SEC Enforcement Activity Relatively Unchanged Under Piwowar
Despite changes in leadership at the SEC, the SEC filed 299 cases in the first half of fiscal 2017 (excluding actions against delinquent filers). That number is relatively unchanged from the same period last year.
Michael Piwowar is currently serving as the acting chair of the SEC while Jay Clayton awaits confirmation. While there have been some questions that Piwowar may be undermining rules enacted by the previous administration, these results seem to show little change at the SEC.
According to a new report from Cornerstone Research, 231 of those cases were for new matters and 68 were administrative proceedings related to previously filed cases. Actions against delinquent filers dropped by 50%, from 70 to 35.
The report also found that actions against broker-dealers increased 20% in the first half of fiscal 2017 and accounted for 25% of total activity. Other categories that showed increases were actions related to issuer reporting and disclosure (up 34%) and those related to securities offerings (also up 34%).
Insider trading actions dropped to 14 from 21 in the year-ago period and Foreign Corrupt Practices Act cases fell to seven from 10.
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