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Wednesday, November 05, 2008
Law - SEC's Division of Enforcement issues a 122-page Enforcement Manual
Amy Walsh of the New York Law Journal has a long article today headed "New SEC Enforcement Manual: Better Late Than Never." It begins:
Since its establishment in 1934, the policies and practices governing the Securities and Exchange Commission have existed under a shroud of mystery accessible only to those who previously worked at the SEC or to those who represented parties in front of the commission.In February, at least one SEC commissioner, Paul S. Atkins, noted the irony of this black box approach coming from an agency that demands transparency from those it regulates: * * * Among other suggestions relating to transparency, Commissioner Atkins proposed that the SEC publish an enforcement manual that describes the internal policies and procedures of the Enforcement Division, "similar to the U.S. Attorney Manual."
On Oct. 6, 2008 -- eight months after Commissioner Atkin's remarks, and amid the most significant market turmoil since 1929 -- the SEC's Division of Enforcement issued a 122-page Enforcement Manual that addresses a multitude of subjects, ranging from waiver of the attorney client privilege to the best practices for Bates stamping documents.
Posted by Marcia Oddi on November 5, 2008 05:49 PM
Posted to General Law Related