SEC Enforcement Gets Obama-Era Investigative Power Back

Law360 (February 9, 2021, 9:49 PM EST) -- Acting U.S. Securities and Exchange Commission Chair Allison Herren Lee has restored the authority of the enforcement division's senior officers to issue subpoenas and launch investigations without waiting for approval from above.

Lee announced Tuesday that the agency is reverting to the use of delegated authority, a policy that allows roughly 30 senior members of the enforcement division, like regional directors and associate directors, to approve the issuance of a formal order of investigation, which the SEC's enforcement staff must obtain before it can subpoena documents and take sworn testimony.

The policy was first put into use in 2009 under then-SEC...

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