Dusting Off SEC Cooperation Rules For Individuals

Law360, New York (July 1, 2009, 12:00 AM EDT) -- Section 3.3.5.3.1. of the U.S. Securities and Exchange Commission's Enforcement Manual allows enforcement staff, with commission approval, to reward a cooperating witness with forbearance of all charges for providing useful information, testimony and documents.[1]

Until now, this provision of the manual has been largely dormant; typically, only organizations receive cooperation credit from the commission and only in the context of the Seaboard Order.[2]

However, with the appointment of one former Southern District prosecutor to head the SEC’s Enforcement Division and another its New York regional office,...
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