05.18.23
SEC Enforcer: ‘You Bet’ There Will Be More Sweeps
by: Sam Del Rowe
Industry firms should expect more sweeps from the U.S. Securities and Exchange Commission (SEC), but investigations associated with those sweeps will be quicker, according to Gurbir Grewal, director of the SEC’s Division of Enforcement. “It has much more of an attention-grabbing deterrent effect than doing these cases serially,” he said during a panel on enforcement trends at the Financial Industry Regulatory Authority’s annual conference. He added that the regulator also uses sweeps “when we see risk in a particular space. It’s a powerful tool, and we’ll continue to use it wherever we see risk in a broad industry segment.”
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