Law Commons^™

On Maximizing Deterrence Per Dollar: Thoughts Inspired By Peter Reilly, Andrew B. Spalding

Law Faculty Publications

Professor Peter Reilly addresses concerns that practitioners in this space have privately and publicly debated for years. What exactly is cooperation credit? Can we quantify it? The government promises that self-reporting is in our self-interest, but the government’s interest in saying so is obvious enough. What evidence can the government provide?

The difficulty of measuring this credit is somewhat ironic, given the government’s dependence on cooperation. As this essay will show, our modern enforcement regime, which has four components—the internal or independent investigation, voluntary disclosure, cooperation credit, and a negotiated settlement—is the government’s method of maximizing general deterrence with finite …

Caselaw Developments 2015, William O. Fisher

Law Faculty Publications

This report was prepared for the ABA Business Law Section’s Federal Regulation of Securities Committee, Subcommittee on Annual Review. The paper contains sections on relevant Supreme Court decisions, SEC rulemaking, SEC enforcement actions, proxy solicitation, forward-looking statements, insider trading, materiality, duty to disclose, Scienter and scienter pleading, and the Securities Litigation Uniform Standards Act ("SLUSA").