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SEC: We Can Do This The Easy Way, Or We Can Do This The Hard Way

Your call!
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Andrew Ceresney's private office.

It may seem to some that self-reporting violations to the SEC and then cooperating with the agency’s own investigation just isn’t worth it, that the so-called “benefits” offered aren’t clear and that you might be better off just trying to get away with it. Believe that if you will, but SEC enforcement chief Andrew Ceresney thinks that the benefits are plain and valuable enough—namely, the benefit of not having to deal with an angry Andrew Ceresney. Clear enough?

“When something goes wrong, we want to know who is responsible so that we can hold them accountable. If a company helps us do that, they will benefit,” said Mr. Ceresney, according to his written remarks….

Both FLIR and Goodyear self-reported the FCPA violations to the SEC, Mr. Ceresney said, pointing out that the debate over self-reporting is more developed in the FCPA context than it is in other types of securities cases.

However, he said, firms have to consider it in those other contexts as well, warning of “significant consequences” if they fail to do so.

Cooperating Gives Companies ‘Benefits,’ SEC Official Says [WSJ Risk & Compliance Journal blog]



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