On June 13, 2013, the SEC issued an order instituting a cease-and-desist proceeding against Revlon, Inc. According to the SEC: "Revlon engaged in various acts described as 'ring-fencing,' which were acts undertaken by Revlon to avoid receiving an opinion from a third-party financial adviser who ultimately found that the terms of Revlon's proposed 'going-private' transaction did not provide for adequate consideration (as that term is used in the Employee Retirement Income Security Act of 1974 ('ERISA')) to participants in Revlon's 401(k) plan. Revlon's 'ring-fencing' acts operated as a fraud or deceit upon Revlon's minority shareholders -- as they rendered various disclosures in Revlon's publicly-filed offering documents materially misleading to Revlon's minority shareholders." On June 13, 2013, the SEC announced that the Commission had accepted Revlon, Inc.'s offer of settlement and imposed a cease-and-desist order and civil penalties.

On June 13, 2013, the SEC announced that it charged cosmetics and beauty care manufacturer Revlon, Inc. ("Revlon") with violating federal securities laws when the company misled shareholders during a "going private transaction." According to the SEC's order instituting settled administrative proceedings, during a voluntary exchange offer to satisfy a significant debt to its controlling shareholder, Revlon engaged in "ring fencing" that deprived its independent board members from knowing critical information and resulted in various materially misleading disclosures to shareholders. Without admitting or denying the SEC's allegations, Revlon settled the charges by agreeing to cease and desist from any future violations of federal securities laws and pay an $850,000 penalty.