On 24 February 2026, the Securities and Exchange Commission (SEC) announced the first comprehensive update to the agency’s Enforcement Manual since 2017, formalizing key aspects of how the Division of Enforcement investigates, charges and resolves alleged violations of federal securities laws. Many of the policy changes were announced by SEC leadership and implemented over the last year – and mirrored similar policies adopted by other regulators including the Commodity Futures Trading Commission and Department of Justice – but the formal adoption of those changes in the Manual marks an important milestone.
Read our alert here.