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Mirage Investments Corp. (MIC) planned a tender offer for the shares of Gulf States International Corp. (GSIC). Archer, an officer of MIC, placed purchase orders for GSIC stock through the New York office of the Bahamian Bank (BB) prior to the announcement of the tender offer, making a $300,000 profit when the tender offer was made public. The Bahamas is a secrecy jurisdiction. The bank informed the SEC that under its law, it could not disclose the name of the person for whom it purchased the stock. What, if anything, may the SEC do to discover whether the federal securities laws have been violated?

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Answer:

The SEC is not limited to litigation when securities law enforcement investigation runs into secrecy or blocking laws by a foreign sovereign. Therefore, the SEC can open an investigation of potential insider trading by Archer of MIC and requests the New York office of the Bahamian Bank of Bahamas to disclose required information.

Explanation:

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