The SEC has six divisions, but only one of them, the Division of Enforcement, handles enforcement; the Division of Corporation Finance instead reviews public companies' filings and disclosures. Routine filing reviews, such as those…
Is It Possible to Represent Myself in an SEC Investigation? Yes, you have the right to represent yourself in matters involving the SEC. While 17 C.F.R. § 203.7 expressly permits representation by “counsel” during…
An SEC investigative subpoena is administrative in nature. It is not a court order, and it is not self-enforcing. This means that while the SEC has the power to issue an investigative subpoena, the…
A person may decline to participate in an interview with SEC staff if the SEC has not presented a formal request for cooperation backed by compelling process (i.e. An administrative subpoena). If a person…
Yes, it is possible to negotiate with the SEC staff members that have issued a subpoena. They may be willing to work with subpoena recipients in order to limit the scope of the subpoena…
If you receive an SEC administrative subpoena, you can (and should) engage an attorney. 5 U.S.C. § 555(c) states that, “At the discretion of the agency concerned, individuals or their representatives may be permitted…
Can I Challenge or Narrow an SEC Subpoena? An SEC subpoena is neither a criminal charge nor a finding of guilt. Refusing to comply with an SEC subpoena requires the SEC to seek enforcement…
A subpoena does not extinguish an otherwise valid attorney-client privilege. While an SEC subpoena may request privileged materials, asserting the privilege can be a proper basis for withholding such materials from production. When asserting…
An agreed SEC resolution is ordinarily unappealable, as respondents who accept settlements are deemed to have waived their rights to review. If the SEC sought to impose a judgment against you rather than the…
FINRA stands for the Financial Industry Regulatory Authority. It is a private, nongovernmental securities self-regulatory organization. As a result, FINRA is not an arm of the U.S. government, and it lacks the authority to…