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The SEC is not slowing down in its extensive use of sophisticated data analytics to drive enforcement efforts. Last week, the agency brought charges against seven individuals who participated in complex insider trading schemes that netted millions of dollars in illegal profits.
Bates has played a leadership role in the public discussion of the enforcement implications and use of big data analysis by the regulatory agencies. See here and here. Questions posed by commentators earlier this year about whether the SEC under Chair Jay Clayton would be as aggressive as his predecessor in the use of data analytics see, e.
The most recent litigation against a former IT employee of a large bank suggests the SEC will continue embracing analytics. That conclusion should give potential perpetrators of fraud pause and give compliance professionals cause to strengthen their efforts.
According to a recent report in the National Law Review, the SEC is pursuing both large and small insider trading cases with intention. Hartung , SEC v. Fung and SEC v. Hawke identified the specialties that make up the ADC.
These include expertise in 1 complex financial investigations; 2 quantitative analysis and statistics; 3 trading strategies; 4 index arbitrage and ETFs; 5 market structure, compliance and regulatory risk; 6 broker-dealers; 7 high-frequency trading; and 8 and market intelligence accounting.
Previously unrelated data can become a driving factor in generating new enforcement activity, and firms need to be aware of that. For compliance professionals responsible for monitoring illegal activity, the SEC cases should reinforce the importance of getting firm processes in order, including information controls, review of employee personal trading, and other internal surveillance. Bates Group will continue to update you on new developments.
Stay tuned for another look at this recent insider trading case next month via an in-depth discussion with our leading experts when we will talk about the broader trend of data analytics and enforcement activity in general. Bates Research will be on vacation next week.
We will resume our normal publication schedule after Labor Day. Have a happy and safe holiday. Bates Group is with you every step of the way.
Contact Bates Group Bates Group is with you every step of the way.