Federal Regulatory Agencies
News releases, reports, statements and associated documents from federal regulatory agencies ranging from the Securities Exchange Commission to the Commodities Futures Trading Commission
Featured Stories
SEC Names Vanessa Countryman to Lead the Office of the Secretary
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following news release:
The Securities and Exchange Commission today announced that Vanessa Countryman has been appointed as the agency's Secretary. The Secretary is responsible for overseeing the administrative aspects of Commission meetings, rulemakings, and procedures. Ms. Countryman has served as Acting Secretary since March 2019.
Within the SEC, the Office of the Secretary plays a central role in ensuring the effective processing of Commission business. Office staff, among other things, review all documents submitted
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following news release:
The Securities and Exchange Commission today announced that Vanessa Countryman has been appointed as the agency's Secretary. The Secretary is responsible for overseeing the administrative aspects of Commission meetings, rulemakings, and procedures. Ms. Countryman has served as Acting Secretary since March 2019.
Within the SEC, the Office of the Secretary plays a central role in ensuring the effective processing of Commission business. Office staff, among other things, review all documents submittedto the Commission, track documents submitted to the Commission, schedule Commission meetings in accordance with the Government in the Sunshine Act, maintain records of official Commission actions, and provide public notice of those actions on the SEC.gov website and in the Federal Register.
"Since she stepped into the role of Acting Secretary earlier this year, Vanessa has led the office with the utmost professionalism and integrity," said SEC Chairman Jay Clayton. "I am pleased that the office and the agency as a whole will continue to benefit from her expertise and institutional knowledge."
Ms. Countryman added, "I am honored and excited for the opportunity to serve in this role. It is a privilege to continue to be part of the Office of the Secretary's exceptional team and support the Commission's mission on behalf of investors and markets."
Ms. Countryman joined the SEC in July 2010 as a Counsel to Commissioner Kathleen Casey and subsequently to Commissioner Daniel Gallagher. Since 2013, Ms. Countryman served as Chief Counsel in the Division of Economic and Risk Analysis, where she actively participated in numerous significant rulemakings. Prior to joining the SEC, Ms. Countryman clerked for Judge Emilio Garza on the Fifth Circuit Court of Appeals and then practiced law at Gibson, Dunn & Crutcher LLP, representing clients in appellate and regulatory matters. Ms. Countryman earned her J.D. from the University of Chicago. She received an M.Phil. from Oxford University and a B.A. from Columbia University.
SEC Issues Statement on Public Company Accounting Oversight Board Seat
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following statement by Acting Chief Accountant Sagar Teotia:
"The Public Company Accounting Oversight Board ("PCAOB") is one of the centerpieces of the Sarbanes-Oxley Act of 2002 ("SOX"). SOX provides that the PCAOB is governed by a Board of five members -- two of whom must be certified public accountants, and three of whom must not be -- serving for staggered five-year terms.
"In December 2017, Kathleen M. Hamm was appointed to the PCAOB Board and is serving in the 2014-2019 term. That term expires in October 2019. Ms.
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following statement by Acting Chief Accountant Sagar Teotia:
"The Public Company Accounting Oversight Board ("PCAOB") is one of the centerpieces of the Sarbanes-Oxley Act of 2002 ("SOX"). SOX provides that the PCAOB is governed by a Board of five members -- two of whom must be certified public accountants, and three of whom must not be -- serving for staggered five-year terms.
"In December 2017, Kathleen M. Hamm was appointed to the PCAOB Board and is serving in the 2014-2019 term. That term expires in October 2019. Ms.Hamm is eligible for reappointment to the 2019-2024 term. The appointment process used by the Commission in 2017 will be followed to select the Board Member for the 2019-2024 term. This process is administered by the Office of the Chief Accountant and is described on the Commission's website at the Office of the Chief Accountant's website page at: https://www.sec.gov/financial-reporting-structure. Individuals interested in being considered for this position should notify the Office of the Chief Accountant in the manner described below.
"SOX requires that PCAOB Board members be "appointed from among prominent individuals of integrity and reputation who have a demonstrated commitment to the interests of investors and the public, and an understanding of the responsibilities for and nature of the financial disclosures required of issuers, brokers, and dealers under the securities laws and the obligations of accountants with respect to the preparation and issuance of audit reports with respect to such disclosures." Due to the current composition of the Board and the requirement that three members of the Board not be CPAs, it is expected that the candidate selected for the 2019-2024 term will not be a CPA.
"Individuals meeting the statutory criteria who would like to be considered for a Board seat should submit the following to Board-recommendations@sec.gov by July 15, 2019: (1) a cover letter, discussing the statutory qualifications listed above; and (2) a current resume or curriculum vitae."
SEC Issues Order Involving Suzanne Aileen Gagnier
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following order (No. 3-19215) involving Suzanne Aileen Gagnier:
In the Matter of SUZANNE AILEEN GAGNIER, Respondent.
ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS
I. The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("Exchange
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following order (No. 3-19215) involving Suzanne Aileen Gagnier:
In the Matter of SUZANNE AILEEN GAGNIER, Respondent.
ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(b) OF THE SECURITIES EXCHANGE ACT OF 1934 MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS
I. The Securities and Exchange Commission ("Commission") deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 ("ExchangeAct") against Suzanne Aileen Gagnier ("Gagnier" or "Respondent").
II. In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the "Offer") which the Commission has determined to accept. Solely for the purpose of these proceedings and any other proceedings brought by or on behalf of the Commission, or to which the Commission is a party, and without admitting or denying the findings herein, except as to the Commission's jurisdiction over him and the subject matter of these proceedings and the findings contained in Section III.2 below, which are admitted, Respondent consents to the entry of this Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions ("Order"), as set forth below.
III. On the basis of this Order and Respondent's Offer, the Commission finds that:
1. Gagnier (CRD: 4394168), born 1954, is a resident of California. Gagnier is the owner of Premier Marketing Solutions, Inc., which received commission payments from Jersey on behalf of Gagnier. During the relevant period, neither Gagnier nor Premier Marketing Solutions, Inc. was registered in any capacity with the Commission.
2. On June 7, 2019 a judgment was entered by consent against Gagnier, permanently enjoining her from conduct that would violate Sections 5 and 17(a) of the Securities Act of 1933 ("Securities Act"), Sections 10(b) and 15(a) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Jersey Consulting, et al., Civil Action Number 2:18-CV-00155, in the United States District Court for the District of Utah.
3. The Commission's complaint alleged that, in connection with the sale of Jersey Consulting, LLC securities, Gagnier acted as an unregistered broker. The complaint further alleged that Gagnier misrepresented to investors that Jersey Consulting, LLC had a commercially viable technology, failed to disclose that Jersey was owned and operated by a convicted felon and had no material revenues, otherwise engaged in a variety of conduct which operated as a fraud and deceit on investors. The complaint also alleged that Gagnier offered and sold securities of Jersey in unregistered transactions and did so without registering with the Commission as a broker during the period of her solicitation of Jersey securities.
4. From at least January 2015 through January 2018, Gagnier, through her entity Premier Marketing Solutions, Inc., received transaction-based compensation of 20-30% arising from investor purchases of Jersey securities.
IV. In view of the foregoing, the Commission deems it appropriate and in the public interest to impose the sanctions agreed to in Respondent Gagnier's Offer.
Accordingly, it is hereby ORDERED pursuant to Section 15(b)(6) of the Exchange Act that Respondent Gagnier be, and hereby is barred from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization; and
Pursuant to Section 15(b)(6) of the Exchange Act Respondent Gagnier be, and hereby is barred from participating in any offering of a penny stock, including: acting as a promoter, finder, consultant, agent or other person who engages in activities with a broker, dealer or issuer for purposes of the issuance or trading in any penny stock, or inducing or attempting to induce the purchase or sale of any penny stock.
Any reapplication for association by the Respondent will be subject to the applicable laws and regulations governing the reentry process, and reentry may be conditioned upon a number of factors, including, but not limited to, the satisfaction of any or all of the following: (a) any disgorgement ordered against the Respondent, whether or not the Commission has fully or partially waived payment of such disgorgement; (b) any arbitration award related to the conduct that served as the basis for the Commission order; (c) any self-regulatory organization arbitration award to a customer, whether or not related to the conduct that served as the basis for the Commission order; and (d) any restitution order by a self-regulatory organization, whether or not related to the conduct that served as the basis for the Commission order.
For the Commission, by its Secretary, pursuant to delegated authority.
Vanessa Countryman
Secretary
SEC Issues Order Involving Anastasios 'Tommy' Belesis
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following order (No. 3-18088) involving Anastasios P. 'Tommy' Belesis:
In the Matter of ANASTASIOS P. "TOMMY" BELESIS, Respondent.
ORDER APPOINTING TAX ADMINISTRATOR
By order dated February 22, 2019, the Commission issued the "Omnibus Order Directing the Appointment of Tax Administrator in Administrative Proceedings that Establish Distribution Funds" ("Omnibus Order"),/1 authorizing the Secretary to issue orders for calendar years 2019-2021 appointing, upon request by the Commission staff, Miller Kaplan Arase LLP ("Miller
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following order (No. 3-18088) involving Anastasios P. 'Tommy' Belesis:
In the Matter of ANASTASIOS P. "TOMMY" BELESIS, Respondent.
ORDER APPOINTING TAX ADMINISTRATOR
By order dated February 22, 2019, the Commission issued the "Omnibus Order Directing the Appointment of Tax Administrator in Administrative Proceedings that Establish Distribution Funds" ("Omnibus Order"),/1 authorizing the Secretary to issue orders for calendar years 2019-2021 appointing, upon request by the Commission staff, Miller Kaplan Arase LLP ("MillerKaplan"), a certified public accounting firm, with one of their offices located in San Fransciso, California, as tax administrator ("Tax Administrator") in administrative proceedings where the distribution fund may incur tax-related obligations as a Qualified Settlement Fund ("QSF") under the Department of the Treasury Regulation Sec. 1.468B-1(c).
On June 21, 2019, the Commission staff requested, pursuant to the Omnibus Order, the appointment of Miller Kaplan as the Tax Administrator for the QSF in the above-referenced proceeding.
Accordingly, IT IS ORDERED that Miller Kaplan, pursuant to and in accordance with the Omnibus Order, is appointed the Tax Administrator for the QSF in the above-referenced proceeding.
For the Commission, by its Secretary, pursuant to delegated authority.
Vanessa A. Countryman
Secretary
* * *
1/ Exchange Act Rel. No. 85174 (Feb. 22, 2019).
SEC Charges Founder of Bankrupt Advisory Firm With Fraud
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following litigation release:
* * *
- Securities and Exchange Commission v. Donald S. LaGuardia, Jr., No. 19-cv-05895 (S.D.N.Y. filed June 24, 2019)
* * *
The Securities and Exchange Commission today charged a founder and managing principal of a New York-based investment adviser for misappropriating approximately $2.6 million from investors and then concealing part of the misappropriation through fraudulent accounting devices.
The SEC's complaint alleges that beginning in at least 2013, Donald S. LaGuardia, Jr., a resident
... Show Full Article
WASHINGTON, June 24 -- The Securities and Exchange Commission issued the following litigation release:
* * *
- Securities and Exchange Commission v. Donald S. LaGuardia, Jr., No. 19-cv-05895 (S.D.N.Y. filed June 24, 2019)
* * *
The Securities and Exchange Commission today charged a founder and managing principal of a New York-based investment adviser for misappropriating approximately $2.6 million from investors and then concealing part of the misappropriation through fraudulent accounting devices.
The SEC's complaint alleges that beginning in at least 2013, Donald S. LaGuardia, Jr., a residentof Lavallette, New Jersey, who controlled the investment adviser, L-R Managers, LLC, misappropriated investor money from private funds advised by L-R Managers and from subscriptions intended to be invested in one of the funds. LaGuardia then allegedly concealed part of this misappropriation through a sham receivable and promissory note. According to the complaint, LaGuardia used the money to pay for personal and L-R Managers expenses, including home renovations, salaries, and rent. The complaint also alleges that LaGuardia and L-R Managers used other accounting devices to inflate the capital account balances and returns reported to investors and made material misrepresentations about fund audits, expenses and performance. L-R Managers filed for bankruptcy in June 2017.
The SEC's complaint, filed in the U.S. District Court for the Southern District of New York, charges LaGuardia with violating the antifraud provisions Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and Sections 206(1), 206(2) and 206(4) of the Investment Advisers Act of 1940 and Rule 206(4)-8 thereunder. The complaint also charges LaGuardia with control person liability under Exchange Act Section 20(a) for L-R Managers' antifraud violations of the Exchange Act. The SEC is seeking permanent injunctions and financial penalties against LaGuardia, and the return of allegedly ill-gotten gains with prejudgment interest.
The SEC's investigation has been conducted by Alison Conn, Kerri Palen and Judith Weinstock of the New York Office. The SEC's litigation against LaGuardia will be led by Christopher Dunnigan, Ms. Conn and Ms. Weinstock. The case is being supervised by Sanjay Wadhwa.
FDIC Names Amy C. Thompson as Director of the Office of Communications
WASHINGTON, June 24 -- The Federal Deposit Insurance Corporation issued the following news release:
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Amy C. Thompson as Director of the Office of Communications. In her new role, Ms. Thompson will lead the agency's internal and external communications initiatives, including planning and executing public affairs activities to promote understanding of the FDIC's mission, objectives, and programs.
"I am very pleased that Amy has joined our team. She possesses a wide range of both private- and public-sector experience
... Show Full Article
WASHINGTON, June 24 -- The Federal Deposit Insurance Corporation issued the following news release:
The Federal Deposit Insurance Corporation (FDIC) today announced the appointment of Amy C. Thompson as Director of the Office of Communications. In her new role, Ms. Thompson will lead the agency's internal and external communications initiatives, including planning and executing public affairs activities to promote understanding of the FDIC's mission, objectives, and programs.
"I am very pleased that Amy has joined our team. She possesses a wide range of both private- and public-sector experiencein public relations that will benefit the FDIC as we carry out our mission to maintain stability and public confidence in the nation's financial system," said FDIC Chairman Jelena McWilliams.
Prior to joining the FDIC, Ms. Thompson was Assistant Secretary for Public Affairs at the U.S. Department of Housing and Urban Development (HUD), where she oversaw all external and internal communications, media relations, and stakeholder engagement efforts. She was also responsible for directing HUD's disaster recovery communications, and was the principal communications advisor to the HUD Secretary. She previously served as Deputy Assistant Secretary for Public Affairs and as Deputy Press Secretary at HUD.
Ms. Thompson's experience in the private sector includes her role as Director of Communications for the Community Financial Services Association. Prior to that, she managed public relations campaigns and executive speechwriting at Target Corporation in Minneapolis. She also served as a communications advisor to Fortune 500 Companies at LEVICK, a D.C.-based public relations firm, where she specialized in crisis management, government regulation and corporate reputation.
Ms. Thompson earned a Bachelor of Arts in journalism from the University of North Texas.
Eric J. Pan, Director of CFTC's Office of International Affairs, to Leave the Agency
WASHINGTON, June 24 -- The Commodity Futures Trading Commission issued the following news release:
The Commodity Futures Trading Commission (CFTC) announced today that Eric J. Pan, Director of CFTC's Office of International Affairs (OIA), will leave the agency in August.
"The derivatives markets are global markets, which makes it essential that the CFTC recognize the cross-border implications of its policies and successfully advance cross-border cooperation with foreign regulators," said CFTC Chairman J. Christopher Giancarlo. "Eric has been absolutely critical to this effort and achieved great
... Show Full Article
WASHINGTON, June 24 -- The Commodity Futures Trading Commission issued the following news release:
The Commodity Futures Trading Commission (CFTC) announced today that Eric J. Pan, Director of CFTC's Office of International Affairs (OIA), will leave the agency in August.
"The derivatives markets are global markets, which makes it essential that the CFTC recognize the cross-border implications of its policies and successfully advance cross-border cooperation with foreign regulators," said CFTC Chairman J. Christopher Giancarlo. "Eric has been absolutely critical to this effort and achieved greatsuccess, working tirelessly to build enduring relationships with our counterparts around the world and to guide CFTC international policy. Eric has done it all. He has been in the middle of many of the pivotal international regulatory debates of the past eight years. I give Eric enormous credit for helping the CFTC achieve its mission to be as effective as possible in regulating these global markets."
Since 2015, Pan has led the office that advises the Commission on all international regulatory initiatives, provides guidance regarding international issues raised in CFTC matters, represents the agency in international groups (such as the Financial Stability Board (FSB)), standard setting bodies (such as the International Organization of Securities Commissions (IOSCO)) and bilateral fora, and provides technical assistance to non-U.S. authorities.
Pan has carried out a senior policy role in the agency, advising the Chairman on regulatory priorities and regularly engaging non-U.S. counterparts in policy and technical discussions. His efforts have made the CFTC a leader in the international regulatory community and in the US-EU regulatory dialogue, playing a prominent and influential role in a range of international initiatives and building international support for effective implementation of standards.
During Pan's tenure, the agency participated in more international workstreams than ever in its history; signed major cooperative arrangements with authorities around the world; and chaired international workstreams on market fragmentation, efficient resiliency of OTC derivatives reforms, benchmarks, commodity principles, cybersecurity, regulation of financial market infrastructures, data and reporting standards, and implementation monitoring and assessment.
"I am immensely grateful to Chairman Chris Giancarlo, former Chairman Tim Massad, and all of the Commissioners for entrusting me for the past number of years with responsibility for helping develop the CFTC's international and cross-border policies and for overseeing the CFTC's engagement with counterparts around the world," said Pan. "It has been a great privilege to be part of the CFTC and to work with all of the dedicated and talented people across the agency, especially my superb colleagues in the Office of International Affairs. I also wish to express my deep appreciation to the numerous regulators and policymakers from around the world with whom I have had the great pleasure of knowing all of these years as both counterparts and friends."
Pan was directly responsible for a number of accomplishments, including:
* Establishing the CFTC's Brexit Task Force to analyze risks to the U.S. financial system and to propose a series of concrete regulatory actions to mitigate the effects of a hard Brexit, culminating in the CFTC's Joint Statement with the Bank of England and UK Financial Conduct Authority (FCA) on Continuity of Derivatives Trading and Clearing Post-Brexit.
* Assisting Chairman Giancarlo in articulating the CFTC's approach to cross-border regulation and supervision, as most prominently set forth in Chairman Giancarlo's Cross-Border White Paper, and in effecting the approach in CFTC rulemaking and deference announcements with the European Union, Japan, Singapore, and Australia.
* Reaching common approaches with the European Commission and European and Asian regulators on key regulatory and supervisory matters involving central clearinghouses and margin for uncleared swaps.
* Raising awareness among international market regulators about the need to secure information sharing between regulators for enforcement and supervisory purposes in light of new data protection laws, helping lead to the adoption of the pathbreaking IOSCO Administrative Arrangement for the transfer of personal data between European Economic Area (EEA) Financial Supervisory Authorities and non-EEA Financial Supervisory Authorities.
* Concluding the CFTC's first Fintech Cooperation Memoranda of Understanding with the UK FCA, Monetary Authority of Singapore, and Australian Securities and Investments Commission.
* Leading efforts to improve coordination among international regulators on the implementation of the G-20 OTC derivatives reforms, including founding and running the OTC Derivatives Regulators Group and co-organizing the FSB's Principals-Level Roundtable on OTC Derivatives Reforms.
* Serving as Chair of IOSCO's Committee on Derivatives and Co-Chair of the FSB's Working Group on Unique Transaction Identifier and Unique Product Identifier Governance, a leader in the IOSCO's Follow-up Group on Market Fragmentation and IOSCO's Cyber Task Force, and a major contributor to IOSCO's Task Force on Market Conduct and IOSCO's Data Protection Sub-Group.
* Representing the CFTC in the IOSCO Board, Committee on Payments and Market Infrastructures (CPMI)-IOSCO Steering Group, U.S.-EU Joint Financial Regulatory Forum, U.S.-EU Financial Services Committee, U.S.-UK Financial Regulatory Working Group, U.S.-India Financial Regulatory Dialogue, and U.S.-China Joint Economic Committee.
Pan began his career as a lawyer in Washington, D.C. before becoming a law professor and director of a corporate governance center in New York City. After the G-20 Leaders' Summit in Pittsburgh and passage of The Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, Pan was asked to join the Office of International Affairs at the Securities and Exchange Commission (SEC) to be responsible for overseeing international regulatory policy for the SEC. He then joined the CFTC in 2015 as head of international affairs.
Pan holds a J.D. from the Harvard Law School, a master's degree in European and International Politics from the University of Edinburgh, and an A.B. in Economics from Harvard College. He is an elected member of the American Law Institute.
After leaving the agency, Pan will spend a semester as a Senior Research Fellow in the Center for Law and Economic Studies at Columbia Law School in New York City where he will be writing about financial markets and regulation.
