Despite the change in administration, SEC enforcement efforts remained active in fiscal year 2017. In addition, new Chair Jay Clayton
has emphasized the protection of retail investors. This philosophy has trickled down to the Division of Enforcement and its priorities, including with respect to accounting cases, which represent the largest area of enforcement. Recent court rulings may also have significant ramifications on the extent to which the SEC can collect disgorgement
and the protection of whistleblowers. These issues, among others, were discussed in a recent Securities Docket webinar featuring William R. McLucas, partner at WilmerHale; Doug Davison, partner at Linklaters; and Martin Wilczynski and Steven E. Richards, senior managing directors at Ankura Consulting Group. This article, the first in a two-part series, explores key takeaways from the program with respect to 2017 enforcement actions and other developments in the areas of accounting and audit cases, disgorgement and whistleblowers. The second article
will analyze developments in the areas of cybersecurity and cryptocurrencies; individual accountability; insider trading; extraterritorial application of securities laws; the administrative law judge regime; and attorney-client privilege. For additional recent insight from WilmerHale attorneys, see “2016 CFTC Enforcement Actions and Potential Priorities Under Trump Administration
” (Feb. 16, 2017).