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By Kenneth M. Breen, Thomas R. Fallati
Defending Global Securities Investigations
The Securities and Exchange Commission (“SEC”) has in recent years
expanded its investigations of overseas investors in U.S. markets. The
SEC reported that in 2006, it made 561 requests to foreign authorities
for enforcement assistance.1 In the past year alone, the SEC
has charged several foreign individuals with insider trading in U.S.
markets, and the SEC has promised to continue to expand its global
Although in recent years the SEC has entered into reciprocal cooperation
agreements with foreign regulatory agencies to more readily gather
evidence globally, the collection of evidence overseas raises a number
of difficult issues of jurisdiction and comity, and even diplomatic
concerns. Despite the SEC’s broadening authority to gather evidence
overseas, counsel representing parties under investigation may have
options to oppose the SEC’s efforts.
Counsel for individuals whose records have been subpoenae
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