fines by top wall street cop down in trumps 1st year
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Fines by top Wall Street cop down in Trump's 1st year

Arab Today, arab today

Arab Today, arab today Fines by top Wall Street cop down in Trump's 1st year

President Donald Trump's administration has moved to slash regulation across the federal government
Washington - Arab Today

Wall Street's top regulator is punishing fewer companies and imposing smaller fines, bringing penalties and cases in the latest fiscal year to the lowest since 2013, according to new research.

Total penalties imposed by the Securities and Exchange Commission in the fiscal year ended September 30 fell 15.5 percent over the previous year to about $3.4 billion, the lowest level in four years, according to research conducted by Georgetown University law professor Urska Velikonja, to be published next year.

Within that total, the size of fines alone -- which does not do include the return of ill-gotten gains -- is down 40 percent, according to Velikonja's research, to be published next year. And the number of cases the agency has pursued has fallen nearly 18 percent, also the lowest level in four years.

Penalties are down because the SEC is not pursuing as many big fish, she told AFP on Tuesday. 

"Big firms are targeted less frequently and when they are, they pay smaller fines," she said. "If you narrow it down to enforcement against financial firms, there's virtually no enforcement."

And 53 percent of the fines imposed in the latest fiscal year came in the final four months of the Obama administration.

The SEC did not respond to an AFP request for comment. SEC officials have said this year they have no intention of reducing penalties, and they have cautioned against reading too much into a single year's numbers.

The situation is not helped by the fact the SEC for months was without a full slate of commissioners, causing a stalemate between its Republican and Democrat commissioners, since there was no tiebreaking vote. That left the agency unable to act in some cases.

- 'Fewer cases, smaller fines' -

President Donald Trump's administration has moved to slash regulation across the federal government which he has said will unleash economic growth. 

SEC Chairman Jay Clayton, a Trump appointee and long-time Wall Street lawyer who took office in May, has signaled a shift away from the agency's aggressive approach to law enforcement in the wake of the 2008 financial crisis, saying large corporate penalties very often harm innocent investors.

"Shareholders do bear those costs and we have to keep that in mind," Clayton said during Senate testimony earlier this year. 

Velikonja told AFP the change in SEC leadership may have caused a slowdown in cases, but does not explain falling penalties.

The agency also has curtailed investigators' ability to issue subpoenas quickly, and a hiring freeze has led to a sharp drop in staff levels at the agency's Enforcement Division, she said.

Since Clayton took over in May, the agency has pursued a $35 million settlement with the Boston asset management company State Street, in which the SEC tagged along with an existing Justice Department case, and a $97 million case against a subsidiary of the British bank Barclays.

In the same period last year, the SEC pursued cases against more than a dozen major firms, including Wall Street giants Merrill Lynch, Goldman Sachs and Citigroup as well as the private equity firm Apollo and the hedge fund Och-Ziff.

"I believe there's going to be fewer cases, lower fines," Velikonja said.

Source:AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fines by top wall street cop down in trumps 1st year fines by top wall street cop down in trumps 1st year

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

fines by top wall street cop down in trumps 1st year fines by top wall street cop down in trumps 1st year

 



GMT 16:16 2014 Wednesday ,10 September

Samirah Ibrahim receives Saudi cultural attaché

GMT 09:32 2017 Sunday ,24 September

China confirms will limit oil exports to North Korea

GMT 19:56 2016 Saturday ,17 September

Typhoon Meranti death toll rises to 28

GMT 09:40 2018 Monday ,01 January

OIC Summit opens in Kazakhstan

GMT 06:37 2015 Monday ,07 December

Iran film directors protest colleague's jail term

GMT 18:37 2017 Friday ,25 August

Mental health issues should be prioritized

GMT 04:39 2017 Thursday ,31 August

Trump vows to right 'self-destructive' tax code

GMT 05:29 2017 Tuesday ,22 August

Celebrations across India on 71st Independence Day

GMT 10:54 2017 Wednesday ,11 October

Child obesity grows tenfold since 1975

GMT 02:31 2016 Tuesday ,06 December

Dubai Women Establishment delegation participates

GMT 04:29 2018 Wednesday ,19 September

North and South Korea: Kim and Moon hail new future

GMT 14:18 2013 Monday ,19 August

Newlywed Lebanese couple pose at car bomb site

GMT 11:11 2011 Friday ,12 August

Palestinian university ranks seventh in Arab world

GMT 15:16 2015 Wednesday ,26 August

UAE ambassador attends charity ceremony in Qalubiya

GMT 16:59 2016 Tuesday ,26 July

Hedge funds in new cycle of oil short-selling
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday