The U.S. Securities and Exchange Commission’s Division of Enforcement published significant updates to its Enforcement Manual, revising investigative procedures to improve consistency, transparency, and efficiency in Enforcement investigations. The manual was last revised in 2017, and the Division will move to annual reviews going forward. Key changes include a more uniform Wells process, with Wells notice recipients ordinarily given four weeks to submit a Wells submission, and Wells meetings to be scheduled within four weeks of receiving a submission and to include a senior Division leader. The manual also reflects the restoration of the practice of allowing the Commission to consider settlement offers and related waiver requests at the same time, including waivers from automatic disqualifications and other collateral consequences. Additional updates cover the Division’s framework for evaluating cooperation, including how cooperation affects civil penalties, along with changes aimed at more consistent internal collaboration, updates to the formal order process, and an updated framework for referrals to criminal authorities.
U.S. Securities & Exchange Commission 2026-02-24
U.S. Securities and Exchange Commission updates Enforcement Manual to standardize the Wells process and streamline settlement waiver decisions
The U.S. SEC’s Division of Enforcement updated its Enforcement Manual for consistency, transparency, and efficiency in investigations. Key revisions include a standardized Wells process, simultaneous consideration of settlement offers and waiver requests, and an updated framework for evaluating cooperation and referrals to criminal authorities. The manual will undergo annual reviews, with the last revision in 2017.