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发帖数: 3883 | 1 SEC Makes S&P Downgrade Inquiries
Financial Times | 12 Aug 2011 | 04:09 AM ET
The Securities and Exchange Commission has asked credit rating agency
Standard & Poor’s to disclose who within its ranks knew of its decision to
downgrade US debt before it was announced last week, as part of a
preliminary look into potential insider trading, people familiar with the
matter say.
The inquiry was made by the SEC’s examination staff, which has oversight of
credit rating firms, one person familiar with the matter said. The exam
staff can make referrals to the SEC’s enforcement division if it believes
any laws have been violated, but the inquiry might not result in a referral.
This person said they were looking at who had the information as a starting
point. The person added that the agency is not aware of a leak from an S&P
insider, nor was it aware of an aberrational trade.
Proving someone leaked information about the downgrade, or traded ahead of
it, could be challenging. Many traders anticipated the downgrade and bets
could occur across numerous securities or currencies without inside
information. In a traditional insider trading case, there is often a more
predictable correlation between a company’s stock price and a particular
development.
The inquiry comes as the SEC has sought to be more pro-active in its
oversight responsibilities. The agency launched specialized units within its
enforcement division last year and has revised the approach of its
examination group after hiring new leadership.
The exam group first gained the ability to inspect credit rating agencies in
2007. Those powers grew following the passage of the Dodd-Frank law last
year. The exam group, led by Carlo di Florio, has been working more closely
with the enforcement division in its review of registered firms since the
SEC reorganized those divisions.
If the investigation results in a case, it would not be the first time
government-related information leaked or a rating firm employee was charged
with insider trading.
The SEC’s look comes as the Senate banking committee has said it is looking
at S&P’s decision.
Copyright 2011 The Financial Times Limited |
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