Raport de cercetare Cornerstone: Acțiunile SEC împotriva companiilor publice și a filialelor au scăzut din nou în anul fiscal 2021

We have seen declines in filing activity after a change of administration in the past. The decrease in actions from FY 2020 to FY 2021, when Gary Gensler took over as the SEC’s chair, is consistent with the trends seen in 2013 and 2017, other years in which a new SEC chair was sworn in.

NEW YORK (PRWEB) Noiembrie 17, 2021

The U.S. Securities and Exchange Commission filed fewer enforcement actions against public companies and subsidiaries in fiscal year 2021, the lowest total in seven years. A report released today by the NYU Pollack Center for Law & Business and Cornerstone Research notes enforcement actions slowed as FY 2021 saw the continuing impact of the COVID-19 pandemic and transition to a new SEC chair.

Raportul, Activitate de aplicare a SEC: Companii publice și filiale – Actualizare pentru anul fiscal 2021, analyzes data from the Baza de date empirică privind aplicarea valorilor mobiliare (SEED). The SEC filed 53 new actions against public companies and subsidiaries in FY 2021, which ended Sept. 30. The FY 2021 total was down 15% from 62 actions the previous fiscal year and a steep drop from a record-high 95 actions in FY 2019.

“We have seen declines in filing activity after a change of administration in the past. The decrease in actions from FY 2020 to FY 2021, when Gary Gensler took over as the SEC’s chair, is consistent with the trends seen in 2013 and 2017, other years in which a new SEC chair was sworn in,” said report coauthor Sara Gilley, a Cornerstone Research vice president. “While the SEC has indicated that the number of total enforcement actions increased in FY 2021, we saw a decline in the number of actions against public companies and subsidiaries.”

Despite fewer enforcement actions against public companies and subsidiaries, SEC monetary settlements imposed in FY 2021 totaled $1.8 billion, up slightly from the FY 2020 total of $1.6 billion, which also was the average total for FY 2012–FY 2020. The average monetary settlement was $38 million, up $10 million from an average of $28 million the previous fiscal year. The median monetary settlement in FY 2021 was $1 million, down from prior years.

The SEC noted cooperation by 58% of public company and subsidiary defendants in actions settled in FY 2021, lower than the 62% in FY 2020 but consistent with the FY 2012–FY 2020 average. However, the number of defendants in public company or subsidiary actions that admitted guilt decreased in each of the past two years, from five in FY 2019, to two in FY 2020, to zero in FY 2021.

“For the first time in 10 years, no public company or subsidiary defendants admitted guilt in FY 2021,” said report coauthor Ştefan Choi, the Bernard Petrie Professor of Law and Business at New York University School of Law and director of the Pollack Center for Law & Business. “It will be interesting to see if this trend changes, as the SEC recently announced a policy to seek admissions in certain cases as a way to improve the deterrent value of enforcement actions.”

More than half (51%) of actions against public company and subsidiary defendants in FY 2021 involved issuer reporting and disclosure allegations, which has been the most frequent allegation type in eight of the last 10 fiscal years. FY 2021 was the first fiscal year in which more than half of the SEC’s enforcement actions were of the same allegation type.

Repere suplimentare

•     The SEC brought 87% (46) of enforcement actions against defendants as administrative proceedings, compared to 13% (seven) in federal court. Six of the seven federal court actions did not have a concurrent resolution.
•     In FY 2021, 40% of defendants that settled had monetary settlements and no cooperation, slightly higher than the 37% average from FY 2012 through FY 2020.
•     Foreign Corrupt Practices Act actions accounted for only 8% of all actions against public companies and subsidiaries in FY 2021, the lowest percentage in the years SEED has tracked.
•     In FY 2021, the SEC filed the first COVID-19-related action against a public company or subsidiary.
•     One action with a public company or subsidiary defendant was filed against a SPAC in FY 2021, the first action against a SPAC in SEED.

About the Securities Enforcement Empirical Database (SEED)

Baza de date empirică privind aplicarea valorilor mobiliare (SEED) tracks and records information for SEC enforcement actions filed against public companies and their subsidiaries. SEED also includes information on individuals who are named defendants in these actions. Created by the NYU Pollack Center for Law & Business in collaboration with Cornerstone Research, SEED facilitates the analysis and reporting of SEC enforcement actions through regular updates of new filings and settlement information for ongoing enforcement actions.

Despre Centrul NYU Pollack pentru Drept și Afaceri

Înființată în 1997, NYU Pollack Center for Law & Business este un joint venture al Școlii de Drept din NYU și al Școlii de Afaceri Stern. Misiunea sa este de a îmbogăți programa de predare la ambele școli în domenii în care dreptul și afacerile se intersectează; pentru a facilita interacțiunea profesională și cercetarea academică de către facultate care împărtășește un interes în structura, reglementarea și funcția economiei de piață; și pentru a contribui la bunăstarea publică prin sprijinirea burselor care îi ajută pe factorii de decizie guvernamentali și privați în căutarea unei productivități sporite a afacerilor.

Despre Cornerstone Research

Cornerstone Research oferă consultanță economică și financiară și mărturie expertă în toate fazele litigiilor complexe și procedurilor de reglementare. Firma lucrează cu o rețea extinsă de profesioniști proeminenti și profesioniști din industrie pentru a identifica cel mai bine calificat expert pentru fiecare misiune. Cornerstone Research și-a câștigat o reputație de înaltă calitate și eficacitate constantă prin furnizarea de analize riguroase și de ultimă generație de mai bine de 30 de ani. Firma are peste 700 de angajați și birouri în Boston, Chicago, Londra, Los Angeles, New York, San Francisco, Silicon Valley și Washington.

Vezi Cornerstone Research's pentru mai multe informații despre capacitățile firmei în consultanta economica si financiara și mărturie de expert.

https://www.cornerstone.com

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