SEC's Peirce Has 'Reservations' About Recent Agency Action – Law360


Law360 (October 23, 2020, 11:19 PM EDT) — A U.S. Securities and Exchange Commission member who has offered rare dissents to two enforcement actions in the past six weeks issued a statement Friday saying she supported a third recent agency action, “though not without reservations.”

Commissioner Hester Peirce’s statement critiqued the SEC’s cease-and-desist order against Tradenet Capital Markets Ltd. for selling “Day Trading Education Packages” that included simulated trading accounts. Customers whose account values increased would actually receive a payout equal to a percentage of the upside.

The SEC found that the contracts providing those funded trading accounts constituted security-based swaps under federal securities laws and therefore required a…

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