Corporate Defense and Disputes

Important developments in U.S. securities law, white collar criminal defense, regulatory enforcement and other emerging issues impacting financial services institutions, publicly traded companies and private investment funds

Tag Archives: MATERIAL NON-PUBLIC INFORMATION (MNPI)

Fourth Circuit Reverses Mid-Trial Grant of Judgment Against SEC in Insider-Trading Case

On February 23, the U.S. Court of Appeals for the Fourth Circuit reversed a mid-trial grant of judgment as a matter of law against the Securities and Exchange Commission in a jury trial for insider trading.  The decision in SEC v. Clark is a reminder that the SEC can meet its burden of proof by … Continue Reading

Second Circuit Questions Use of Criminal Insider-Trading Statute Without Proof of Receipt of Personal Benefit

The Second Circuit held yesterday that a government agency’s nonpublic, pre-decisional regulatory information does not constitute “property” for purposes of the federal insider-trading and wire-fraud statutes.  The decision in United States v. Blaszczak (2d Cir. Dec. 27, 2022) (“Blaszczak II”) effectively vacated convictions under those statutes for defendants who had traded on nonpublic, market-moving information that had … Continue Reading

SEC Division of Examinations Announces 2022 Examination Priorities

The Securities and Exchange Commission’s Division of Examinations recently announced its examination priorities for fiscal year 2022: Private Funds; Environmental, Social, and Governance (“ESG”) Investing; Standards of Conduct; Information Security and Operational Resiliency; and Emerging Technologies and Crypto-Assets.  The Division seeks to provide investors and registrants with transparency into these areas, and that it expects registrants to … Continue Reading
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