SEC Adopts Rules Giving SEC Staff More Power to Issue Subpoenas
August 10, 2009
On August 5, 2009, the SEC adopted final rules that provide the SEC enforcement staff with the power to issue subpoenas by getting approval only from their supervisors and not from the full SEC. The final rules state that the delegation of subpoena power will expedite the investigative processes by reducing the time and paperwork associated with obtaining SEC authorization. The delegation of subpoena power is being adopted for a one-year period, after which the SEC will evaluate whether to extend the delegation.
http://www.sec.gov/rules/final/2009/34-60448.pdf
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