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SEC sets probes to prevent securities manipulation

NEW YORK
Sun Jul 13, 2008 5:35pm EDT

NEW YORK (Reuters) - The U.S. Securities and Exchange Commission said on Sunday it would immediately conduct investigations aimed at preventing the intentional spreading of false information intended to manipulate securities prices.

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The financial regulator said the examinations would be conducted by the SEC's Office of Compliance Inspections and Examinations, as well as the Financial Industry Regulatory Authority and New York Stock Exchange Regulation Inc.

Examiners will focus on controls broker-dealers and advisers are supposed to have in place to prevent market manipulation and look at whether they are reasonably designed to prevent intentional creation or spreading of false information intended to affect securities prices, it said.

It said that the investigations are in addition to SEC enforcement investigations into alleged intentional manipulation of securities prices already under way.

The examinations "are aimed at ensuring that investors continue to get reliable, accurate information about public companies in the marketplace," SEC Chairman Christopher Cox said in an SEC statement.

(Reporting by Sinead Carew, editing by Martin Golan)
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