Quinn Emanuel partners Michael Liftik, Sarah Heaton Concannon, and Dabney O’Riordan join this special episode of the inSecurities Podcast to unpack the SEC Division of Enforcement’s Annual Report , which was released on November 14, 2023. Kurt and the expert panel discuss the Division’s motivation to post impressive enforcement statistics and grab headlines with high impact cases. The panel also discusses programmatic priorities, including perennial focus areas like investment adviser cases, and...
Nov 17, 2023•58 min•Ep. 108
Vinson & Elkins partner Rebecca Fike joins the inSecurities podcast to talk about insider trading, the SEC’s use of artificial intelligence and data analytics to root out misconduct, and the Enforcement Division’s focus on reporting and disclosure cases, including Environmental, Social, and Governance (ESG) reporting. She also explains how the Commission’s focus on charging even technical violations feels a bit like the return of the “broken windows” approach to enforcement. Rebecca draws on...
Nov 16, 2023•44 min•Ep. 107
Miller & Chevalier Partner Sandra Hanna returns to the inSecurities podcast to discuss key takeaways from the Securities Enforcement Forum 2023. Sandra and Kurt talk about SEC Chair Gary Gensler’s remarks at the conference, which covered the SEC’s annual enforcement results, crypto enforcement, and the SEC whistleblower program. They also dive into the important topic of self-reporting: When, why, and how to do it.
Nov 02, 2023•54 min•Ep. 106
After their discussion on CFTC enforcement, Kurt and CFTC Commissioner Caroline D. Pham discussed the current state of crypto regulation in the United States and the CFTC’s role in policing the digital assets marketplace. Tune in for the second installment of Commissioner Pham’s interview on the inSecurities podcast. For more insights from Commissioner Pham on crypto regulation: On speaking orders in enforcement actions On self-reporting and cooperation On management accountability On examinatio...
Oct 19, 2023•26 min•Ep. 105
Commissioner Caroline D. Pham of the Commodity Futures Trading Commission joins Kurt on the inSecurities podcast to talk about the CFTC’s regulatory mandate, the role of CFTC enforcement, and the perils of what she calls “examination by enforcement.” Among other things, Commissioner Pham stresses the deterrent effect of holding wrongdoers accountable, the need for regulatory clarity (particularly when regulators test novel enforcement theories), and the importance of upholding the CFTC’s jurisdi...
Oct 19, 2023•59 min•Ep. 104
They’ve been waiting all year long just to talk to George. On this episode of the inSecurities podcast, Chris and Kurt sit down again with SEC Institute Director George Wilson to discuss recent SEC reporting, compliance, and accounting developments, including recent signals from the SEC’s Chief Accountant Paul Munter, the state of play in crypto accounting, developments in the SEC’s Office of the Whistleblower, and — just in time for Halloween — new C&DIs in the CorpFin candy dish. Plus, Chr...
Oct 05, 2023•50 min•Ep. 103
On this episode of the inSecurities podcast, Chris and Kurt chat with SEC Commissioner Mark T. Uyeda about the state of the U.S. capital markets, Commissioner Uyeda’s views on the SEC rulemaking process, and “ the perils of regulation by theory and hypothesis .”
Sep 21, 2023•50 min•Ep. 102
In July 2023, the SEC proposed new rules that would require broker-dealers and investment advisers to address conflicts of interest that could arise from their use of predictive data analytics. On this episode of the inSecurities podcast, Chris and Kurt welcome back Professor James Tierney to talk about the proposed data analytics rule and Professor Tierney’s recent paper, “The SEC’s data analytics rule and the ‘Netflix’ problem in securities law.” Read Professor Tierney’s paper here: https://pa...
Sep 07, 2023•51 min•Ep. 101
J.W. Verret, an Associate Professor of Law at the George Mason University Antonin Scalia Law School and a long-time friend of the inSecurities podcast, sits down with Chris and Kurt to discuss his new paper “Disgorgement Accounting After Liu v. SEC in Securities Enforcement Cases.” Professor Verret’s article is the first to link Liu ’s directives on disgorgement to fundamental accounting principles. The result is an article at the intersection of securities law and accounting. Chris, Kurt, and J...
Aug 24, 2023•43 min•Ep. 100
Nick Morgan, a Partner at Paul Hastings and Founder of the Investor Choice Advocates Network (ICAN), joins the inSecurities podcast to discuss the dangers of “regulation by enforcement.” Nick, Chris, and Kurt consider two amicus briefs ICAN filed that underscore the important differences between the traditional notice-and-comment rulemaking process and the SEC’s effort to expand the rulebook through enforcement actions.
Aug 10, 2023•43 min•Ep. 99
On this episode of the inSecurities podcast, Chris and Kurt chat with Bryan Corbett, who serves as President and CEO of the Managed Funds Association, a Washington, D.C.-based industry group representing the alternative asset management industry. Bryan describes the role and advocacy work of the MFA, and discusses potential consequences of an unprecedented wave of SEC rulemakings for alternative asset managers, including the private funds proposal.
Jul 27, 2023•33 min•Ep. 98
The inSecurities Accounting Summer School series returns with this “remedial” course on fundamental accounting principles from the “House of GAAP.” On this episode, Chris and Kurt break down the “matching principle” and “conservatism,” and talk about what can happen when companies get it wrong.
Jul 13, 2023•31 min•Ep. 97
Chris and Kurt catch up with Jennifer Leete, partner at Cravath, Swaine & Moore and author of the newly updated SEC Compliance and Enforcement Answer Book from PLI Press . In the Answer Book, Jennifer and her co-authors draw on their extensive experience serving on the staff at the SEC to answer hundreds of real-world questions on topics such as cooperating with the SEC, handling parallel investigations, the Wells process, and remedies and sanctions; a number of substantive hot topics, like ...
Jun 22, 2023•37 min•Ep. 96
On this episode of the inSecurities podcast, Chris and Kurt dive into the ever-evolving world of insider trading. This episode picks up on themes our co-hosts addressed back on Episodes 4 ( A Deep Dive Into Insider Trading ) and 38 ( Forensic Analytics: Algorithms and Analysis in Securities Markets ), and brings listeners current on new trends and developments in the area of insider trading prosecutions....
Jun 08, 2023•53 min•Ep. 95
In recognition of Mental Health Awareness Month, Chris and Kurt revisit one of their favorite “off beat” episodes: On the Path to Well-Being: Expert Perspectives for Attorneys and Accountants. On this episode of the inSecurities podcast Chris and Kurt explore about some of the challenges many attorneys and accountants face, and how they can set out on a path to wellness. First, Chris and Kurt chat with Denise Perme, Associate Director of the D.C. Bar’s Lawyer Assistance Program, to talk about dr...
May 25, 2023•1 hr 6 min•Ep. 94
Summer blockbuster season is right around the corner. On this episode of the inSecurities podcast, Chris and Kurt talk about three movies that hit on a number of the securities regulatory and enforcement themes that often feature on inSecurities. Hang in for the final act, when Chris previews a financial crisis-era movie that might not be on your summer viewing list.
May 11, 2023•36 min•Ep. 93
On this episode of the inSecurities podcast, Chris and Kurt revisit Episode 47 (“Whistleblower Tips: Advice From a Former Chief of the SEC’s Whistleblower Office”), on which Jane Norberg, a partner at Arnold & Porter who previously served as the Chief of the SEC’s Whistleblower Office, discussed the SEC’s whistleblower program and how companies can develop internal reporting systems that encourage, triage, and investigate whistleblower tips.
Apr 27, 2023•56 min•Ep. 92
George Wilson, the Director of PLI’s SEC Institute, joins the inSecurities podcast to talk about the recent Compliance and Disclosure Interpretations (C&Dis) — or as George likes to call them, “candies” — issued by the SEC’s Division of Corporation Finance, as well as changes in leadership at the SEC, the FASB’s take on crypto accounting, and amendments to Rule 10b5-1. Please note: CLE and CPE credit are not offered for listening to this podcast, and the views and opinions expressed within r...
Apr 13, 2023•55 min•Ep. 91
On this episode of the inSecurities, Dabney O’Riordan, a partner at the law firm Quinn Emanuel and a former head of the SEC Enforcement Division’s Asset Management Unit (AMU), discusses the enforcement focus on private funds, registered investment advisers, and broker-dealers. She also explains the Enforcement Division’s focus on compliance with recordkeeping requirements for text messages and other “off-channel communications,” the SEC’s marketing rule, and ESG-related investment products and s...
Mar 30, 2023•51 min•Ep. 90
SEC Commissioner Jaime Lizárraga joins the inSecurities podcast to talk about his road to becoming an SEC Commissioner and the core values he brings to the role. Commissioner Lizárraga also offers his thoughts on the SEC’s investor protection mandate, recent SEC proposals, digital asset securities, and diversity, equity, and inclusion (DEI). Commissioner Lizárraga encourages investors to visit Investor.gov (in English or Spanish ) — the SEC’s online portal — for tips for avoiding investment frau...
Mar 16, 2023•1 hr 2 min•Ep. 89
On this episode of the inSecurities podcast, Chris and Kurt sit down with Joshua Rivera, General Counsel of Blockchain Capital and a member of Blockchain Association’s Board of Directors, to learn about the state of the crypto markets and how the SEC’s positions on staking, registration requirements, and the custody rule may impact the digital assets ecosystem. inSecurities Homepage Episode page on PLI.edu Please note: CLE and CPE credit are not offered for listening to this podcast, and the vie...
Mar 02, 2023•1 hr 1 min•Ep. 88
Former SEC Commissioner Troy Paredes joins Chris and Kurt to discuss securities regulatory policy, rulemaking, and enforcement, including potential rules or guidance relating to environmental, social, and governance (ESG) disclosures and digital asset securities. inSecurities Homepage Episode page on PLI.edu Please note: CLE and CPE credit are not offered for listening to this podcast, and the views and opinions expressed within represent those of the speakers and not necessarily those of PLI ....
Feb 16, 2023•57 min•Ep. 87
Bruce Dubinsky is a forensic accountant with experience in a number of blockbuster cases, including the Enron scandal and the Lehman Brothers collapse. Bruce has also appeared as an expert witness in matters relating to the Bernie Madoff Ponzi scheme and recently featured in the new Netflix documentary Madoff: The Monster of Wall Street. On this episode of the inSecurities Podcast, Chris and Kurt chat with Bruce about the important role of forensic accountants and his work on the Madoff matter....
Feb 02, 2023•58 min•Ep. 86
The securities regulatory landscape is constantly evolving. Over the years, the federal securities laws and SEC rules have been shaped and reshaped by a number of blockbuster cases. Those cases get at key questions, such as: What is a security? How much deference do we owe the SEC to interpret the federal securities laws? Who makes statements that may form the basis of a securities fraud claim? And what is the statute of limitations for SEC enforcement action? On this episode of the inSecurities...
Jan 19, 2023•52 min•Ep. 85
Chris and Kurt mark the New Year with a look back at the biggest securities regulation and enforcement stories from 2022. The hosts revisit episodes featuring Stephanie Avakian , Michael Liftik , Carla Carriveau , Jim Toes , and Matt Jacques , whose comments and predictions remain relevant, even as we enter a new year....
Jan 05, 2023•39 min•Ep. 84
As Managing Director of Enforcement at CFP Board, Tom Sporkin leads the organization’s detection, investigation, and prosecution activities. On this episode of the inSecurities podcast, Chris and Kurt chat with Tom about the CFP® certification and how CFP Board enforces its Code of Ethics and Standards of Conduct when CFP® professionals are alleged to have fallen short of their obligations. Learn more about CFP Board and its Enforcement team here: https://www.cfp.net/ ....
Dec 15, 2022•40 min•Ep. 83
It’s been nearly two years since we talked cybersecurity on the inSecurities podcast. On this “Cyber Thursday” episode, Chris and Kurt bring you up to speed on important regulatory and enforcement developments that are shaping the cybersecurity landscape.
Dec 01, 2022•40 min•Ep. 82
On November 15, the SEC announced its Enforcement results for Fiscal Year 2022, along with annual results from the SEC’s Office of the Whistleblower. On this bonus episode of the inSecurities podcast, Chris and Kurt discuss some of the key takeaways from the reports — and recruit help from past guests Sarah Heaton Concannon (Quinn Emanuel), Teresa Goody Guillén (BakerHostetler), Jane Norberg (Arnold & Porter), and Howard Scheck (StoneTurn) to unpack the results. [Read the SEC’s Annual Enforc...
Nov 22, 2022•45 min•Ep. 81
On this episode of the inSecurities podcast, Chris and Kurt chat with Matt Jacques, a former Chief Accountant for the SEC’s Division of Enforcement. Matt discusses the role of the Chief Accountant, the auditor’s responsibility for identifying fraud, and a few hot topics in SEC accounting and disclosure cases, including materiality and revenue recognition.
Nov 17, 2022•50 min•Ep. 80
There’s a lot happening in the securities regulatory and enforcement space. On this episode, Chris and Kurt spin the securities wheel of fortune to pick a few hot topics, including a reminder of the auditor’s responsibility for fraud detection, an SEC Enforcement sweep involving text messages, executive compensation clawbacks, and outsourcing by investment advisers.
Nov 03, 2022•54 min•Ep. 79
