use the “negligent fraud” theory in enforcement actions to determine what information is material, and thus required to be disclosed by investment professionals to their clients and customers.
While the SEC has had mixed results in litigation to dictate what information is material and thus must be disclosed by investment advisers and broker-dealers, it has been successful in determining the disclosure standard...
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