Washington, D.C., July 22, 2004 – LAWFUEL – See PRESS RELEASES…

Washington, D.C., July 22, 2004 – LAWFUEL – See PRESS RELEASES for latest law announcements
The National Commission On Terrorist Attacks Upon the United States (the 9-11 Commission) has submitted its final report, which includes its review and conclusions concerning whether any trading in the United States securities markets was based on advance knowledge of the September 11 attacks. The United States Securities and Exchange Commission cooperated fully with the 9-11 Commission and provided
information based on the following actions.

On Sept. 12, 2001, the Securities and Exchange Commission began an investigation to determine whether there was evidence that anyone who had advance knowledge of the terrorist attacks on September 11 sought to profit from that knowledge by trading in United States securities markets. In the course of that review, we did not develop any evidence suggesting that anyone who had advance knowledge of the September 11 attacks traded on the basis of that information.
In the course of our investigation, we examined more than 9.5 million securities transactions that took place during the weeks preceding September 11. Along with the New York Stock Exchange, NASD, the American Stock Exchange, the Chicago Board Options Exchange, the Pacific Exchange, and the Philadelphia Stock Exchange, we reviewed trading in securities and derivative products of 103 companies in six industry groups with trading in seven markets. We also reviewed trading in 32 exchange traded funds and broad and narrow indices. In addition to working with the exchanges and NASD, we worked with criminal law enforcement authorities, including the Department of Justice and the FBI, as well as our regulatory counterparts in the U.S. and abroad. Finally, we sought and obtained information from the legal and compliance departments at securities firms and other financial institutions to determine whether any unusual trading activity had been observed by their staffs in the period prior to Sept. 11, 2001.

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