Wilson Sonsini is closely monitoring the fast-moving developments related to the recent closure of Silicon Valley Bank (SVB), including the press release issued on March 13, 2023, by the Federal Deposit Insurance Corporation (FDIC), FDIC Acts to Protect All Depositors of the former Silicon Valley Bank, Santa Clara, California. Please see our Silicon Valley Bank – Advisory Information page for resources focused on SVB-related developments.
On March 12, Securities and Exchange Commission Chair Gary Gensler issued a brief statement in response to current market events, as follows:
In times of increased volatility and uncertainty, we at the SEC are particularly focused on monitoring for market stability and identifying and prosecuting any form of misconduct that might threaten investors, capital formation, or the markets more broadly. Without speaking to any individual entity or person, we will investigate and bring enforcement actions if we find violations of the federal securities laws.