Financial Regulatory Forum

U.S. SEC says insider-trading may be a “business model” for some hedge funds

By Reuters Staff
November 6, 2009

Robert Khuzami, director of Enforcement at the Securities Exchange Commission, speaks at a news conference in Washington, June 19, 2009.    REUTERS/Joshua Roberts    (UNITED STATES CRIME LAW BUSINESS)   By Jonathan Stempel and Rachelle Younglai
NEW YORK, Nov 6 (Reuters) – A top U.S. securities regulator said some funds may now view insider trading as a central tenet of their business models, rather than as a one-time opportunity for big rewards as sometimes happened in the 1980s.

New arrests in Galleon insider-trading case

By Reuters Staff
November 5, 2009

NEW YORK, Nov 5 (Reuters) – Nine more people have been arrested in the Galleon Group insider-trading scandal, bringing to 15 the number charged in the biggest hedge fund-related case in history.

U.S. SEC pursuing “significant” insider cases – source

By Reuters Staff
October 19, 2009

U.S. SEC pursuing “significant” insider cases-source
WASHINGTON, Oct 19 (Reuters) – U.S. securities regulators are pursuing “significant” insider trading cases involving financial professionals, a source familiar with the matter said on Monday.

US SEC, CFTC push for tougher enforcement laws

By Reuters Staff
October 16, 2009

Mary Schapiro, chairman of the Securities and Exchange Commission,  July 22, 2009. (file photo) By Charles Abbott and Rachelle Younglai
WASHINGTON, Oct 16 (Reuters) – U.S. securities and futures regulators asked Congress on Friday for more authority to police their markets, including legislation to help rein in insider trading in the commodity futures markets.

COLUMN – UK rulings narrows “accepted practice” loophole for traders

By Reuters Staff
October 13, 2009

– John Kemp is a Reuters columnist. The views expressed are his own –
By John Kemp
LONDON, Oct 12 (Reuters) – The UK Financial Services Authority (FSA)’s decision to censure two Dresdner Kleinwort traders for trading while in possession of inside information about a forthcoming issue of floating rate notes by Barclays has implications that go far beyond the offence of trading ahead of a formal announcement.
By censuring the traders, the FSA is attempting to establish a precedent about how it will deal with the defence of “accepted market practice” in future, restricting it significantly, in a move that will force a wider re-examination of entrenched practices across the financial markets in London.

HK reappoints top insider-trading buster for 3 yrs

September 24, 2009

steward-2     HONG KONG, Sept 24 (Reuters) – Hong Kong has reappointed the chief enforcement officer of its financial sector watchdog for an additional three years, underscoring the city’s recent determination to stamp out insider trading. (more…)

Saudi bourse’s jail action seen too little, too late

By Reuters Staff
August 24, 2009

By Souhail Karam
RIYADH, Aug 24 (Reuters) – Saudi Arabia’s move to issue a jail sentence in absentia for insider trading does little to improve transparency on the Arab world’s biggest bourse and may have come too late to prevent further abuses, analysts said on Monday.

Saudi court gives first jail term for stock market violation

By Reuters Staff
August 18, 2009

By Souhail Karam
RIYADH, Aug 18 (Reuters) – A Saudi financial court has taken the unprecedented step of slapping a jail sentence on a violator of stock market rules, after the chairman of Bishah Agricultural Development Co was found guilty of insider trading.