For The Week ending May 25, 2012.
This week much of the news was dominated by two events. One was the difficulties and issues surrounding the IPO for Facebook. The other was the insider trading trial of Rajat Gupta, formerly a Goldman Sachs director.
Congress heard testimony from SEC Chairman Mary Schapiro regarding the implementation of derivates reform. Commissioner Pardes addressed the AICPA Spring meetings in Washington, D.C. regarding the regulatory agenda while Commissioner Walter discussed cross-boarder enforcement in her remarks at the IOSC Conference in Beijing, China.
Lawyers were at the center of two criminal cases and two SEC actions this week. In addition, SEC enforcement brought actions which include two investment fund fraud cases and two insider trading actions. FINRA filed a settled action relating to the RBS market against Citigroup. The FSA in London resolved an action against two traders for unauthorized trading.
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