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    REPORT: SEC Planning ‘Purge’ Of High-Frequency Traders

    The New York Post’s John Aidan Byrne reports the SEC is planning a sweeping campaign against high-frequency traders in the wake of revelations about the extent of their impact published in Michael Lewis’ book “Flash Boys.” Byrne says a series of new regulations and enforcement actions by the agency will amount to a “purge” of the sector, competition against which “Flash Boys” protagonist Brad Katsuyama described as like “getting screwed, but [I] couldn’t figure out who was screwing me.” “You’ll probably see the commission coalesce around those enforcement cases and then bring new rules on high-frequency trading,” a source with knowledge of the SEC’s thinking told the Post. “There’s a lot of pressure on the SEC to act.” More on Business Insider here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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    SEC Insider Indicts Agency as Soft on Wall Street: Four Blunt Points

    Here’s the best story you’ll read today out of Wall Street or Washington: The scoop by Robert Schmidt of Bloomberg News on a retiring Securities and Exchange Commission trial attorney who used his farewell speech to scold his former bosses for being “tentative and fearful” when it came to going after top Wall Street executives in the wake of the 2008 financial crisis. Let’s break it down into four blunt points. More on Bloomberg BusinessWeek here.

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    SEC Chair Aims At Investor Protection

    Securities and Exchange Commission (SEC) Chairman Mary Jo White was sworn into office a year ago and over the past several weeks she’s made no secret of her desire to protect the retail investor. The SEC, White said in a speech to the Consumer Federation of America, plays an advocacy role with regard to retail investors, she said. “Protecting investors underlies everything we do,” White said. More on InsuranceNewsNet.com here.

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    U.S. SEC to review plan to require brokers to disclose bonuses

    Wall Street’s industry-funded watchdog has asked the U.S. Securities and Exchange Commission to approve a measure that would require stockbrokers to tell clients about bonuses they receive when they switch firms, according to a regulatory filing.
    The Financial Industry Regulatory Authority late Monday, sent the plan to the SEC, whose approval it needs. The 351-page proposal will be subject to a public comment period before the SEC considers and votes on it. More on Reuters here.

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    Weak trial witnesses hinder a more aggressive SEC

    As the U.S. Securities and Exchange Commission seeks to become a more formidable force in the courtroom, a string of trial defeats in the past six months has exposed a weak spot: witness testimony. In four of the five trials that the securities regulator recently lost, the jury or judge were not convinced by the witnesses brought in by SEC litigators, according to court transcripts, rulings and interviews with defense lawyers. More on Reuters here.

    SourcedFrom Sourced from: Network For Investor Action & Protection

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