The Securities and Exchange Commission recently announced a new policy on levying corporate fines in enforcement actions and how the authority to levy such fines will be exercised. The purpose of this new policy is to more clearly define when corporate fines are appropriate, thus making the discretion to levy them more predictable and consistent than in the past.
The new policy requires the determination of when to impose a corporate fine to focus on whether the company that violated securities laws received any direct benefit from such violations. Also considered is the degree to which any fine or monetary penalty will recompense, or actually harm, the company’s shareholders.
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