ARTICLE · 09 MARCH 2011

Senate Questions SEC Disclosure Policies

Venable LLP

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Last month, the ranking Republican on the Senate Judiciary Committee, Sen. Charles Grassley (R. Iowa), issued letters to Securities and Exchange Commission ("SEC") Chairman Mary Schapiro and Attorney General Eric Holder requesting information regarding how the agencies coordinate parallel civil and criminal investigations.

United StatesFinance and Banking

George Kostolampros

Matthew Beville

Geoffrey Garinther

Last month, the ranking Republican on the Senate Judiciary Committee, Sen. Charles Grassley (R. Iowa), issued letters to Securities and Exchange Commission ("SEC") Chairman Mary Schapiro and Attorney General Eric Holder requesting information regarding how the agencies coordinate parallel civil and criminal investigations. Specifically, Sen. Grassley is interested in whether the SEC informs individuals it is investigating whether the Department of Justice ("DOJ") is conducting a parallel criminal investigation. While this information is undoubtedly useful for defense counsel deciding whether to cooperate with an SEC investigation, Sen. Grassley said in a press release that this practice could "sound the alarm" for anyone concerned that "the SEC [is] being overly cozy with those it should be investigating."

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