As SEC Chair Mary Jo White stated in the SEC’s announcement, “[t]he amendments to [the SEC’s] rules of practice provide parties with additional opportunities to conduct depositions and add flexibility to the timelines of [the SEC’s] administrative proceedings, while continuing to promote the fair and timely resolution of the proceedings.” For example, under amended Rule 360, orders instituting proceedings would designate the time period for preparation of the initial decision as 30, 75, or 120 days from completion of post-hearing or dispositive motions. Further, amended Rule 360 extends the length of the pre-hearing period from four months to a maximum of 10 months for cases designated as 120-day proceedings, a maximum of six months for 75-day cases, and a maximum of four months for 30-day cases.
Dominique Windberg is an Associate in the firm’s San Francisco office. Dominique’s practice encompasses a wide range of litigation matters, including securities litigation and enforcement, corporate compliance and internal investigations, intellectual property litigation, complex civil litigation, labor and employment litigation and consumer class action lawsuits. Her experience also includes patent and trade secret cases, structured finance matters, government investigations, and discovery in patent and white collar cases.
On March 12, 2015, SEC Chair Mary Jo White gave a speech at the Corporate Counsel Institute at Georgetown University that shed light on disqualifications, exemptions, and waivers under the federal securities laws. Most notably during her speech, SEC Chair White provided the factors that the Commission will consider when determining if a person should receive a waiver from a statutory disqualification.
SEC Chair White began her speech by explaining how disqualifications “guard against future participation in certain capital market activities by entities or individuals whose misconduct suggests that they cannot be relied upon to conduct those activities in compliance with the law and in a manner that will protect investors and our markets.” White then noted that in order to temper the potential over-breadth of disqualification provisions under the federal securities laws, the SEC may issue waivers upon a showing of good cause.
White explained that the SEC has and will continue to determine whether to grant waivers on a case-by-case basis, based on the Commission’s determination of whether the entity or individual, going forward, can engage responsibly and lawfully in the activity at issue in the particular disqualification. White then enumerated the various factors that her staff considers in determining whether an entity or individual has shown good cause to support a waiver from disqualification under the federal securities laws. These factors include: