Previously (like week back), when I visited the SEC site, under the "Home / Surveillance, Investigations and Enforcement Framework / Enforcement Actions", they disclosed the details about the wrong doers (name, the stock relating to the offence etc.) but now there seems to be a new publication policy and they have just mentioned the action only for some offences.
Offences against 13 individuals pertaining to 7 cases of Insider Dealing were compounded. Further, warning letters were issued to 5 individuals.
and further SEC says: Kindly note that the names of the personnel against whom enforcement action were taken pertaining to this offence have been removed in accordance with the retention policy for publications.
and the publication policy is as follows:
Publication policy of the SEC regarding the retention of the details of enforcement action on the SEC website:
Convictions – Indefinite
Compounding – Three years from the date of compounding
Warning – One year from the date of warning
It is the same for:
Non-provision of information and provision of false and ⁄ or misleading information to the SEC
Violating the provisions of the Company Takeovers and Mergers Code
and some of the past data has been removed (Ex:Kindly note that the names of certain personnel against whom enforcement action were taken in the past pertaining to this offence have been removed in accordance with the retention policy for publications.)
I just looked at SEC US website, and they have published all the details regarding every actions they have taken
I don't whether developed markets also have this kind of publication policy like SEC sri lanka, but where is the transparency that we want from a regulator???
why are we going backwards????????
I might be mistaken. so appreciate the thoughts of the experts.
Last edited by skipper on Sat Apr 06, 2013 8:15 pm; edited 2 times in total