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According to media-sources the Securities and Exchange Commission has asked credit rating agency Standard & Poor’s to disclose who within its ranks knew of its decision to downgrade US debt before it was announced last week, as part of a preliminary look into potential insider trading, people familiar with the matter say.

The inquiry was made by the SEC’s examination staff, which has oversight of credit rating firms, one person familiar with the matter said. The exam staff can make referrals to the SEC’s enforcement division if it believes any laws have been violated, but the inquiry might not result in a referral.

This person said they were looking at who had the information as a starting point. Allegedly the agency is not aware of a leak from an S&P insider.

Proving someone leaked information about the downgrade, or traded ahead of it, could be challenging. Many traders anticipated the downgrade and bets could occur across numerous securities or currencies without inside information. In a traditional insider trading case, there is often a more predictable correlation between a company’s stock price and a particular development.

The inquiry comes as the SEC has sought to be more pro-active in its oversight responsibilities. The agency launched specialized units within its enforcement division last year and has revised the approach of its examination group after hiring new leadership.

The exam group first gained the ability to inspect credit rating agencies in 2007. Those powers grew following the passage of the Dodd-Frank law last year. The exam group, led by Carlo di Florio, has been working more closely with the enforcement division in its review of registered firms since the SEC reorganized those divisions.

If the investigation results in a case, it would not be the first time government-related information leaked or a rating firm employee was charged with insider trading.

The SEC’s look comes as the Senate banking committee has said it is looking at S&P’s decision.

The Baltic Cource wrote that the North Estonian District Prosecutor’s Office sent to court a criminal case accusing a prominent Estonian businessman Toomas Tool and former SEB bank broker Karoly Kirber of manipulating the securities market, namely the share price of real estate company Arco Vara.

Tool is being accused of, while being an authorised representative of his wife, giving selling orders of a large amount of shares at a SEB account connected to his wife, to SEB bank broker Karoly Kirber on July 14-21, 2008. The order specified selling the shares at a price that became gradually lower. The aim of that was to bring the market price of Arco Vara share below 0.56 euro, which enabled Tool to influence other large owners of Arco Vara in making decisions.