Home -> Law Blog Directory -> Criminal Law Blogs -> NASD, SEC and Regulatory Defense Blog

Criminal Law

: NASD, SEC and Regulatory Defense Blog

NEW SEC CHAIRMAN TAKES STEPS TO SPEED UP ENFORCEMENT ACTIONS

By Michael MacPhail, Esq.

             On February 6, 2009, new SEC Chairman Shapiro announced that she was reversing two policies of her predecessor that amounted to a vote of no-confidence in the staff and tended to delay the institution of enforcement actions.  Under former Chairman Cox, the staff was required to get permission from the Commission before negotiating with potential corporate respondents about the amount of civil penalties that would be part of a recommended settlement.  Further, Chairman Cox required that the staff submit for approval of the full Commission many (if not all) formal orders of investigation, the preliminary ?stamps of approval? enabling the staff to compel testimony and document production through the issuance of subpoenas.             In Friday?s speech, Chairman Shapiro announced that she was returning to the SEC? historical policy of allowing Enforcement lawyers to negotiate with corporations without obtaining prior approval...continue to full post

Full post as published by NASD, SEC and Regulatory Defense Blog on February 09, 2009 (boomark / email).