Law360, New York (October 25, 2010, 7:37 PM ET) -- The U.S. Securities and Exchange Commission has planned to streamline its system for keeping track of tips and complaints about alleged securities violations, hoping to avoid the kind of interagency miscommunication that prevented timely action against Bernard Madoff’s $65 billion Ponzi scheme.
Kevin Callahan, a spokesman for the SEC, told Law360 that the system “is expected to be up and running by year’s end.”
In testimony before Congress in April, SEC Chairwoman Mary Shapiro explained why the overhaul was necessary.
“Having an effective process to identify...
SEC Will Streamline System For Securities Tips
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