As the SEC undergoes structural and procedural changes under the second Trump administration, companies and counsel navigating enforcement investigations face a shifting landscape. This article examines the implications of the Commission’s rollback of formal order authority, anticipated changes in transparency around cooperation credit, and evolving practices in the Wells process. Drawing on recent regulatory developments and public statements, this article analyzes how these changes may affect strategic decision-making at key stages of an investigation. The article offers practical guidance for counsel seeking to engage proactively with Enforcement staff, maximize cooperation credit, and leverage new opportunities for dialogue and transparency in the investigative process.
Click the media link below to read "Navigating SEC Investigations Under Trump 2.0: Does The Administration Change Affect Pre-Litigation Strategy?" co-authored by Tracy S. Combs and Like Fiedler in The Review of Securities & Commodities Regulation.