SECURITIES

SEC Examining Bank of Pakistan Bonds: SEC Chairman Richard C. Breeden said the agency is looking into whether the state Bank of Pakistan is complying with U.S. securities laws in connection with its offerings of government-backed bonds. The Bank of Pakistan is reportedly advertising its bonds to U.S. investors as a convenient way to launder money. Breeden said the SEC intends to take “a careful look at” the Bank of Pakistan’s bonds. Under U.S. securities laws, bonds and equities sold to U.S. investors must be registered with the SEC unless they qualify for an exemption from the requirement. Breeden declined to comment on whether the Bank of Pakistan’s bonds qualify for such an exemption.