SEC official says staff may have too much power over subpoenas — Reuters

A top U.S. securities regulator on Friday questioned the methods used by his agency to subpoena the targets of investigations, saying he feared they lack oversight and delegate too much power to enforcement attorneys.

Speaking before the Los Angeles County Bar Association, Securities and Exchange Commission Republican member Michael Piwowar said he believes it is time for the SEC to take a second look at the methods used to issue what are known in regulatory parlance as “formal orders” of investigation.

via SEC official says staff may have too much power over subpoenas — Reuters