Nothing to See in This Story about the Electronic Communications Privacy Act
Cady Bar the DoorCheck out this story . In it, we learn this: Andrew Ceresney, director of the Division of Enforcement at the Securities and Exchange Commission, [told] the Senate’s Committee on the...
View ArticleSEC Says No More Mr. Nice Guy on Investment Adviser Cybersecurity
Cady Bar the DoorOver the last couple years, the SEC’s cybersecurity bark has been worse than its bite. Its Office of Compliance, Inspections, and Examinations issued examination priorities in 2014....
View ArticleSwingers
Cady Bar the DoorThe law surrounding short swing trading under Section 16(b) of the Exchange Act can be hard. But the basics are relatively easy. So easy, in fact, that cartoon characters can lay it...
View ArticleWhistleblowers on Prezi
Cady Bar the DoorLast week I made a presentation with my colleague Nicole Crawford on recent developments in the Dodd-Frank and Sarbanes-Oxley whistleblower regimes. It was a lot of fun and we put...
View ArticleThe Insider Trading Cartoon Series, Vol. I -- Classical Theory
Cady Bar the DoorWe're trying something new here at Cady Bar the Door. Below is the first volume of what I hope will be a long-running animation series on insider trading. The first episode describes...
View ArticleThe Insider Trading Cartoon Series, Vol. II -- Temporary Insiders
Cady Bar the DoorIn Volume II of our new series, we look at temporary insiders -- who they are and how they can become liable for insider trading....
View ArticleThe Insider Trading Cartoon Series, Vol. III -- Very Temporary Insiders
Cady Bar the DoorIn the last episode of the Insider Trading Cartoon Series, we discussed temporary insiders and their potential liability for insider trading. But what about those with more tenuous...
View ArticleThe Insider Trading Cartoon Series, Vol. IV -- Rank-and-File Employees
Cady Bar the DoorHaving covered corporate officers and temporary insiders, we now turn briefly to regular employees, still under the classical theory of insider trading liability....
View ArticleMartin Shkreli, Criminal Forfeiture, and the Wu-Tang Clan
Cady Bar the DoorThe S&P Schadenfreude Index hit an all-time high yesterday when Martin Shkreli was arrested and indicted for securities fraud related to a hedge fund he used to run. The SEC sued...
View ArticleThe Insider Trading Cartoon Series, Vol. V -- Misappropriation Theory
Cady Bar the DoorWe've spent a few episodes talking about insider trading when the trader owes a fiduciary duty to the company whose securities are being traded. But what if the trader isn't connected...
View ArticleSEC Enforcement Lays out Approach to Cybersecurity Cases
Cady Bar the DoorIf you’ve ever attended the annual SEC Speaks conference, you know that the official program is an intensely uninteresting collection of short speeches by SEC officials who don’t have...
View ArticleRob Cohen Discusses SEC’s Analysis and Detection Center
Cady Bar the DoorOne other interesting thing coming out of last Friday’s enforcement discussion at SEC Speaks (there weren’t many): Market Abuse Unit co-chief Rob Cohen’s mention of the SEC’s Analysis...
View ArticleTwo Thoughts about the (Second) Smallest Insider Trading Case in All of...
Cady Bar the DoorI shouldn’t write this post, because the SEC surely wants me to write at least part of it. I mean, they don’t care about what I write; I can promise you that. But they want somebody to...
View ArticleThe Insider Trading Cartoon Series, Vol. VI — Misappropriation (Part Deux)
Cady Bar the DoorWelcome back to the Insider Trading Cartoon Series. To explore the misappropriation doctrine further, we present another scenario full of risk to people who are too willing to take...
View ArticleThe Insider Trading Cartoon Series Vol. VII -- Misappropriation Theory (Part...
Cady Bar the DoorMore cowbell, more misappropriation theory.(read more)David Smyth
View ArticleThe Insider Trading Cartoon Series, Vol. VIII — Negligence?
Cady Bar the DoorCan you resolve your insider trading case with a negligence-based charge? Probably not. If you're lucky enough to get there, it'll only be after a long, painful fight.(read more)David...
View ArticleStop Faxing
Cady Bar the DoorI’ve long thought that sending faxes was a pretty silly means of communication. Don’t send me a fax. I don’t want it. At some point I’m hoping that even my kids’ doctor’s office will...
View ArticleCustody rule examiners need to, you know, examine.
Cady Bar the DoorHere’s a thing I know: South Carolina doesn’t require vehicle inspections. Dumb, right? If your car is properly registered, you can drive it there all you want no matter how dangerous...
View ArticlePhil Mickelson is very glad United States v. Newman is the law in the Second...
Cady Bar the DoorPhil Mickelson, whom the SEC describes as a “successful professional golfer,” was not charged with insider trading earlier today. I wasn’t either, and I’m glad about that. And you...
View ArticleThe Insider Trading Cartoon Series, Vol. IX -- Tender Offers
Cady Bar the DoorI want to talk about Rule 14e-3, because it has significant implications for insider trading liability. But to do that, we first have to talk about tender offers, and what they...
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