SEC Announces Creation Of Cyber Unit, Retail Strategy Task Force

The SEC announced the creation of a Cyber Unit and the establishment of a retail strategy task force, the latest initiatives in the Enforcement Division's efforts to address cyber-based threats and protect retail investors. The Cyber Unit will focus on misconduct such as: Market manipulation schemes involving false information spread through electronic and social media; Hacking to obtain material non-public information; Violations involving distributed ledger technology and initial coin offerings; Intrusions into retail brokerage accounts; and Cyber-related threats to trading platforms and other critical market infrastructure. Robert A. Cohen was appointed chief of the Cyber Unit and will also continue to lead the Market Abuse Unit. Meanwhile, the Retail Strategy Task Force will aim to develop "proactive, targeted initiatives" to identify large-scale misconduct impacting retail investors.