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期货和衍生品行业监管动态

yearly reviews going forward.

“This is an important and long-overdue step that builds on the Division of

Enforcement’s commitment to transparency, fairness, and process while ensuring it

remains able to fulfill its mission,” said SEC Chairman Paul S. Atkins. “I applaud

Judge Ryan’s and the staff’s work on revisions to the manual and their commitment to

a continued review of the manual going forward to ensure its procedures remain

current, effective, and relevant.”

“The SEC’s modified Enforcement Manual seeks to clarify, and enhance the

public’s understanding of, how we enforce the federal securities laws,” said Margaret

A. Ryan, Director of the SEC’s Division of Enforcement. “Our updates to the

Enforcement Manual ensure greater uniformity, reflect the Division’s best practices,

and improve our staff’s ability to carry out the mission-critical work they do on behalf

of investors.”

Updates to the Enforcement Manual include changes in the following areas:

1. Ensuring a uniform Wells process: The updated Enforcement Manual

emphasizes the importance of open, informed, and thoughtful dialogue between SEC

staff and potential respondents and defendants, with the goal of producing better

outcomes and ensuring the fair and timely resolution of investigations and

recommendations of possible enforcement actions. To encourage this dialogue and

facilitate greater consistency in the Wells process, the Enforcement Manual updates

provide that recipients of a Wells notice will ordinarily receive four weeks to make

Wells submissions. The update also gives guidance on what makes a Wells submission

most helpful to the staff and the Commission. The updated Enforcement Manual

provides that Wells meetings will be scheduled within four weeks of receipt of a Wells

submission and will include a member of senior leadership within the Division.The

processes and timelines set out in the updated Enforcement Manual are intended to

ensure that the Division acts promptly to achieve the Commission’s three-part mission

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