SEC establishes a special task force to combat securities fraud by foreign companies.

The US Securities and Exchange Commission (SEC) will establish a new department focusing on securities fraud issues involving foreign companies. The SEC stated that there is a risk of foreign companies engaging in "pump-and-dump" schemes targeting US investors, and extreme market volatility may also lead to so-called "pump-and-dump" behavior. SEC Chairman Paul Atkins has instructed other departments within the SEC to develop plans to protect US investors, including issuing new disclosure guidelines. In a statement, SEC Chairman Paul Atkins said, "We welcome companies from around the world seeking opportunities to enter the US capital markets, but we will not tolerate bad actors attempting to use international borders to circumvent and evade US investor protection measures."