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SEC Reports 700 Enforcement Actions in Fiscal 2020, ‘Significant’ During Telework Period | Investing News

October 8, 2020

WASHINGTON (Reuters) – The head of the U.S. Securities and Exchange Commission (SEC) said on Thursday that the agency has brought 700 enforcement actions in the 2020 fiscal year, a ‘significant’ amount after March 15.

In a virtual address kicking off “SEC Speaks 2020,” an annual SEC enforcement conference put on in conjunction with the Practicing Law Institute, Jay Clayton said the agency had also obtained financial remedies of more than $4 billion, up from a year prior.

The SEC has also reviewed disclosures of more than 10,700 funds–including more than 1,200 new funds–in 2020, an increase of 7% over last year, Clayton added.

“While the pandemic significantly impacted how we do our work, it did not negatively impact the work itself,” Clayton said.

“At the same time, we added to our work load,” the top market’s watchdog added in reference to the agency’s extended telework period that began https://www.reuters.com/article/us-health-coronavirus-sec/u-s-sec-staff-stay-home-after-employee-treated-for-coronavirus-symptoms-idUSKBN20X2FW

U.S. SEC official says closely watching exchange spat with New Jersey

October 7, 2020

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By John McCrank

NEW YORK, Oct 7 (Reuters) – A plan being considered by U.S. stock exchanges to leave New Jersey, where the bourses’ main electronic trading systems are located, to avoid a potential state tax on trading, could harm the industry, a senior U.S. Securities and Exchange Commission official said on Wednesday.

A sudden exit by the exchanges from northern New Jersey, where billions of dollars of trades are processed daily in three main data centers for all 16 U.S. stock exchanges, could be very costly and disruptive to market participants, said SEC Director of Trading and Markets, Brett Redfearn.

“We are watching it very closely. We are going to continue to talk to stakeholders about this, but needless to say, we certainly do have concerns,” he said at a virtual conference held by the Security Traders Association.

New Jersey is considering a tax of a quarter of

General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

October 7, 2020

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General Electric shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

a sign on the side of a building: General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

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General Electric Gets SEC Wells Notice Amid Insurance Accounting Probe

GE said Tuesday that it had received a so-called Wells Notice from the SEC that indicate authorities are looking into how the industrial group accounted for the run-off of some of its legacy insurance businesses that sat inside its GE Capital division.

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The SEC probe was triggered by a January 2018 move to take a $6.2 billion charge to its fourth-quarter earnings linked to weakness in its North American Life & Health insurance portfolio under then-CEO John Flannery.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order

General Electric Gets SEC Wells Notice Amid Accounting Probe

October 7, 2020

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General Electric (GE) – Get Report shares edged higher Wednesday, but trailed broader market gains as investors reacted to the possibility of legal action linked to a Securities & Exchange Commission probe into some of its accounting practices.

GE also said at the time that GE Capital, its financing arm, would make $15 billion payments over the next seven years in order to shore up NALH’s statutory reserves, starting with

GE Receives ‘Wells Notice’ From SEC On Run-off Insurance Operations

October 7, 2020

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(RTTNews) – General Electric (GE) disclosed in a regulatory filing on Tuesday that it received a “Wells notice” from the U.S. Securities and Exchange Commission staff, saying that it is considering recommending a civil action against the company for possible violations of the securities laws.

GE has been informed that the issues the SEC staff may recommend that the SEC pursue relate to the historical premium deficiency testing for GE Capital’s run-off insurance operations, as well as GE’s disclosures relating to such run-off insurance operations.

The staff has not made a preliminary decision whether to recommend any action with respect to the other matters under investigation, the GE said in the regulatory filing.

GE noted that the Wells notice is neither a formal allegation nor a finding of wrongdoing.

The Wells notice allows GE the opportunity to provide its perspective and to address the issues raised by the SEC staff

GE Warns of Likely SEC Action in Probe of Insurance Reserves

October 7, 2020

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(Bloomberg) — General Electric Co. warned that it’s likely to face U.S. Securities and Exchange Commission allegations of accounting misdeeds, setting back Chief Executive Officer Larry Culp’s effort to put the company’s rocky past behind it.

a close up of a sign: A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

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A logo is displayed on a wind turbine used for training and research outside of the General Electric Co. (GE) energy plant in Greenville, South Carolina, U.S., on Tuesday, Jan. 10, 2017. General Electric Co. is scheduled to release earnings figures on January 20.

GE received a Wells notice Sept. 30 advising that the SEC may pursue a civil enforcement action over possible securities violations tied to an old insurance business, according to a company regulatory filing Tuesday. The agency has yet to decide whether to recommend action on issues related to GE’s power-equipment business that are also under investigation.

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The Wells notice reopens old wounds from a previously disclosed

General Electric Says SEC Has Issued ‘Wells Notice’ Recommending Civil Action Over Shaky Accounting Practices

October 7, 2020

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Topline

General Electric said in a filing Tuesday it’s been notified by the Securities and Exchange Commission that the agency may take civil action against the struggling industrial conglomerate for possible violations of securities laws following a two-year investigation.

General Electric Co.Chief Executive Officer Jeffrey Immelt Opens GE iCentre — General Electric

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Key Facts

According to the filing, SEC staff issued a Wells Notice to GE on September 30 in connection with possible violations of securities laws, specifically with respect to lending arm GE Capital’s accounting practices for certain insurance operations, as well as the relevant disclosures.

A Wells notice is not a formal allegation nor a finding of wrongdoing, but rather a notification from the SEC that the regulator is preparing to bring a civil enforcement action or administrative proceeding against a company; it gives the target of the probe an opportunity to respond before the SEC makes a final determination.

GE stock took a

GE hit with SEC ‘Wells notice’ over massive insurance losses

October 6, 2020

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Boston-based GE first disclosed the government investigation into its accounting practices in 2018, after a multibillion-dollar underestimate of its insurance business created a shortfall in its reserves. At the time, then-Chief Financial Officer Jamie Miller said on a conference call with analysts, “There’s nothing here I‘m overly concerned about.” The SEC also delved into how GE recognized revenue from long-term service agreements for the maintenance of industrial equipment, including power plants and jet engines.

In a statement Tuesday to The Washington Post, GE said it has “fully cooperated with the SEC’s investigation,” adding, “We strongly disagree with the recommendation of the SEC staff and will provide a response through the Wells notice process.” GE said it is providing documents and other information requested by the SEC.

The SEC declined to comment.

GE will be given an opportunity to make a case against enforcement. But if the government proceeds, it could

Personal Lines Insurtech Root Files IPO Proposal with SEC

October 6, 2020

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Root, Inc., the parent company of Root Insurance Co., has filed a registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

The number of shares to be offered and the price range for the proposed offering have not yet been announced. Root said it intends to list its common stock on the Nasdaq Stock Market, under the ticker symbol ROOT.

As of last September, Root had raised a total of $523 million in funding, with an additional $100 million in debt financing. Root said that last round, led by DST Global and Coatue, raised its valuation to $3.65 billion.

Columbus, Ohio-based Root operates through a mobile app that uses smartphone technology, telematics and data science. The insurer has begun selling renters and home insurance in addition to its primary offering, auto insurance.

At the end of 2019, Root reported a net

Fiat Chrysler to pay $9.5M in SEC probe related to diesel emissions cheating scandal

September 29, 2020

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Fiat Chrysler Automobiles is set to pay a $9.5 million civil penalty related to allegations that it misled investors about its diesel emissions scandal, according to the U.S. Securities and Exchange Commission.

a close up of a sign: Fiat Chrysler Automobiles will merge with Paris-based PSA Groupe, maker of Peugeot automobiles, according to media sources.

© Kimberly P. Mitchell, Detroit Fr
Fiat Chrysler Automobiles will merge with Paris-based PSA Groupe, maker of Peugeot automobiles, according to media sources.

The settlement, announced Monday, is just one piece in FCA’s diesel case, which, like Volkswagen’s Dieselgate, focused on claims the company installed so-called defeat devices to cheat emissions testing.

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Defeat devices would let a vehicle perform differently during testing than on the road, leading to excessive pollution. In addition to FCA and VW, numerous auto companies and the auto supplier Bosch have been accused of or agreed to settle claims of diesel emissions cheating.

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The FCA case involved