Joan McKown, Henry Klehm III, Harold Gordon, David Woodcock and Daniel Bradley
To explain and evaluate amendments to the rules of practice governing the US Securities and Exchange Commission’s (SEC’s) Administrative Proceedings that were adopted by the…
Abstract
Purpose
To explain and evaluate amendments to the rules of practice governing the US Securities and Exchange Commission’s (SEC’s) Administrative Proceedings that were adopted by the Commission on July 13, 2016.
Design/methodology/approach
Describes SEC’s increased pursuit of enforcement actions in APs, criticisms of the AP process, and corrective legislation. Describes the July 2016 amendments covering expansion of the prehearing period, allowance of depositions, timing for completion of document production in discovery phase, required disclosure of affirmative defenses, permitted dispositive motions, and admissibility of hearsay evidence. Assesses the practical impact of the amendments. Makes recommendations concerning advanced preparation for APs, depositions and witness-interview strategies, particular care concerning statements in Wells submission, availability of investigative record to defense counsel, admissibility of hearsay evidence, and defenses based on reliance on counsel.
Findings
The amended rules are a step in the right direction but do not fully correct the numerous and severe imbalances that exist in the Commission’s administrative enforcement process with respect to the availability of various discovery mechanisms, the timeline for trying a case, and more.
Practical implications
Every entity or individual that is involved in an SEC enforcement investigation, or that may become a respondent in an SEC Administrative Proceeding, should take certain practical steps such as those recommended in this article to minimize the structural disadvantages it will face and to maximize the benefits conferred by these latest amendments to the rules of practice.
Originality/value
Practical background and guidance from experienced enforcement, litigation, securities and financial services lawyers.
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David Woodcock and Joan McKown
To note the increase in accounting and financial reporting matters at the Securities and Exchange Commission by highlighting a number of recent cases filed by the agency.
Abstract
Purpose
To note the increase in accounting and financial reporting matters at the Securities and Exchange Commission by highlighting a number of recent cases filed by the agency.
Design/methodology/approach
The SEC recently announced the settlement or filing of a number of significant accounting fraud cases. Coupled with recent statements by the SEC and the Department of Justice, it is clear that accounting fraud is a priority and that individuals are in the cross-hairs. This article discusses a few of the recent cases and the trend toward more financial reporting and issuer disclosure cases.
Findings
The number of financial reporting and issuer disclosure cases will likely continue to increase. Individuals will be targeted in more of those cases, internal controls will be a focus, whistleblowers will continue to be important in this area, and SOX 304 clawbacks will continue to be a weapon for the SEC.
Originality/value
Practical guidance from experienced securities and financial services lawyers.
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David Woodcock and Rhys Weaver
Examines the links between world class manufacturing and the levelsof worker competence required to achieve high rates of continuousimprovement. First identifies the principles…
Abstract
Examines the links between world class manufacturing and the levels of worker competence required to achieve high rates of continuous improvement. First identifies the principles involved; second, shows how 82 plants in the UK East Midlands region approached the achievement of worker competences and how they did and did not link them with competitive strategy. Concludes with an outline of how plants can improve this key linkage. Data for this project were collected via 82 postal questionnaires which were followed up with interviews of the managing or manufacturing directors of plants. All the plants had over 100 employees per site and were manufacturing or assembly based.
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This paper examines how the career development and education of senior manufacturing managers in six electrical/electronics firms equipped them to support the priorities of the…
Abstract
This paper examines how the career development and education of senior manufacturing managers in six electrical/electronics firms equipped them to support the priorities of the Taiwanese national strategy. It reviews the operations management literature, which is subsequently used to evaluate the work experiences and attendance at educational and/or training programmes of the senior managers responsible for manufacturing in the six plants. It shows that these senior managers had limited formal education in manufacturing topics, which was partly compensated for by a number of post‐experience programmes. It also shows that these managers had little prior exposure to manufacturing. This was true in terms of working at more junior levels or in working in related functions such as product development before these senior management appointments. It argues for a cadre of highly skilled manufacturing managers capable of sustaining the ideas built into the national strategy.
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Merlin David Stone and Neil David Woodcock
The purpose of this article is to explain how the management of the two areas business intelligence (BI) and customer insight (CI) needs to be brought together to support a…
Abstract
Purpose
The purpose of this article is to explain how the management of the two areas business intelligence (BI) and customer insight (CI) needs to be brought together to support a company's interactive marketing.
Design/methodology/approach
The article is based on the author's work in consultancy and in assessing client company's customer management capabilities and performance, as well as a review of some of the literature on BI and CI.
Findings
The article suggests that companies need to pay close attention to the governance of BI, as a self-service approach to BI becomes increasingly used by CI teams.
Research limitations/implications
The review of literature carried out by the authors suggests that the interface between BI and CI is poorly researched and would benefit from a significant research effort.
Originality/value
The focus on the interface between BI and CI is relatively new. The authors hope that it will trigger significant research.
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To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and senior…
Abstract
Purpose
To summarize and comment on the Securities and Exchange Commission’s (SEC’s) two-day conference, “The SEC Speaks,” held February 21-22, 2014, in which commissioners and senior staff provided thoughts and insights into the most pressing issues currently being considered by the commission.
Design/methodology/approach
Discusses SEC Chair’s decision to require defendants to admit violations in appropriate cases, the creation of the Financial Reporting and Audit (FRAud) Task Force, new guidelines that will allow staff to bring more enforcement cases as administrative proceedings rather than in federal district court, Foreign Corrupt Practices Act (FCPA) staff goals for 2014, some unfamiliar statutory provisions that are expected to be cited in upcoming enforcement cases, litigation goals for 2014, and other areas of historical concern that will receive continuing emphasis in 2014.
Findings
Where last year’s conference provided little insight in terms of specificity and direction of the enforcement program, this year’s conference revealed an Enforcement Division that has found its bearings and intends to use new technology, new ideas and new staff to enhance and improve its enforcement program.
Originality/value
Practical guidance from experienced financial services and securities lawyers.
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I left Cambridge in 1962 without having sat‐in, stayed‐out, marched or boycotted. By 1967 the protest jargon of Berkeley, the philosophy of Marcuse, and the revolutionary antics…
Abstract
I left Cambridge in 1962 without having sat‐in, stayed‐out, marched or boycotted. By 1967 the protest jargon of Berkeley, the philosophy of Marcuse, and the revolutionary antics of foreign undergraduates had spread to Britain. We were told about ‘Teach‐Ins’ and ‘Love‐Ins’, and the student world will never be the same again. With customary arrogance and optimism I am going to attempt to explain how this change occurred and to describe the thinking of students in Britain today.
Discusses the link between various forms of shopfloor worker competences and the ability of manufacturing plants to compete on different forms of market attractiveness. Shows how…
Abstract
Discusses the link between various forms of shopfloor worker competences and the ability of manufacturing plants to compete on different forms of market attractiveness. Shows how movement along a four‐level model of competence, ranging from operator proficiency to high levels of problem‐solving ability, affects a firm’s ability to support improvements in different dimensions of competitiveness. Enables firms to consider their worker competence strategies in terms of their specific competitiveness rather than in some general form of abstraction.
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Simon Mosey, Jeremy N. Clare and David J. Woodcock
Reports the product innovation activities of 30 British manufacturing SMEs, all with aggressive growth ambitions. Shows that ten of these companies meet their aims by repeatedly…
Abstract
Reports the product innovation activities of 30 British manufacturing SMEs, all with aggressive growth ambitions. Shows that ten of these companies meet their aims by repeatedly introducing innovative new products that open up new market niches, which they successfully exploit. This is seen to contrast with the remaining, larger group that performs less well by introducing incremental improvement products into their current markets only. A longitudinal study identifies managerial approaches typical to the more successful group. These include a multi‐functional approach to decision making and the use of market and competitor analysis in strategic product planning. This is supported by effective cross company communication of decisions and plans. Concludes that this combination of approaches offers ambitious small firms a potentially powerful competitive advantage over their larger rivals.