SEC enforcement changes at the margins

The head of the Securities and Exchange Commission’s enforcement division gave a “First 100 Days” speech in New York last week where he outlined some small but potentially important changes. ComplianceWeek has it here.
Among the changes:

• A streamlined process for SEC agents to get subpoena power.

• Formation of five specialized enforcement units based on topics: asset management, structured products, municipal securities and public pensions, foreign corrupt practices and market abuse.

• Elimination of branch chiefs, a sort of middle-manager post that seems to be thick with people.

• Creation of an Office of Market Intelligence, to coordinate the many tips they agency gets.

This last point is one that should be of interest to investors in cases like Stanford Financial, PrivateFX GlobalOne or many of the oil and gas exploration penny stocks that fill up e-mail in boxes with spam. It’s far too easy for repeat offenders to keep-on-keepin’ on.
The full speech is here.

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