The detection and prosecution of insider trading has always been one of the most high-profile and important missions of the U.S. Securities and Exchange Commission. Traditionally, its enforcement of the prohibition on insider trading has been overwhelmingly directed at domestic actors who had allegedly breached a legal duty.
That focus changed for the first time in the landmark cases SEC v. Banca Della Svizzera Italiana et al. [FOOTNOTE 1] and SEC v. Certain Unknown Purchasers of the Common Stock, and Call Options for the Common Stock of Santa Fe Int’l Corporation, et al.,[FOOTNOTE 2] where the SEC obtained interim, emergency relief against “unknown purchasers” of securities even though the initial pleadings failed to fully articulate the insider trading theory.
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