SEC Co-Director Of Enforcement Provides Additional Details On New Retail Strategy Task Force And Cybersecurity Unit

SEC Co-Director of Enforcement Stephanie Avakian provided additional details on two newly rolled out enforcement initiatives – the Retail Strategy Task Force (the "Task Force") and the specialized Cyber Unit (see previous coverage).

Ms. Avakian confirmed that the Task Force, which was formed in September 2017, will focus on examining the role of retail investors in securities markets and identifying misconduct that injures them, such as improper recommendations and the collection of avoidable fees by investment professionals. It will utilize data analytics and technology to recognize and pursue such misconduct and will work with other SEC divisions and groups to analyze trade and other data and identify tips and complaints reported by investors. The Task Force will also dedicate substantial resources to investor outreach and education. According to Ms. Avakian, the Task Force is currently being staffed up and is expected to begin operating in the near future.