Expanded SEC Remedies Under the National Defense Authorization Act
Codifying the SEC's Ability to Pursue Ill-Gotten Gains
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE course will discuss the evolution of disgorgement as a remedy for securities violations, how the SEC currently exercises its disgorgement authority, and how the National Defense Authorization Act for Fiscal Year 2021 (NDAA) will expand on those capabilities in the future.
- Disgorgement actions generally; conceived as an equitable remedy without statutory basis
- Key cases limiting SEC's disgorgement authority
- Kokesh v. SEC
- Liu v. SEC
- The NDAA amendments
- Express codification of the SEC's power to obtain disgorgement of unlawful gains
- Extending the statute of limitations in various contexts
- Key takeaways
- More aggressive SEC enforcement
- Actions companies should take now
The panel will review these and other important issues:
- What is the rationale behind disgorgement as an equitable remedy exercisable by the SEC?
- How did the Kokesh and Liu cases impact the SEC's disgorgement powers?
- What disgorgement remedies are now provided for under the NDAA?
- What changes were made to the statute of limitations in various scenarios?
- What are the key takeaways of the new provisions?
Sarah L. Levine
Ms. Levine has broad experience in securities enforcement, investigation, complex litigation, and regulatory issues.... | Read More
Ms. Levine has broad experience in securities enforcement, investigation, complex litigation, and regulatory issues. She served as senior advisor and counsel to three consecutive chairmen of the Securities and Exchange Commission (SEC), providing guidance on enforcement matters including actions relating to the Foreign Corrupt Practices Act (FCPA), financial fraud, corporate governance, and corporate compliance and disclosure.Close
Joan E. McKown
Ms. McKown's practice focuses on investigations, enforcement actions and other proceedings with U.S. and foreign... | Read More
Ms. McKown's practice focuses on investigations, enforcement actions and other proceedings with U.S. and foreign regulators. She also counsels financial institutions, boards, corporations and individuals on issues related to the SEC, as well as corporate governance, compliance and ethics matters. Prior to joining the firm, Ms. McKown was the longtime chief counsel of the Division of Enforcement at the SEC.Close
Arielle S. Tobin
Ms. Tobin defends corporations and their directors and officers in civil, criminal, and regulatory disputes, including... | Read More
Ms. Tobin defends corporations and their directors and officers in civil, criminal, and regulatory disputes, including government enforcement actions. She also conducts internal investigations and assists companies in mitigating reputational risk through execution of multinational risk assessments and development of compliance programs.Close