Circular Delegation: Amicus Support By Former FinCEN Officials and the Cato Institute in the Alpine Securities Saga | Ballard Spahr LLP
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Insider Trading: Definition, Penalties, Examples
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On Dec. 1, 2020, The Nasdaq Stock Market LLC (Nasdaq) submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to require a company listed on its exchanges, with some exceptions, to (a) have at least two diverse directors on its board or explain why it does not meet these objectives and (b) provide standardized disclosure on the composition of its board. In its proposal, Nasdaq noted the gap between “heightened attention” to diversity and the lack of both board diversity and useful disclosure. Nasdaq believes that “the national market system and the public interest would best be served by an additional regulatory impetus for companies to embrace meaningful and multi-dimensional diversification of their boards.”
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The House of Representatives (on Dec. 8, 2020) and the Senate (on Dec. 11, 2020) passed the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, H.R. 6395 (the NDAA). While the bill’s principal focus is on defense appropriations, it includes as Section 6501, titled “Investigations and Prosecution of Offenses for Violations of the Securities Laws,” significant amendments to Section 21(d) of the Securities Exchange Act of 1934. First, the proposed amendments would grant the Securities and Exchange Commission (SEC) express statutory authority to pursue disgorgement in civil enforcement actions in federal court. Second, the bill doubles the statute of limitations applied to disgorgement actions for all cases involving fraud or scienter from five years to 10 years (leaving a five-year statute for disgorgement in non-fraud cases). The bill also sets a 10-year statute of limitations