SEC ADOPTS AND PUBLICLY DISCLOSES NEW ENFORCEMENT MANUAL

The SEC’s Division of Enforcement (the Division) has for the first time adopted and made publicly available a manual (the Manual) governing its enforcement of potential violations of the federal securities laws.

The Manual addresses Division practice and procedure related to, among other things, charging practices, grants of civil immunity, requests for waivers of privileges, the “Wells letter” process and contacts with senior SEC officials. Its disclosure of these enforcement policies, many of them previously only the subject of internal SEC guidance or case-specific practice, makes the Manual a critical reference.

In some respects, the Manual is similar to the United States Attorneys Manual (USAM), which has long been publicly available. Like the USAM, the SEC’s Manual states that it is not meant to create enforceable rights. Nevertheless, the Manual provides a window into SEC enforcement operations and should be helpful in dealing with SEC enforcement counsel, particularly during the investigative phase of a matter.

For our readers, we provide a discussion of key provisions of the Manual. Please read it here. You may read the entire Manual here.

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