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Speculation about SAC Capital and Steve Cohen, insider trading and Facebook
dominated securities enforcement litigation this week. Although SAC Capital has
tentatively resolved matters for the moment with enforcement officials, a
ruling in private litigation involving Mr. Cohen sparked fresh speculation.
Prosecutors in the Manhattan U.S. Attorney's Office continued to focus on
market professionals, obtaining a guilty plea in an insider trading case and in
a fraud action. And, the SEC resolved its investigation into the use of
Facebook by the president of Netflix, issuing a report giving the market place
valuable guidance on the use of social media as a disclosure mechanism.
Clearing agencies; The SEC adopted a final rule applicable to
clearing agencies registered with the Commission and the CFTC which expands on
an earlier provision. The final rule is designed to streamline the rule making
process for duel registered agencies. Under the earlier interim provision, the
rules of such agencies became effective immediately where they did not relate
primarily to securities futures and did not significantly affect the clearing
agencies' securities clearing operations. The final rule expands on the interim
rule, providing that rules become effective immediately for other products that
are not securities including swaps that are neither mixed swaps nor security
based swaps and forwards in addition to those in the interim rule (here).
Remarks: Commissioner Bart Chilton delivered remarks titled "The
End-User Bill of Rights" on April 3, 2013. In his remarks the Commissioner
reviewed basic concepts which should underlie final Dodd-Frank rules that apply
to end-users (here).
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For more commentary on developing securities issues, visit SEC Actions, a blog by Thomas
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