Law360, New York (September 19, 2013, 6:27 PM EDT) -- On June 18, 2013, U.S. Securities and Exchange Commission Chairwoman Mary Jo White announced a major shift in SEC enforcement policy. Specifically, she informed the legal community that the SEC would begin to require defendants to admit to liability for their conduct in a broader class of cases. In a subsequent internal memo, the SEC clarified that the circumstances that might warrant an admission include: "(1) misconduct that harmed large numbers of investors, or placed investors or the market at risk of potentially serious harm, (2) egregious intentional misconduct, or (3) when the defendant engaged in unlawful obstruction of the commission's investigative processes."...