Three years ago I looked at the flurry of SEC enforcement activity at that time and suggested a new tagline for the SEC: "SEC Everywhere". Four days later, as if on cue, SEC Chairman William Donaldson was asked at the Securities Industry Association conference why the SEC enforcement staff did not detect abuses in the mutual fund industry before they were uncovered by New York Attorney General Eliot Spitzer. Donaldson reportedly said, "We have had a full plate. We can't be everywhere." (See my follow-up post: "SEC Not Everywhere)".
So we've been in this "SEC Not Everywhere" holding pattern for three years. BNA Securities Law Daily reports that yesterday, however, ironically at the same Securities Industry Association conference, SEC Enforcement Director Linda C. Thomsen said that
she wants the enforcement division to cover all areas and issues--not just those in the headlines. Speaking at a seminar in New York, Thomsen said, "We want to make sure we are everywhere."
Accordingly, SLW is officially changing the status back to "SEC Everywhere". But you might want to check back in four days.