SEC Signals Lighter Enforcement

On March 10, 2025, the Securities and Exchange Commission (SEC) amended its regulations to revoke the Enforcement Division's authority to issue formal orders of investigation, originally extended in 2009. Instead, the enforcement staff seeking to exercise subpoena power must first obtain approval from the Commission. While enforcement staff has other investigative tools available, including requests for voluntary production of documents or witnesses, the amendment will likely result in some investigations taking longer to initiate and complete. Our team of experienced attorneys offers comprehensive guidance in the SEC Enforcement Toolkit to help counsel handle navigate these and other aspects of SEC investigations, including:

• Practice Note, Roadmap of the SEC's Investigation and Enforcement Process.
• Practice Note, Investigations: Responding to a Securities Regulator's Request for Information and Documents.
• Standard Document, Investigations: Letter Accompanying the Production of Documents to a Securities Regulator.