Mr. Piwowar’s goal wasn’t necessarily to reduce the number of enforcement cases pursued by the SEC, these people said, but was aimed at bringing consistency to a process he felt could be driven by differing standards and wasn’t subject to ample commission oversight.
Specifically, Mr. Piwowar revoked authority that had given a broader group of enforcement division staff the power to issue subpoenas, according to these people. Now, only the SEC’s enforcement director can authorize subpoenas for records or oral testimony.
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