As observers call for a probe of insider trading from Standard & Poor’s decision to downgrade the U.S. credit rating, a little-known law from five years ago gives the Securities and Exchange Commission authority to do so. Regulatory observers are focusing, partly, on a heavy trading volume and a major sell off of equity securities at one point on Friday, responding to speculation rampant in the markets that S&P was going to downgrade the U.S. debt later that day.
‘Enforcement 40’ for 2020
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