SEC's Emerging Enforcement Priorities In The Bond Markets
By Michael Osnato Jr. and Meaghan Kelly ( July 18, 2017, 12:27 PM EDT) -- Beginning with the January 2013 charges against former Jefferies & Co. bond trader Jesse Litvak for misrepresentations to counterparties in the market for residential mortgage-backed securities (RMBS), the U.S. Securities and Exchange Commission and the U.S. Department of Justice have aggressively pursued similar cases against traders at multiple other Wall Street firms. These cases have had a seismic impact on the market for trading of complex bonds, which, despite its enormous size, had historically flown under the regulatory radar. Over the past several years, the government actions have acted as a shock to the system, forcing into the daylight aggressive sales tactics that had become an ingrained part of market culture and a driver of significant profits for individual traders and their firms....
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