U.S. SEC, NASD, and NYSE Regulation: Selected Enforcement Cases and Developments in the First Half of 2007 Regarding Broker-Dealers

This outline focuses on selected U.S. Securities and Exchange Commission (“SEC”), NASD, and NYSE Regulation enforcement actions and developments in the first half of 2007 regarding broker-dealers.

To date this year, the SEC has been busy pursuing alleged insider traders; several of those cases involve alleged improper trading and tipping by Wall Street professionals. The Commission continued to bring cases in the mutual fund market timing, auction rate securities, conflict of interest and best execution areas. Finally, the Commission has also changed the way it negotiates civil penalties and some at the SEC have signaled an interest in “prudential regulation.”

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