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Articles by Daniel Ketani
Litigation, Mediation & Arbitration
Kramer Levin attorneys examine SEC v. Jarkesy impact on PCAOB In-house tribunal restrictions may apply to board proceedings The viability of the Public Company Accounting Oversight Board's enforcement proceedings is in question following the US Supreme Court's decision in SEC v. Jarkesy, because the PCAOB has no statutory authority to bring such proceedings in federal court.
Audit Watchdog’s Future at Risk After Supreme Court’s SEC Ruling
The viability of the Public Company Accounting Oversight Board’s enforcement proceedings is in question following the US Supreme Court’s decision in SEC v. Jarkesy, because the PCAOB has no statutory authority to bring such proceedings in federal court. The court held that the Seventh Amendment entitles a defendant to a jury trial when the SEC seeks civil penalties for securities fraud. That means the SEC can’t compel the defendant to adjudicate such claims in the agency’s in-house tribunals.
Proposed Expansion Of Auditor Liability Would Be Ill-Advised
A proposed negligence standard that would expand the liability of accountants for contributing to rule violations is unreasonable given the growing complexity of audits, say Kramer Levin's Michael Dell, Daniel Ketani, and Samantha Alman. The Public Company Accounting Oversight Board's proposed revisions in September to its Rule 3502 significantly expand its authority to impose liability on accountants for contributing to a violation of PCAOB rules, securities laws, or professional standards.
Proposed Expansion of Auditor Liability Would Be Ill-Advised Original
The Public Company Accounting Oversight Board’s proposed revisions in September to its Rule 3502 significantly expand its authority to impose liability on accountants for contributing to a violation of PCAOB rules, securities laws, or professional standards. The board shouldn’t make these changes. The deadline for comments on the proposal is Nov. 3.
Supreme Court Unanimously Narrows Scope of Liability Under Section 11(a) of Securities Act of 1933 | JD Supra
In Slack Technologies, LLC v. Pirani,1 the Supreme Court on June 1, 2023, unanimously held that even in a case involving direct listing of both registered and unregistered securities, to state a claim under Section 11(a) of the Securities Act of 1933, a plaintiff must allege that he or she purchased securities issued pursuant to and traceable to the allegedly misleading registration statement. Justice Neil Gorsuch wrote the opinion for a unanimous Court.
Supreme Court Unanimously Narrows Scope of Liability Under Section 11(a) of Securities Act of 1933
In Slack Technologies, LLC v. Pirani,1 the Supreme Court on June 1, 2023, unanimously held that even in a case involving direct listing of both registered and unregistered securities, to state a claim under Section 11(a) of the Securities Act of 1933, a plaintiff must allege that he or she purchased securities issued pursuant to and traceable to the allegedly misleading registration statement. Justice Neil Gorsuch wrote the opinion for a unanimous Court.
Everytown for Gun Safety and Kramer Levin Amicus Brief Helps Secure Eleventh Circuit Ruling That Florida’s Age-Based Restrictions on the Purchase of Firearms Are Constitutional
On March 9, 2023, the U.S. Court of Appeals for the Eleventh Circuit in National Rifle Association, et al. v. Commissioner, Florida Department of Law Enforcement, No. 21-12314, affirmed the Northern District of Florida’s order granting summary judgment to dismiss plaintiffs’ claims, determining that Florida’s law restricting the purchase of firearms for persons under the age of 21 is constitutional.
SEC Charges Investment Adviser for Failing to Adequately Disclose ESG Investment Policies and Procedures | JD Supra
On Nov. 22, 2022, the Securities and Exchange Commission (SEC) charged an investment adviser subsidiary of a major U.S. financial institution with violations of Section 206(4) of the Investment Advisers Act of 1940 (Advisers Act) and Rule 206(4)-7 thereunder relating to environmental, social and governance (ESG) investments.
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