SEC Collects Record $2.8 Billion In Fines As Gensler Ramps Up Enforcement
The Securities and Exchange Commission collected $2.8 billion in financial settlements with companies in fiscal 2022, the most in its history, as SEC Chair Gary Gensler kicked up enforcement efforts even as the agency faces constitutional challenges over how it administers regulations.
The total recovered in the fiscal year ended Sept. 30 was nearly 50% more than in fiscal 2021, according to a report by New York University’s Pollack Center for Law & Business and Cornerstone Research. The agency filed 68 enforcement actions in fiscal 2022, up 28% from the previous year, and collected money from a record 97% of the 75 companies that settled.
In a sign of increasing aggressiveness toward broker-dealers, the SEC extracted admissions of guilt from 16 companies, double the number of any previous year in the NYU’s Securities Enforcement Empirical Database, said Stephen Choi, director of the Pollack Center. The median settlement in fiscal 2022 was $9 million, a record according to SEED, and the average was $42 million.
The SEC collected $1.2 billion from 16 public broker-dealers, most of it in a wave of settlements of recordkeeping charges against Barclays Capital, Bank of America, Citigroup, Morgan Stanley and others announced in September. Those settlements represented 44% of the total collected in fiscal 2022.
“The increase in monetary settlements is consistent with the SEC’s public statements that ‘robust remedies’ are an enforcement priority,” said Sara Gilley, a Cornerstone Research vice president.
Despite continuing challenges to the constitutionality of the practice, the SEC conducted 88% of its enforcement proceedings with administrative law judges employed by the agency. The SEC also pursued five cases through litigation, compared with an average of three over the previous five fiscal years, indicating an increasing willingness by the agency to go to court.
The SEC also filed four actions against public companies over environmental, social and governance issues. And only 1% of companies settled without cooperating with the SEC or paying any money, the lowest recorded in NYU’s SEED database.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
