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SEC Introduces Initiatives for Cyber Threats and Retail Investors

Building on its Enforcement Division’s efforts to counter cyber-based threats and safeguard retail investors, the Securities and Exchange Commission (“SEC”) announced on September 25 the creation of the following two initiatives: Cyber Unit: Using the Enforcement Division’s cyber expertise, the new Cyber Unit will target misconduct concerning market manipulation schemes featuring false information distributed electronically and through social media; hacking to acquire private information; and violations related to distributed ledger technology and initial coin offerings. Retail Strategy Task Force: With the Enforcement Division experiencing long-term success at bringing cases such as the sale of unsuitable structured products and microcap pump-and-dump schemes, the Retail Strategy Task Force will create proactive,. Read More.

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SEC’s Gallagher Speaks on Municipal Securities Market

At the Municipal Securities Rulemaking Board’s inaugural Municipal Securities Regulator Summit recently, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher shared with attendees the SEC’s efforts to review the municipal securities market. A few years ago, the SEC held public hearings in on the municipal securities market. The hearings eventually led to the 2012 Report on the Municipal Securities Market. During his speech in Washington D.C., Gallagher discussed various issues facing municipal securities markets, such as riskless principal transactions, post-trade price transparency, the best execution issues related to retail customers, and threats posed by pension and other post-employment retirement. Read More.

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