Transnational Securities Regulation
Between studying for the bar exam and sleeping, I find a few moments out of my day to read the newspapers. In particular, I like to read the French newspapers to help develop my language skills.
Today, I encountered an article in Le Monde stating that the SEC is investigating possible securities fraud in connection with the Société générale fiasco.
While the news of a “rogue trader” who gambled more than 50 billion € ($74 billion) and is reported to have lost at least 7 billion € has not had much press in the US, it is a major story in France.
What I find interesting is the possibility that the SEC will be able to have a direct regulatory impact on a French bank. Such transnational regulation is becoming more commonplace; see, for example, my discussion of the European Commission’s merger control investigation of Google’s DoubleClick acquisition.
(Update: forgot some zeros on M. Kerveil’s fraud. Should be 7 billion Euros, not 7 million).
