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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?
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From: makeuwonder9/9/2008 10:26:29 PM
1 Recommendation  Read Replies (1) of 5034
 
House to vote on bolstering SEC enforcement arm Tue Sep 9, 5:47 PM ET

The U.S. House of Representatives is expected to vote on a bill on Tuesday to strengthen the enforcement arm of the U.S. Securities and Exchange Commission.

The bill, introduced by Pennsylvania Democrat Paul Kanjorski, would raise the maximum fines for those who violate securities rules.

It would allow the SEC to prevent individuals who commit fraud in one sector of the securities industry from conducting business in other parts of the securities market.

The SEC would also be able to share information with foreign regulators and law enforcement agencies involved in investigations without waiving any privileges the agency may have under the proposed bill.

The bill has the support of the North American Securities Administrators Association, an association representing 67 state, provincial and territorial securities administrators.

Currently there is no companion bill in the Senate. Kanjorski, the chairman of the capital markets subcommittee, said he was hopeful that the Senate will quickly approve the reforms and said the bill will soon pass in the House.

(Reporting by Rachelle Younglai; Editing by Gary Hill

news.yahoo.com
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