Read the Bills Act Coalition

Monday, August 4, 2008

New Overhaul of Insider Trading investigations

From the Financial Times:

'A new system to overhaul insider trading investigations is due to be agreed as early as this week in the latest response from US regulators to growing concerns about the extent of illegal activity on global markets. The plan, which has been the subject of negotiations for more than a year, is likely to be submitted to the US Securities and Exchange Commission. ... 'The SEC will remain the main markets watchdog responsible for enforcing federal securities laws but the new system would reform the way stock exchanges, often the first lines of defence against illegal activity, handle cases they refer to the SEC. Under the proposed measure, the nine US stock exchanges that now monitor insider dealing will cede their authority to two bodies, the New York Stock Exchange's regulatory arm and the Financial Industry Regulatory Authority, which oversees broker-dealers.'

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