Yesterday, the Securities and Exchange Commission filed a civil action against two individuals working in the financial services industry, charging them with insider trading in credit default swaps of VNU N.V., an international holding company that owns Nielsen Media and other media businesses. The SEC’s complaint, which charges the individuals with violations of the antifraud provisions of the Securities Exchange Act of 1934, marks the first insider trading enforcement action ever taken by the SEC with respect to credit default swaps. The SEC seeks relief in the form of a final judgment permanently enjoining the defendants from future securities law violations and ordering them to pay civil penalties and disgorge profits plus prejudgment interest. Credit default swaps have come under increasing scrutiny since the onset of the financial crisis, but the SEC's concerns regarding credit default swaps and insider trading predated the financial crisis.