The Securities and Exchange Commission (the “SEC”) recently announced that it signed an interagency Memorandum of Understanding (“MOU”) with the Antitrust Division of the Department of Justice (the “DOJ”). While not legally binding, the MOU establishes a framework for the SEC and the DOJ to continue regular discussions and review law enforcement and regulatory matters affecting competition in the securities industry, including provisions to establish periodic meetings among the respective agencies’ officials. The MOU also “provides for the exchange of information and expertise the agencies believe to be potentially relevant and useful to their oversight and enforcement responsibilities, as appropriate and consistent with applicable legal and confidentiality restrictions.” Jay Clayton, the SEC’s Chairman, explained that this MOU was “historic” because “competition is embedded in our securities laws” and that “by formalizing the exchange of knowledge between our agencies, [the MOU would] foster even greater collaboration and cooperation to ensure that we maintain the efficient and competitive markets that American investors rely on.”
About Faruqi & Faruqi, LLP
Faruqi & Faruqi, LLP focuses on complex civil litigation, including securities, antitrust, wage and hour and consumer class actions as well as shareholder derivative and merger and transactional litigation. The firm is headquartered in New York, and maintains offices in California, Georgia and Pennsylvania.
Since its founding in 1995, Faruqi & Faruqi, LLP has served as lead or co-lead counsel in numerous high-profile cases which ultimately provided significant recoveries to investors, direct purchasers, consumers and employees.
To schedule a free consultation with our attorneys and to learn more about your legal rights, call our offices today at (877) 247-4292 or (212) 983-9330.
Faruqi & Faruqi
New York office
Tel: (212) 983-9330
Fax: (212) 983-9331