Media Coverage
Source: Corporate Counsel
Media Coverage
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Thomas
11.26.24
After a three-year sweep by the SEC and CFTC regarding Wall Street recordkeeping practices, Corporate Investigations & White Collar Defense partner David Oliwenstein told Corporate Counsel that, “[a]ll indications are that the SEC’s ‘sweep’ regarding off-channel communications will come to an abrupt end once Trump’s appointees take the reins at the SEC.”
“I suspect there are some legacy cases that are in the pipeline that the SEC staff will try to finalize before new leadership is appointed, but that should mark the end of the sweep,” he added.
Oliwenstein noted, however, that rules will still be enforced.
“I still expect the Division of Examinations to focus on off-channel communications in connection with examinations,” he said. “As for the Enforcement Division, they will likely continue to bring cases as appropriate, but probably only in the event of more serious and pervasive violations.”
Noting that the penalties will also likely shrink, Oliwenstein “expects to see smaller fines and perhaps less of an emphasis on forcing regulated entities to retain compliance consultants.”
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