P.M. BRIEFING : Global Computer Set-Up Urged for Securities Regulators to Fight Fraud
The new president of a North American securities regulators group said today she plans to enlist Canada and Mexico in the battle against stock fraud by linking them to a U.S. enforcement computer network.
“To fight international securities fraud, we will need a truly global system for spotting and tracking violators,” Susan Bryant said at a conference of the North American Securities Administrators Assn.
“This step will make North America the first continent in the world in which grass-roots securities regulators will be ‘wired together’ in order to fight securities fraud and abuse,” she said.
The enforcement computer link-up will be an expansion of the Central Registration Depository, which contains information on more than 425,000 U.S. broker-dealers, stockbrokers and other investment promoters.
Under the proposal, U.S., Canadian and Mexican securities officials would be able instantaneously to share information on new enforcement actions, suspected investment schemes and illicit promoters.
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