The Securities and Exchange Commission (SEC) aims to conclude 15 investigations including insider trading by mid-February, Nalaka Godahewa, Chairman SEC now in the job for six months, says.
“Nine investigation reports have already gone to the commission and the commission has made decisions. What happens is that these (decisions) have to be approved at the next commission meeting.
Then the commission makes a decision in one particular meeting and in the next meeting it will be confirmed. Then it will be published in the (SEC) website,” he told the Business Times.
He said about six more probes have been completed and these would be presented to the next commission meeting in the second week of February. SEC had 20 investigations pending. “This means by the second week of February at least 15 investigations will be decided by the commission. So we are left with another about five investigations which we hope to complete as fast as possible,” Dr Godahewa said.
SEC’s new surveillance system is an effective and integrated surveillance and monitoring system which generates alerts out of unusual market movements, according to SEC officials which identify unusual trading patterns, such as chronological connections with customer orders. They said that this system was able to detect possible market violations and picked up many trading patterns which are questionable during the past two years and these reports were put to the SEC meetings.