The U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) held its annual SEC Speaks conference–in person for the first time since the beginning of the COVID-19 pandemic–on September 8 and 9, 2022 in Washington, D.C. The conference featured remarks from Chair Gary Gensler, Commissioner Mark Uyeda, and Director of the Division of Enforcement Gurbir Grewal, and discussions regarding current enforcement initiatives and enforcement priorities for the upcoming year and an update on litigation, judicial, and legislative developments.
Highlights from this year’s conference included significant discussion of crypto-related enforcement trends and priorities, use of Section 304 of the Sarbanes-Oxley Act of 2002 (“SOX 304”) against non-culpable CEOs and CFOs, equitable officer and director bars against individuals not actually serving as officers and directors, and enforcement developments related to Regulation Best Interest (“Reg BI”).
Chair’s Speech and Commissioner’s Remarks
Chair Gensler
Chair Gary Gensler kicked off SEC Speaks by repeating the mantra used by the Commission’s first Chairman, Joseph Kennedy: “No honest business need fear the SEC.” He then recounted the history of the securities laws, explaining that the first securities law, the Securities Act of 1933 (the “Securities Act” or the “’33 Act”), was enacted to require issuers to provide full, fair, and truthful disclosures to the public. He stated that thereafter, Congress passed additional laws…
