Deal leaks in the U.S. in dropped 2.8 percent in 2016 from 2015, due at least in part to enforcement of Securities and Exchange Commission regulations, finds a report conducted by Intralinks and the Cass Business School.

The 2017 Intralinks Annual M&A Leaks Report shows that 9.8 percent of deals involving publicly traded companies in the U.S. in 2016 were leaked, down from 12.6 percent in 2015. Meanwhile, the SEC brought a record number of total standalone or independent enforcement actions in 2016—548, up from 307 in 2015 and 413 in 2014. The report defines deal leaks based on “statistically significantly different” returns in the 40 days prior to the public announcement of a deal.

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