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.
‘Enforcement 40’ for 2020
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