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Article
Publication date: 13 March 2009

Gary J. Mennitt, Paul Huey‐Burns and Robert J. Jossen

This paper aims to discuss the SEC's investigatory program with respect to market manipulation in the securities of certain financial institutions and to provide constructive…

125

Abstract

Purpose

This paper aims to discuss the SEC's investigatory program with respect to market manipulation in the securities of certain financial institutions and to provide constructive steps for firms to take prior to and after they receive a subpoena or other inquiry from the SEC staff.

Design/methodology/approach

The paper discusses the implications of a formal SEC investigation, how to respond, and appropriate document retention, disclosure, and internal investigation policies.

Findings

It is essential that firms and individuals provide timely and accurate responses to SEC requests. Document retention and destruction policies are a critical issue. A financial services firm that has received an SEC subpoena or request for information should consider whether any disclosure to its clients and other investors is advisable. When an entity concludes that potential violations may have occurred, it should consider whether to conduct a more extensive internal investigation and whether separate counsel is advisable. In sending materials to the SEC, the responding entity should request confidential treatment.

Practical implications

It is essential that firms and individuals provide timely and accurate responses to SEC requests, whether pursuant to a subpoena or to a request to submit a narrative statement.

Originality/value

The paper provides practical guidance by experienced securities and litigation lawyers as a result of government investigation into market manipulation.

Details

Journal of Investment Compliance, vol. 10 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

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Article
Publication date: 14 March 2008

Duncan Black, Angelo Lercara, Joe Smallhoover and Paul Huey‐Burns

The purpose of this paper is to assess the FSA's recent, allegedly soft approach toward insider trading and compare it with current approaches in the USA, France, and Germany

363

Abstract

Purpose

The purpose of this paper is to assess the FSA's recent, allegedly soft approach toward insider trading and compare it with current approaches in the USA, France, and Germany

Design/methodology/approach

Discusses reasons for the FSA's current approach, including its emphasis on “principles‐based” regulation and its policy against being an “enforcement‐led” organization and, for comparison, provides the perpectives of Dechert lawyers on current enforcement trends in the USA, France and Germany.

Findings

The prosecution of insider trading is one of the best examples of principles‐based regulation in the USA, which suggests that a debate concerning whether the FSA should adopt “rules” proscribing insider trading before embarking on a campaign of vigorous prosecution may be largely irrelevant if the will exists to address such activity. This article was originally published internally by Dechert LLP in April 2007 and has since been updated for the Journal of Investment Compliance.

Originality/value

The paper assesses the FSA's recent approach toward insider trading in the UK.

Details

Journal of Investment Compliance, vol. 9 no. 1
Type: Research Article
ISSN: 1528-5812

Keywords

Available. Content available
Article
Publication date: 13 March 2009

Henry A. Davis

301

Abstract

Details

Journal of Investment Compliance, vol. 10 no. 1
Type: Research Article
ISSN: 1528-5812

Available. Content available
Article
Publication date: 14 March 2008

Henry A Davis and James A. Tricarico Jr

321

Abstract

Details

Journal of Investment Compliance, vol. 9 no. 1
Type: Research Article
ISSN: 1528-5812

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