NVIDIA reaches settlement with SEC over ‘inadequate disclosures’ News
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NVIDIA reaches settlement with SEC over ‘inadequate disclosures’

The US Securities and Exchange Commission (SEC) Friday announced settled charges against NVIDIA Corporation (NVIDIA) for “inadequate disclosures concerning the impact of crypto mining on the company’s gaming business.” As a result of the SEC’s findings, “NVIDIA agreed to a cease-and-desist order and to pay a $5.5 million penalty.”

Chief of the SEC Enforcement Divisions Crypto Assets and Cyber Unit Christina Littman said that “NVIDIA’s disclosure failures deprived investors of critical information to evaluate the company’s business in a key market.” Especially in terms of emerging technology, companies “‘must ensure that their disclosures are timely, complete, and accurate.'”

NVIDIA did not admit or deny the SEC’s findings in the SEC’s filing that during their fiscal year 2018 NVIDIA violated Section 17(a)(2) and (3) of the Securities Act of 1933 and the disclosure provisions of the Securities Exchange Act of 1934.

NVIDIA has 14 days from the order’s entry to pay the SEC the $5.5M penalty, which the SEC will then transfer to the United States Treasury’s general fund.

THIS DAY @ LAW

Bank of England granted political independence

On May 6, 1997, British Chancellor of the Exchequer Gordon Brown announced that the Bank of England would be granted political independence for the first time in the three-hundred year history of the Bank. This policy was statutized in the subsequent Bank of England Act of 1998 gave the Bank independent control of British monetary policy effective June 1, 1998. Read the Bank of England Act of 1998.

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On May 6, 1882, President Chester A. Arthur signed the Chinese Exclusion Act, barring Chinese laborers from entering the United States and prohibiting courts from bestowing US citizenship on Chinese. Connecticut Senator Joseph Hawley spoke out against the Act in these words: Let the proposed statue be read 100 years hence, dug out of the dust of ages and forgotten as it will be except for a line of sneer by some historian, and ask the young man not well read in the history of this country what was the reason for excluding these men and he would not be able to find it in the law. The Chinese Exclusion Act of 1882 and its successors were abolished in 1943 at the insistence of President Franklin Roosevelt.