SEC Announces International Fraud Task Force Targeting ‘Pump-And-Dump’ Schemes
The United States Securities and Exchange Commission (SEC) is launching a Cross-Border Task Force to analyze foreign-based fraud schemes, the company introduced on Friday.
SEC Announces Key Crypto Task Force
According to a September 5 press release from the federal regulator, the Cross-Border Task Force will deal with fraud and market manipulation carried out by entities exterior the U.S., together with “pump-and-dump” and “ramp-and-dump” schemes.
The activity power will even heighten its enforcement efforts in opposition to “gatekeepers” who help these organizations in accessing U.S. capital markets, notably with regard to underwriters and auditors.
Lastly, the Cross-Border Task Force will look at the place governmental management and different elements associated to corporations in overseas jurisdictions play a task in securities law violations.
“We welcome corporations from around the globe searching for entry to the U.S. capital markets,” mentioned SEC Chairman Paul S. Atkins. “But we won’t tolerate dangerous actors—whether or not corporations, intermediaries, gatekeepers, or exploitative merchants—that try to make use of worldwide borders to frustrate and keep away from U.S. investor protections.”
“This new activity power will consolidate SEC investigative efforts and permit the SEC to make use of each accessible instrument to fight transnational fraud,” Atkins added.
SEC, CFTC Team Up for Joint Roundtable
News of the SEC’s newest activity power comes the identical day that the federal regulator introduced a joint roundtable with the Commodity Futures Trading Commission (CFTC) for the tip of September.
The two businesses are set to host the joint roundtable on September 29 so as to talk about “regulatory harmonization priorities.”
“It is a brand new day on the SEC and the CFTC, and right now we start a long-awaited journey to supply markets the readability they deserve,” SEC Chairman Atkins and CFTC Acting Chairman Caroline D. Pham mentioned in a press release.
“By working in lockstep, our two businesses can harness our nation’s distinctive regulatory construction right into a supply of power for market individuals, buyers, and all Americans,” they added.
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