This Commentary will discuss the landscape of director liability in the SEC context and provide some suggestions that may help directors minimize the risks of regulatory scrutiny. ![]() As a former SEC chairman put it: "It is not an adequate ethical standard to aspire to get through the day without being indicted." Of course, most directors aspire to more than staying out of trouble. What does the government's heated rhetoric and renewed focus on individual liability mean for corporate directors? As the chairman of the Securities and Exchange Commission ("SEC") recently noted, "ervice as a director is not for the faint of heart…." But the good news is that directors who perform their role with even a modicum of reasonableness are highly unlikely to be held personally liable in carrying out their responsibilities. ![]() Senior government officials have responded by speaking forcefully about their desires to sue or prosecute more individuals. ![]() Following the 2008 financial crisis, government regulators and prosecutors have been under tremendous public pressure to prosecute individuals.
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