{"id":4060,"date":"2025-03-12T17:12:28","date_gmt":"2025-03-12T21:12:28","guid":{"rendered":"https:\/\/compliancechief360.com\/?p=4060"},"modified":"2025-03-13T17:14:52","modified_gmt":"2025-03-13T21:14:52","slug":"sec-revokes-enforcement-directors-subpoena-power","status":"publish","type":"post","link":"https:\/\/compliancechief360.com\/sec-revokes-enforcement-directors-subpoena-power\/","title":{"rendered":"SEC Revokes Enforcement Director\u2019s Subpoena Power"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span class=\"wpsdc-drop-cap\">T<\/span>he Securities and Exchange Commission announced the withdrawal of a policy that granted the Director of Enforcement the authority to initiate new investigations and approve the issuance of subpoenas. The former policy was created in 2009, which essentially allowed the Director to legally permit the SEC staff to open an official investigation.<\/p>\n<p style=\"font-weight: 400;\">The SEC announced in its <a href=\"https:\/\/www.law360.com\/articles\/2308640\/attachments\/0\">final rule<\/a> that it has decided to eliminate the delegation of authority to issue formal orders of investigation.\u201d Such formal orders designate the enforcement staff authorized to issue subpoenas in connection with investigations under the Federal securities laws,\u201d according to the rule. As a result of the amendment, the Director of Enforcement can no longer authorize his staff to open investigations pertaining to the Federal securities laws.<\/p>\n<p style=\"font-weight: 400;\">In supporting of its decision to rescind the Director\u2019s authoritative power, the SEC said that this amendment comes as a \u201cresult of the commission&#8217;s experience with its nonpublic investigations.\u201d The Commission additionally said that it me the amendment \u201cto more closely align the commission&#8217;s use of its investigative resources with commission priorities.\u201d The SEC did not further elaborate on its reasoning and left it up to public opinion as to its meaning.<\/p>\n<p style=\"font-weight: 400;\">Now, only the SEC itself can issue formal orders of investigation that authorize specifically-designated enforcement staff to exercise the Commission\u2019s power to subpoena witnesses and take other authorized actions. This power no longer belongs to the Director unless specifically authorized by the SEC.<\/p>\n<p style=\"font-weight: 400;\">Although the Director initially had this power since 2010, such power was not delegated before then. \u201cThe Division of Enforcement operated for 40 years without delegated authority,\u201d according to an SEC spokesperson. \u201cWe are returning to how the division operated for most of its existence, ensuring the commission has the utmost insight into the cases we bring throughout the process.\u201d<\/p>\n<p style=\"font-weight: 400;\">In order to request for an investigation to be opened, the enforcement staff must now go through the SEC rather than being assigned to the leadership of the Enforcement Division. \u00a0 <img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-1477\" src=\"https:\/\/compliancechief360.com\/wp-content\/uploads\/2021\/06\/CC360-end-slug.png\" alt=\"end slug\" width=\"20\" height=\"20\" \/><\/p>\n<hr \/>\n<p style=\"font-weight: 400;\">\n","protected":false},"excerpt":{"rendered":"<p>The Securities and Exchange Commission announced the withdrawal of a policy that granted the Director of Enforcement the authority to initiate new investigations and approve the issuance of subpoenas. The former policy was created in 2009, which essentially allowed the Director to legally permit the SEC staff to open an official investigation. The SEC announced [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":3874,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,15,26,7],"tags":[34,8],"class_list":["post-4060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","category-featured","category-featured-news","category-news-roundup","tag-regulation","tag-sec"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Revokes Enforcement Director\u2019s Subpoena Power - Compliance Chief 360<\/title>\n<meta name=\"description\" content=\"SEC announced the withdrawal of a policy that granted the Enforcement Director authority to open investigations and approve subpoenas\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/compliancechief360.com\/sec-revokes-enforcement-directors-subpoena-power\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Revokes Enforcement Director\u2019s Subpoena Power - 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