The market crisis, the FCPA and insider trading were
again the key focus this week. On Capitol Hill the Senate Permanent Committee
on Investigations issued a lengthy, detailed report regarding the causes of the
market crisis. This report builds on earlier efforts but contains substantial
In September 2011, an unofficial draft of the European
Commission's (the Commission) proposals for a new market abuse regime covering
insider dealing and market manipulation (MAD II), was received by certain
market participants. MAD II is intended to amend and update the existing Market
The Commission approved new rules regarding the much discussed consolidated audit trail this week while continuing to issue rules under Dodd-Frank. Now the exchanges and FINRA will be required to implement the provisions regarding the consolidated audit trail.
SEC enforcement brought actions centered...