December 19, 2019 Articles

SEC Enforcement Actions Brought in Support of Foreign Securities Authorities

Tips for counseling clients in this unique and growing arena of SEC enforcement actions.

By Ronald S. Betman

Securities markets today are global, transcending the borders of any individual country. Cross-border securities transactions are common, and investment facilitators (such as investment banks, private equity firms, and hedge funds), investment vehicles (such as single-purpose entities), and investors frequently cross borders for money-making opportunities. In many cases, investment vehicles organized under the laws of one country conduct business and investment activity in another. Under these circumstances, securities regulators, such as the U.S. Securities and Exchange Commission (SEC) and similar organizations in other countries charged with enforcing securities laws, often need to gather testimony and documents in foreign countries and from foreign nationals over which they have no jurisdiction. International collaboration and cooperation among securities regulators are necessary to accomplish these goals.

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