Taking stock of information sharing in securities matters

Abstract

Reviews past developments in information sharing for securities regulation, including cases where the US Securities Exchange Commission (SEC) initiated investigations into suspicious insider trading in US markets through accounts located outside the USA: the St Joe case, and SEC v Wang & Lee. Moves on to policy developments: the 1988 SEC policy statement, development of information‐sharing memoranda of understanding (MOU) with foreign counterparts. Looks at legal challenges to information‐sharing legislation, including the Elsag Bailey and Global Securities decisions; plus the increased international multilateral focus, involving IOSCO, G7, FATF, and OECD. Concludes with opportunities for increased enforcement cooperation and swifter and more creative efforts; recent examples include the Rentech case, the Oeschle actions, and the joint investigative database that SEC has established with the British Columbia Securities Commission.

Citation

Friedman, F.B., Jacobs, E. and Macel, S.C. (2002), "Taking stock of information sharing in securities matters", Journal of Financial Crime, Vol. 10 No. 1, pp. 37-53. https://doi.org/10.1108/13590790310808646