The Securities and Exchange Commission filed a subpoena enforcement action in a federal court in San Francisco where it said that it was currently investigating whether NetCirq, LLC, a formerly registered broker-dealer, may have engaged in unlawful activities related to the secondary market trading of pre-initial publicly offered companies. Specifically, the SEC is endeavoring to determine whether the company may have sold or offered security-based swaps to non-eligible persons without a registration statement being in place, or not on a licensed securities exchange. The SEC action does not relate to the substance of its investigation, but solely to an effort to obtain certain documents from respondent which the respondent, to date, has not yet provided.