Welcome to SEC Roundup, a bimonthly video series by former Securities and Exchange Commission senior trial counsels Nick Morgan and Tom Zaccaro, founders of the nonprofit advocacy group Investor Choice Advocates Network.
The SEC's internal enforcement manual — the operational playbook used by agency attorneys to conduct investigations and pursue litigation — has been updated for the first time since 2017. The revision signals how Chairman Paul Atkins and Enforcement Division Director Judge Meg Ryan intend to reshape the agency's approach to investigations, settlements and cooperation.
In this episode, Morgan and Zaccaro sit down with Lori Echavarria, a 15-year SEC veteran who rose to associate director of the Los Angeles Regional Office and is now a partner at WilmerHale.
Together, they break down what's actually changed — and what it means for advisors, broker-dealers, and the defense practitioners who represent them.
Key topics include: the expansion of the Wells response period from two to four weeks; the new requirement that the division director personally approve every Wells notice issued nationwide; fresh written guidance explaining how meaningful cooperation — including remediation — can result in zero monetary penalties for entities; the reinstatement of the efficient practice of considering statutory "bad actor" waiver requests simultaneously with settlements, a significant development for registered investment advisers and other regulated entities; and new instructions directing staff to be more forthcoming with investigative files during the Wells stage.
See the video for the discussion.
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