SEC enforcement officials give tips on cooperation, Wells process at SEC Speaks

By Amanda Maine, J.D. SEC Enforcement Co-Directors Stephanie Avakian and Steve Peikin led a panel discussion with Division officials at this year’s PLI SEC Speaks conference in Washington, D.C. The officials gave advice on how to communicate with the Division staff on ways to increase cooperation credit and how to engage in constructive communication with enforcement staff leading up to enforcement actions. Cooperation. According to Avakian, high quality cooperation can advance the staff’s investigations in a meaningful way by reducing resources expended and returning money to harmed investors more quickly. What the Commission focuses on in determining cooperation credit falls into four broad categories: self-policing, cooperation, remediation, and self-reporting, Avakian explained. Marc Berger, regional director of the SEC’s New York Regional Office, said that the Commission is trying to send a clear message about cooperation in its orders. For example, in…

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