Settlement scope: Board may refuse settlement for conduct harming market integrity or causing widespread investor losses. Regulation 5 specifies that settlement applications will not be considered if a prior application on the same default was rejected, if related audit or inquiry is incomplete (except for confidentiality cases), or if monies due under a securities-law order are recoverable; the Board may decline settlement for defaults with market-wide impact, investor losses, or market-integrity effects. In determining settlement, the Board may consider refund or disgorgement of monies, provision of compliant investor exit or purchase options, and overall compliance with securities laws, and may refuse settlement where the applicant is a willful defaulter, fugitive economic offender, or has unpaid fees or penalties.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Settlement scope: Board may refuse settlement for conduct harming market integrity or causing widespread investor losses.
Regulation 5 specifies that settlement applications will not be considered if a prior application on the same default was rejected, if related audit or inquiry is incomplete (except for confidentiality cases), or if monies due under a securities-law order are recoverable; the Board may decline settlement for defaults with market-wide impact, investor losses, or market-integrity effects. In determining settlement, the Board may consider refund or disgorgement of monies, provision of compliant investor exit or purchase options, and overall compliance with securities laws, and may refuse settlement where the applicant is a willful defaulter, fugitive economic offender, or has unpaid fees or penalties.
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