{"id":6203,"date":"2017-09-22T17:41:42","date_gmt":"2017-09-22T22:41:42","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1799"},"modified":"2017-09-22T17:41:42","modified_gmt":"2017-09-22T22:41:42","slug":"sec-hacking-raises-concerns-rogue-traders-might-access-filings-edgar-public","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-hacking-raises-concerns-rogue-traders-might-access-filings-edgar-public\/","title":{"rendered":"SEC Hacking Raises Concerns That Rogue Traders Might Access Filings in EDGAR Before They Are Public"},"content":{"rendered":"

\t\t\t\tAccording to The Wall Street Journal<\/em>, news that the US Securities and Exchange Commission\u2019s electronic filing system was hacked is raising concerns of what rogue traders <\/a>may do if they gained market-moving information before the news went public. This week, the SEC disclosed that that its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR), which stores public company filings, was hacked last year.<\/p>\n

While the breach was noticed in 2016, regulators were not made aware that illicit trading could become a repercussion until last month. The majority of the commissioners reportedly didn\u2019t know the hack had occurred until \u201crecent days.\u201d It wasn\u2019t until SEC Chairman Jay Clayton launched a review of the agency\u2019s \u201ccybersecurity vulnerabilities\u201d this Spring that the extent of the hack became clear. <\/p>\n

The WSJ<\/em> reports that according to market veterans, there are several ways in which intruders could trade using the nonpublic information available through Edgar. Companies usually submit earnings filings in advance of them become public knowledge and it is during this time, before market release, when a rogue trader could strike. Another potential target for hackers might be the 8-K form, used by companies to disclose big events, including acquisitions, not yet disclosed medical trials, and other potentially market moving information. 13-D filings submitted by investors with a greater than 5% position in a company\u2014this is information that could generate investor interest\u2014could also be a target. <\/p>\n

Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

According to The Wall Street Journal, news that the US Securities and Exchange Commission\u2019s electronic filing system was hacked is raising concerns of what rogue traders may do if they gained market-moving information before the news went public. This week, the SEC disclosed that that its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR), which […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3760,3795,3761,3741],"tags":[2903,2904,2905],"class_list":["post-6203","post","type-post","status-publish","format-standard","hentry","category-sec-enforcement","category-sec-settlements","category-securities-and-exchange-commis","category-securities-fraud","tag-edgar","tag-hacking","tag-rogue-trading"],"yoast_head":"\nSEC Hacking Raises Concerns That Rogue Traders Might Access Filings in EDGAR Before They Are Public — Investor Lawyers Blog — September 22, 2017<\/title>\n<meta name=\"description\" content=\"According to The Wall Street Journal, news that the US Securities and Exchange Commission\u2019s electronic filing system was hacked 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