Word: commissioners
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...commission's "penalty pilot" program, Schapiro said, has caused "significant delays" and forced staffers to negotiate penalties with SEC commissioners prior to negotiating with the actual company. This, according to Schapiro, discouraged staffers from arguing for penalties and "sometimes resulted in reductions in the size of penalties imposed" against public companies that harmed investors...
...commission permission slips, Schapiro is now allowing SEC enforcers to more easily move from informal investigations to securing subpoenas for witness testimony and documents by abolishing the agency's onerous "pre-approval" process. The process, which began at the beginning of all serious investigations, required all five SEC commissioners to be present and "pre-approve" any major investigation. The problem: it often took weeks before all the commissioners could come together in one room...
Schapiro's new system allows a single commissioner to approve investigations on behalf of the entire commission, which may take "a couple of days," she said. The change reinstitutes a policy that goes back to the Reagan Administration...
Earlier this week, the Securities and Exchange Commission cut a deal with Madoff, settling a civil case against him where he accepted a permanent asset freeze and agreed to the SEC's complaints against him were "established" and could not be contested. Madoff consented without "admitting or denying the allegations...
The overall value of Harvard’s publicly traded equities fell from $2.8 billion in September to only $571 million in January, according to a required quarterly disclosure report released Tuesday night by the Securities and Exchange Commission.