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As the week drew to a close reports surfaced of a rogue trader who had run up $2 billion in trading losses at UBS in London while the SEC reportedly is expanding its market crisis probe. At the same time Congress heard testimony from SEC Chairman Mary Schapiro regarding the Commission's efforts to improve its performance and her concerns regarding two bills before the House Financial Services committee. These bills propose to reshape the organization of the agency and impose additional economic and cost analysis factors on SEC rule making.
Key cases this week centered on the FCPA and insider trading. In the former the DOJ announced a plea agreement by a large corporation by to conspiracy to bid rig and conspiracy to violate the FCPA. The Manhattan U.S. Attorney continued the war on insider trading, filing new charges which were echoed by the Commission. The SEC also continued to focus on investment fund fraud actions.
Finally, the FSA brought another action based on suitability claims. This is one of a series of actions charging suitability brought by the regulator.
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For more cutting edge commentary on developing securities issues, visit SEC Actions, a blog by Thomas Gorman.
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