摩根路易斯律师事务所：证券交易委员会执法和公开（英文版）(15页）.pdf

1、 This White Paper is provided for your convenience and does not constitute legal advice or create an attorney-client relationship. Prior results do not guarantee similar outcomes. Attorney Advertising. Links provided from outside sources are subject to expiration or change. 2021 Morgan, Lewis & Boc

2、kius LLP SEC ENFORCEMENT AND PUBLIC COMPANIES 2020 KEY CASES AND WHAT WE EXPECT IN 2021 AUTHORS Jeff Boujoukos Laurie Cerveny Susan Resley Justin Chairman January 2021 2021 Morgan, Lewis & Bockius LLP 2 SEC ENFORCEMENT AND PUBLIC COMPANIES 2020 KEY CASES AND WHAT WE EXPECT IN 2021 Most media accoun

3、ts suggest that the incoming Biden administration will usher in a more “aggressive” SEC enforcement posture, with renewed emphasis on investigating potential fraud and controls deficiencies at public companies. SEC Enforcement may face some short-term headwinds to this approach. A dramatic increase

4、in tips, complaints, and referrals during the pandemic, as well as COVID-19-related delays that may extend the 24-month average lifetime of SEC enforcement investigations, will likely require the SEC to selectively allocate stretched resources in 2021. Where are the limited resources likely to go be

5、yond the more standard accounting, revenue recognition, and disclosure cases that the SEC regularly investigates and prosecutes?1 Recent enforcement activity points to several areas of interest to the SEC, and provides a valuable window for public companies into the SECs methods and priorities, incl

6、uding: Coronavirus-Related Public Disclosures Enforcements First Case Enforcements EPS Initiative Harnessing the Data Executive Perquisites Continued Enforcement Focus Insider Trading A Zero Tolerance Policy Buybacks and Rule 10b5-1 Plans A New Enforcement Theory and Likely Rulemaking in 2021 Cyber