“The Five Principles of Effective Cooperation in SEC Investigations,” Remarks at Securities Enforcement Forum West 2024

Today, I’d like to answer those questions by first making clear the very real benefits of cooperating with Commission investigations, and then sharing with you five principles of effective cooperation — principles that you can use to not only guide conversations with clients making the decision to cooperate, but also as a roadmap in making the case for cooperation credit when advocating to Enforcement staff.

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Now, turning to the “Five Principles of Effective Cooperation” The behaviors that can earn cooperation credit from the Commission are no secret. They’re laid out in the Commission’s Seaboard Report and in its Policy Statement Concerning Cooperation by Individuals. They include: self-policing, self-reporting, remediation and, broadly, cooperation. I’d like to share my views on each of them, as well as a fifth: collaboration, which, I think, is the throughline that runs across many of the recent matters where the Commission has rewarded cooperation.

Source: “The Five Principles of Effective Cooperation in SEC Investigations,” Remarks at Securities Enforcement Forum West 2024