Header graphic for print
White Collar Defense & Compliance Developments in Criminal Law, Federal Case Law and Statutory Developments

Category Archives: Securities Law

Subscribe to Securities Law RSS Feed

Eighth Circuit Limits Safe Harbor – Allowing Securities Fraud Violators To Avoid Jail If They Have “No Knowledge” Of Pertinent SEC Rule — To Those Who Prove Lack Of Knowledge Of Rule’s Substance

Posted in Securities Law

The Eighth Circuit recently held that only a defendant who demonstrably lacked knowledge of the substance of an SEC rule or regulation which he is charged with violating can avoid jail under the no-knowledge safe harbor provision in Section 78ff of Title 15; it is not enough for the defendant to show that he mistakenly thought the rule or regulation did not apply to his conduct.

SEC Signs First Deferred Prosecution Agreement

Posted in Securities Law

The SEC has for the first time entered into a deferred prosecution agreement, with a global manufacturer of oil industry equipment which had bribed Uzbekistan officials in order to secure contract awards. The SEC chose, however, not to require a third-party monitor, signalling that self-reporting companies with strong internal compliance programs may avoid the most onerous conditions of conventional DPA’s.