In a Law360 article originally published November 16, 2023, Andrew J. Ceresney, Julie M. Riewe and Stephan J. Schlegelmilch discuss SEC v. Govil, a recent United States Court of Appeals for the Second Circuit opinion in which the court held that disgorgement is an equitable remedy and that the SEC cannot obtain disgorgement if they cannot identify a “victim” with…

On October 11, 2023, the Federal Deposit Insurance Corporation (the “FDIC”) published in the Federal Register for comment a notice of proposed rulemaking to establish new guidelines (the “Proposed Guidelines”) for governance and risk management at FDIC-supervised insured depository institutions (i.e., state non-member banks) with $10 billion or more in consolidated assets (“covered institutions”). The Proposed Guidelines would be issued as Appendix C…

On September 27, 2023, Senate Banking Committee members advanced the Secure and Fair Enforcement Regulation (SAFER) Banking Act (S. 2860) out of committee for a full Senate vote.  Prior versions of the bill have passed the House of Representatives repeatedly; however, the bill had never before been considered in the Senate. According to a joint statement by the sponsors of the…

On August 28, 2023, the SEC announced its first enforcement action against an NFT project, via a settled order as to Impact Theory, LLC (“Impact Theory”) for the offer and sale of unregistered securities.  However, absent from the order is any attempt to grapple with the unique issues presented by non-fungible tokens.  The SEC instead drafted an order that is…

As previewed by banking agencies for over a year and with increased frequency after the recent bank failures,[1] the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (together with the FDIC and FRB, the “Agencies”) on Tuesday issued three key proposals regarding minimum long-term debt requirements and resolution planning.…