Type:Rule
Citation:90 FR 12105
Reading Time:about 5 minutes
The Securities and Exchange Commission (SEC) has made a new rule regarding its Director of the Division of Enforcement. The Director will no longer have the power to issue formal orders of investigation, which are needed to authorize enforcement staff to issue subpoenas under Federal securities laws. This change aims to improve efficiency and align the SEC's investigative efforts with its priorities. The adjustment is effective from March 14, 2025, and is considered an internal procedural change that doesn't significantly impact external parties.
Simple Explanation
The SEC decided that one of its directors shouldn't be the one to give permission for special investigations anymore, so they can be more focused on doing what's most important.