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US SEC launches task force on securities fraud by foreign companies

by Yurie Miyazawa
in Leadership
US SEC launches task force on securities fraud by foreign companies
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[WASHINGTON] The US Securities and Exchange Commission (SEC) is setting up a new unit to focus on securities fraud by foreign companies, one of the first signals of the regulator’s enforcement priorities under the Trump administration.

The new group, called the cross-border task force, will investigate companies from “foreign jurisdictions, such as China, where governmental control and other factors pose unique investor risks,” the SEC said on Friday (Sep 5). In addition to the companies themselves, the unit will also look at their auditors and underwriters.

“We welcome companies from around the world seeking access to the US capital markets,” SEC chairman Paul Atkins said. “But we will not tolerate bad actors, whether companies, intermediaries, gatekeepers or exploitative traders, that attempt to use international borders to frustrate and avoid US investor protections.”

The SEC pointed to the risk of foreign companies targeting US investors with pump-and-dump schemes and extreme market moves that lead to so-called ramp-and-dumps.

Atkins tapped Margaret “Meg” Ryan, a military judge, to lead the SEC’s enforcement division in August.

The SEC announcement comes on the heels of Nasdaq announcing on Sep 3 that it’s revamping listing rules to try to prevent wild market swings, including from Chinese companies listed on the exchange. The exchange also wants to accelerate the process for suspending and delisting companies.

Atkins said he directed other parts of the SEC to come up with ways to protect US investors, including new disclosure guidance.

The agency in June also asked the public for early feedback on whether it should revisit existing rules on foreign private issuers, which allow US-listed foreign companies certain breaks on US disclosures and reporting requirements. BLOOMBERG

Tags: CompaniesForceForeignFraudLaunchesSECSecuritiesTask
Yurie Miyazawa

Yurie Miyazawa

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