In this monthly column and elsewhere, I haven’t hesitated to call out the SEC on misguided enforcement cases and policy decisions. But as I wrote two years ago, when the SEC is on the right track, it’s equally important to give credit and urge the agency to stay on course.
Such is the case right now with many aspects of the SEC’s enforcement program. Former Chairman Jay Clayton and his erstwhile enforcement co-directors, Steve Peikin and Stephanie Avakian, left the program in arguably its best shape in over a decade, even if still imperfect. It would therefore be a shame if incoming SEC leadership reflexively reversed course in a rush to distance itself from the outgoing administration and to signal an intention to “crack down” and “get tough.”
Here are six specific elements of current SEC enforcement policy that new leadership should enthusiastically embrace and leave intact.
‘Enforcement 40’ for 2020
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