Thursday, November 20, 2008

SEC Unveils Its Enforcement Manual

In an unprecedented move, the SEC recently isssued its Enforcement Manual. Until now only available internally as a reference for Enforcement Division staff, the Manual provides important insights into the SEC's decision-making and processes with regard to things like evaluating possible investigations, opening and closing matters, issuing Wells letters, communicating with senior SEC officials, responding to document subpoenas, “witness assurance” letters, contacting current and former employees, and respecting the attorney-client privilege during an investigation. The Manual memorializes staff policies, previously only known internally, that have developed over decades through oral tradition and internal memos. The Enforcement Manual will be an essential guide for anyone with a matter before the Division of Enforcement.

The full text of the SEC's Enforcement Manual is available on the SEC website at: