Information from The Wall Street Journal confirmed that the Securities and Exchange Commission (SEC), the U.S. stock market watchdog, has opened a preliminary investigation into the so-called secondary markets, which allow the exchange of shares of unlisted companies, including technology companies like Facebook.
Companies like SecondMarket have specialized in the role of intermediaries between investors and holders of stock options, mostly former employees. But U.S. officials, this position as an intermediary can be a source of conflict of interest. Indeed, in the absence of a genuine exchange, intermediaries play a role in pricing.
Moreover, some of these companies are not registered with the U.S. financial authorities as brokers. They are therefore not subject to the same obligations as the brokerage firms that operate on the NYSE, and are not required for example to provide a number of documents with the SEC. Already in the collimator authorities, companies in the secondary market have attracted particular attention from the SEC late 2010, when Goldman Sachs has offered its customers to purchase shares of Facebook for $ 1.5 billion (1 1 billion euros).
The sale included a specific clause to prevent the total shareholder to exceed the figure of five cents threshold that requires an American company to go public. 
Companies like SecondMarket have specialized in the role of intermediaries between investors and holders of stock options, mostly former employees. But U.S. officials, this position as an intermediary can be a source of conflict of interest. Indeed, in the absence of a genuine exchange, intermediaries play a role in pricing.
Moreover, some of these companies are not registered with the U.S. financial authorities as brokers. They are therefore not subject to the same obligations as the brokerage firms that operate on the NYSE, and are not required for example to provide a number of documents with the SEC. Already in the collimator authorities, companies in the secondary market have attracted particular attention from the SEC late 2010, when Goldman Sachs has offered its customers to purchase shares of Facebook for $ 1.5 billion (1 1 billion euros).
The sale included a specific clause to prevent the total shareholder to exceed the figure of five cents threshold that requires an American company to go public.
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- Why Facebook Is Such an Important Friend for Goldman Sachs? [Lucas Wyrsch] (03/01/2011)
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- Goldman Sachs Says No Facebook Shares For US Investors (18/01/2011)
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