Bloomberg News

SEC’s Schapiro Says More Civil Actions Coming in Crisis Cases

February 27, 2012

Feb. 24 (Bloomberg) -- The U.S. Securities and Exchange Commission’s enforcement division isn’t finished pursuing cases connected to the 2008 financial crisis, said SEC Chairman Mary Schapiro.

“There are more actions to come,” Schapiro said today at a Washington securities-law conference, citing an enforcement record that has filed actions against Goldman Sachs Group Inc., Citigroup Inc. and JPMorgan Chase & Co., and against executives at Bank of America Corp.’s Countrywide unit, Fannie Mae and Freddie Mac.

On another SEC effort, to institute a markets surveillance system the regulator can use to monitor equities trading activity, she said the “contours of the regulation are being finalized.” She said it “should eventually be expanded to include fixed income, futures and other markets.”

Schapiro also said the agency is close to finishing Dodd- Frank Act mandates for the regulation of the security-based swaps markets. She predicted the SEC will “soon finalize rules that further define who will be covered by the new derivatives regulatory regime and, next, what will constitute a security- based swap.”

--Editors: Anthony Gnoffo, Gregory Mott

To contact the reporter on this story: Jesse Hamilton in Washington at jhamilton33@bloomberg.net.

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net


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