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ARTICLE · 06 MARCH 2026

SEC Enforcement Gets A Refresh: Updates To Enforcement Manual Focus On Transparency And Fairness

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For the first time in nearly a decade, the Securities and Exchange Commission (SEC) updated its Enforcement Manual (Manual), which has long served as the SEC Division of Enforcement's...

United StatesFinance and Banking
Zachary Schmitz
Zachary Schmitz
Peter G. Wilson
Peter G. Wilson
Ben Levine
Ben Levine
Casey McClaren
Casey McClaren
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For the first time in nearly a decade, the Securities and Exchange Commission (SEC) updated its Enforcement Manual (Manual), which has long served as the SEC Division of Enforcement's (Division) primary guide for conducting enforcement activities. SEC Chairman Paul S. Atkins described these updates as a "long-overdue step that builds on the Division of Enforcement's commitment to transparency, fairness, and process, while ensuring it remains able to fulfill its mission[.]"1 The most practically significant updates include changes to how the Division initiates enforcement actions –– including a more streamlined Wells process –– as well as clearer cooperation considerations, more efficient settlement procedures, and enhanced criminal referral procedures. The SEC also announced that the Manual will undergo yearly reviews going forward.

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