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SEC revises staff trading rules

US financial regulator the Securities and Exchange Commission (SEC) tightened up its rules regarding employee trading, on the back of an investigation into the dealings of two unnamed enforcement lawyers. Staff will be prohibited from trading securities of any company under SEC investigation, and will be required to supply trading statements to the commission so that ethics officers can confirm that employee reports are accurate. The two SEC employees are accused of not reporting some trades, though the inspector general called the rules confusing and inadequate.