>Increase in SEC Enforcement Activity

August 14, 2009

>The SEC is increasing enforcement efforts due to the spate of Ponzi schemes. So effective August 11, SEC has made it easier for their staff attorneys to issue subpoenas. They will no longer need formal approvals, just an approval from their senior supervisor. This means investment managers might be more likely than in the past to get a subpoena. So while there might be less reason for alarm, still a good idea to bring in counsel before responding. This bodes well for commercial real estate, as those law firms will be hiring again…We need to get used to the new America, where it’s tougher to interrogate suspected terrorists and easier to question businesspeople.

The release authorizing this action can be found here: http://www.sec.gov/rules/final/2009/34-60448.pdf

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