[ppml] Markets, pricing, transparency, 2008-2 / 8.3.9

John Curran jcurran at istaff.org
Mon Mar 17 06:08:34 EDT 2008

At 9:32 AM +0000 3/17/08, <michael.dillon at bt.com> wrote:
> > > Can you clarify how you'd propose to enforce transparency, and what
>> > impact you think such enforcement would have?
>I think that the SEC's Fair Disclosure rules apply here, and these
>are ultimately enforced by the SEC. This means that if the two parties
>to a transaction collude to misreport the final price paid, then the
>principals of those two organizations can be charged with securities
>fraud and go to jail. ARIN is not the enforcer here.

Michael - Are you saying that these principles should apply
(and ARIN should embody these in any system it proposes) or
that it's your preference that ARIN should seek to have the
SEC rules apply, and specifically encourage SEC enforcement?

As mentioned early, it does not appear that the security or
commodities market regulations would govern anything in
this space (but we will, of course, get a formal opinion of any
recommended policy proposal).  If you are recommending
the answer to transparency *should be* SEC enforcement,
please be explicit.


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