The SEC's enforcement programme on biotechnology's communications with the investment community

The proliferation of biotechnology start-up companies has led to increased scrutiny by the regulators of the securities markets. The author, a former head of a field office of the United States Securities and Exchange Commission, examines the growing cooperation among regulatory agencies in the U.S. and the basic structure of the disclosure and anti-fraud provisions of the U.S. securities laws. The author articulates the approaches that the SEC division of enforcement has taken to investigating and prosecuting violations of the securities laws by biotechnology companies and provides useful guidance for dealing with news that may impact the securities markets.

Use of Biochemical Genetic Markers to Discriminate between Adductor Muscles of the Sea Scallop (Placopecten magellanicus) and the Iceland Scallop (Chlamys islandica)

Three biochemical techniques were applied to adductor muscles of Placopecten magellanicus and Chlamys islandica, two commercially important scallops, to search for species-specific genetic markers. Allozyme electrophoresis identified two enzyme systems, mannose phosphate isomerase and glutamic oxaloacetate transaminase, which appear to be diagnostic. Sequencing of the 18S rRNA gene in each species showed 15 nucleotide differences over 1815 base pairs. Digestion of the gene with the restriction enzyme XHO I released two fragments in Placopecten and three in Chlamys. All three techniques could be developed for management purposes as part of an enforcement programme to identify illegally caught scallops.