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The Champion

September/October 2007 , Page 43 

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Securities Fraud

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 enforcement.

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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