Synopsis: Consistent with the more aggressive approach to enforcement now being taken by the SEC, the SEC has restructured its Division of Enforcement into five discrete specialized units. The five new units are: (i) Asset Management, which will focus on investigations involving hedge funds, private equity funds, and other investment advisers and investment companies; (ii) Market Abuse, which will focus on large-scale market abuses and frauds promulgated by institutional traders and other market professionals; (iii) Structured and New Products, which will focus on abuses related to derivatives and other complex financial products; (iv) Foreign Corrupt Practices, which will focus on violations of the Foreign Corrupt Practices Act; and (v) Municipal Securities and Public Pensions, which will investigate misconduct in the municipal securities market and fraud and corruption with respect to public pension funds.

Status: The SEC announced staffing decisions relating to the new units in a press release on January 13, 2010. The press release is available here.