Securities Law Updates | New Statutes, Regulations and Rules
August 13, 2010
SEC Extends Authority of Director of Enforcement Division to Issue Formal Orders of Investigation
Delegation of Authority to the Director of its Division of Enforcement
17 CFR Part 200, Release No. 34-62690, 8/11/2010
The Securities and exchange Commission (“SEC,” or “Commission”) is amending its rules to remove a sunset provision from the delegation of authority to the Director of the Division of Enforcement to issue formal orders of investigation. Formal orders designate the enforcement staff authorized to issue subpoenas in connection with investigations under the federal securities laws.
By way of background, on August 5, 2009, the Commission issued a release authorizing the Division Director to issue such orders for a one-year period beginning on August 11, 2009 and ending on August 11, 2010. The sunset provision was included to permit the Commission to…
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