The last several years have seen law enforcement and regulatory
bodies sharpen their focus on trading activity in the securities
and derivatives markets. This focus has coincided with the advent
of new and expanded reporting, surveillance, and enforcement powers
that arose from responses to the financial crisis. Prosecutors and
regulators are using those powers daily to enforce both newer and
longstanding restrictions on trading activity. New developments and
precedents emerge nearly every day, and the key events merit full
attention in the design of trading strategies, the implementation
of compliance programs, and— when necessary—the
development of legal defenses. The following report serves as a
practical guide intended to keep asset managers, broker-dealers,
and other trading firms current on important legal developments in
this area.
