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'Improper Benefit' Key To SEC Policy

By W. Scott Sorrels, Stacey Godfrey Evans and John J. Richard

On January 4, Securities and Exchange Commission Chairman Christopher Cox announced the SEC's unanimously adopted policy on the use of the its enforcement powers to impose monetary penalties on public companies for securities law violations. According to the policy, when deciding whether to impose fines, the SEC will focus on whether a corporation's violation provided an improper benefit to the company and its shareholders. If so, the SEC will be inclined to seek fines to deter future conduct. Conversely, the SEC will be less likely to pursue fines in cases where they would result in further harm to shareholders already injured by a corporation's actions.

This article examines the new SEC policy regarding fines and its implications for corporations and shareholders.

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