On May 12, 2022, senior Division of Enforcement officials from the U.S. Securities and Exchange Commission (SEC) shared the stage with SEC alumni, private practitioners, and other professionals in the field at the Securities Enforcement Forum West 2022 (the Forum). Forum panelists described recent trends in the SEC’s enforcement actions, its regulatory agenda, and upcoming priorities. The SEC’s intention is clear: continue to pursue enforcement actions aggressively.
Renewed Focus in Carrying Out Its Mission
SEC Division of Enforcement Director Gurbir Grewal reaffirmed the Commission’s goal to increase public confidence in securities markets and counter the declining trust in government institutions. To achieve this goal, SEC officials have been directed to push the pace of investigations, as the public must have confidence the SEC will move quickly and hold wrongdoers accountable.
Director Grewal lamented that too often defense attorneys deploy delay tactics and engage in gamesmanship that frustrate the investigative process. He emphasized that the most valuable quality a defense attorney can have with SEC officials is their credibility, which is eroded when defense counsel engage in such tactics. Director Grewal underscored that cooperation can yield tangible results for clients in the form of cooperation credit. However, he made clear that cooperation is more than the absence of obstruction; it requires affirmative behavior. A few examples of what the SEC deems worthy...
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