As Canada gears up for public hearings into a controversial plan to introduce “no-contest” settlements for securities law breaches, the chief regulator in the United States is reining in use of the settlements that don’t require an admission of guilt or wrongdoing.
On Friday, the U.S. Securities and Exchange Commission announced that companies will no longer be able to use the standard no-contest settlement tactic of neither admitting nor denying civil charges when they have admitted to or been convicted of criminal violations.
Barbara Shecter – Financial Post – January 6, 2012.
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