8.5.2009 SEC Enforcement Director Robert Khuzami spoke before the New York City Bar in New York about his first 100 days at the SEC. He reviewed the increased number of enforcement actions brought by his division. Comparing the period from late January to the present to roughly the same period in 2008, he noted that the Enforcement Division:
- Has opened 10% more investigations (approximately 525, compared to 475);
- Has been granted 118% more formal orders (granting subpoena power) (275, compared to 126);
- Has filed 147% more temporary restraining orders (52, compared to 21); and
- Has filed nearly 30% more actions (397, compared to 306).
Mr. Khuzami reviewed several initiatives that the Enforcement Division has started:
- Introducing specialized units: The Asset Management Unit, the Market Abuse Unit, the Structured and New Products Unit, the Foreign Corrupt Practices Act Unit, and the Municipal Securities and Public Pensions Unit;
- Streamlining the SEC’s management structure;
- Creating an Office of Market Intelligence; and
- Increasing incentives to individuals to cooperate in SEC investigations.
Mr. Khuzami concluded his speech by reviewing a number of recent SEC enforcement cases.
Click http://www.sec.gov/news/speech/2009/spch080509rk.htm to access the full speech.