Insider Trading: Rejuvenated Enforcement Efforts Suggest a Fresh Look at Compliance and Supervision

Submitted by Gregory D. DiMeglio and Zachary T. Knepper on Tue, 03/09/2010 - 5:47pm

“There is a basic principle that governs our capital markets, and that is that there is one set of rules, and everyone is expected to play by that one set of rules. That principle gives investors confidence that the markets are fair. Insider trading is a corruption of that basic principle.”¹

— SEC Division of Enforcement Director Robert Khuzami
(November 5, 2009)
Since their arrival at the Securities and Exchange Commission (“SEC”) early in 2009, Chairman Mary Schapiro and Division of Enforcement Director Robert Khuzami have each emphasized the importance of an aggressive SEC enforcement role. After an initial flurry of activity designed to stamp out Ponzi schemes in the wake of the Bernard Madoff revelations, the Division in late 2009 sharpened its focus on combating insider trading.

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