"Prospecting for cases": personal trading by portfolio managers, redux

Article Abstract:

The SEC are actively looking for cases involving portfolio managers' insider trading, as seen in the 1994 Gabelli case. The upshot of the case is investment companies must have formal written procedures and may use information-blocking devices to prevent insider trading and tipping, particularly when self-reporting may be inadequate. The case also suggests officers or directors holding multiple fiduciary responsibilities may be subjected to increased SEC observation.

Analysis, Insider trading in securities, Insider trading (Securities), GAMCO Investors Inc.

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"Court-ing disaster": the factors that prompt the SEC to seek injunctive relief

Article Abstract:

The SEC is more likely to seek federal court injunctive relief in cases involving priority enforcement areas, heavy investor injury, and a lack of adviser or employee cooperation. The SEC appears more likely to bring administrative action in legally or factually difficult cases. Injunctions are often sought when the SEC perceives risk factors due to severe violations or lack of cooperation, as seen in the Kaweske, Tummenia, and Wallace cases.

Laws, regulations and rules, Remedies, Securities fraud, Injunctions

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SEC suspensions and bars: "on a clear day, you can see forever."

Article Abstract:

SEC Administrative Law Judge decisions have raised issues concerning SEC sanctions barring or suspending investment advisors from association with securities dealers. Similar issues have been raised as to whether such sanctions extend to barring association with unregistered advisers.

Securities dealers, Discipline, Investment advisers

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