August 16, 2010
SEC Empowers and Emphasizes Enforcement Division
SEC Chair Mary Schapiro has consistently stated that enhancing and improving the agency's Enforcement Division was one of her priorities in restoring the SEC's reputation. Two recent examples of this commitment:
1. Zachary Goldfarb reports that the SEC has made permanent Enforcement's power (previously granted on a temporary basis) to subpoena documents and testimony in an investigation without obtaining approval from the Commissioners; WPost, SEC enforcement division granted permanent subpoena powers.
2. The SEC's website now prominently displays an icon for the Enforcement Division on the upper right-hand corner, with links to its "headline" cases (e.g., Wyly Brothers, Citigroup, Goldman Sachs).
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On PLI's Securities Law Practice Center we just featured a helpful memo sent to us from Sullivan & Cromwell that explains some of the important changes at Enforcement such as permanent subpoena power and compelling testimony. Here is a link: http://seclawcenter.pli.edu/2010/08/16/sullivan-cromwell-on-the-enforcement-divisions-new-powers/
Posted by: Kara O'Brien | Aug 17, 2010 9:03:18 AM