Featured in Law360: 3 Cases Highlight SEC Distinction Between Exec, Co. Liability
Law360 recently published an article authored by Cooley attorneys Tejal Shah and Bingxin Wu examining three recent Securities and Exchange Commission (SEC) enforcement actions involving public companies that provide insight on the circumstances in which the SEC holds companies versus executives accountable for disclosure violations. As the article explains, the […]
Updated SEC Enforcement Manual Emphasizes Engagement and Transparency
On February 24, 2026, the US Securities and Exchange Commission (SEC) announced major updates to its Enforcement Manual (Manual), a guidance document the SEC staff uses when conducting investigations of potential securities law violations. This is the first time the SEC has updated the Manual since 2017, but the announcement […]
Major Shift in SDNY’s Voluntary Self-Disclosure Program
On February 24, 2026, the US Attorney’s Office for the Southern District of New York (SDNY) announced its revised Voluntary Self-Disclosure and Cooperation Program for Financial Crimes. The updated program focuses on increasing predictability and transparency around the self-disclosure process by offering self-reporting companies a clear path to conditional and […]
Protecting Grand Jury Materials From FOIA: Lessons From the Ninth Circuit’s Kalbers Decision
The US Court of Appeals for the Ninth Circuit’s recent decision in Kalbers v. DOJ confirms that documents produced solely in response to a grand jury subpoena are protected from disclosure under the Freedom of Information Act (FOIA). The ruling underscores how companies and counsel can preserve the confidentiality of documents by […]
SEC in the Courts: SCOTUS to Review Disgorgement Powers (Again), District Court Upholds Follow-On Administrative Proceedings
2026 is off to a rousing start for the US Securities and Exchange Commission (SEC), with two notable developments related to the agency’s civil enforcement authority. On January 8, the SEC won a constitutional challenge to its ability to seek industry bans through a follow-on administrative proceeding.[1] This is the […]
SEC Public Companies Enforcement: FY 2025 Review and What to Expect in 2026
When Paul Atkins became the new chairman of the Securities and Exchange Commission (SEC) in April 2025, the market expected enforcement actions against public companies to decrease. Chairman Atkins has criticized the prior SEC administration’s pursuit of large corporate fines, believing that they unfairly penalized shareholders. He also criticized the […]
SEC’s ‘Project Crypto’ – Chairman Atkins Outlines Regulatory Vision
On November 12, 2025, at the Federal Reserve Bank of Philadelphia, Securities and Exchange Commission (SEC) Chairman Paul Atkins delivered a keynote address unveiling the next phase of “Project Crypto,” the SEC’s initiative to provide clarity and consistency in applying US securities laws to digital assets. Atkins emphasized the SEC’s […]
How Founders and Private Companies Can Mitigate Risks of a Government Investigation
Government investigations can be costly. A simple subpoena for documents could entail collecting hundreds of thousands of documents from your email servers and personal devices, hiring attorneys to review and produce documents, and sitting for hours of interviews with government investigators. And if that investigation uncovers evidence of violations, the […]
SEC Intensifies Oversight of Foreign Companies that Participate in U.S. Capital Markets
According to NERA, a leading consulting and expert firm, the share of foreign-based companies listed on U.S. stock exchanges has risen steadily in the last decade, from 17.4% in 2016 to 26.9% in 2025. As noted in our September 18 blog post, the U.S. Securities and Exchange Commission (SEC) recently […]
SEC Creates Cross-Border Task Force to Combat Fraud
On September 5, 2025, the U.S. Securities and Exchange Commission (SEC) announced the formation of a Cross-Border Task Force that will “strengthen and enhance the Division of Enforcement’s efforts to identify and combat cross-border fraud harming U.S. investors.” According to the SEC, the task force will “focus initially on investigating […]