SEC Names New Specialized Unit Chiefs and Head of New Office of Market Intelligence (OMI)
SEC Announces Initiative to Encourage Individuals and Companies to Cooperate and Assist in Investigations. The new initiatives aimed at maximizing the benefits from cooperation include:
- New tools for cooperation, specifically, cooperation agreements , deferred prosecution agreements and non-prosecution agreements.
- Streamlin[ing] the process for submitting witness immunity requests to the Justice Department.
- Newly issued Policy Statement Concerning Cooperation by Individuals in its Investigations and Related Enforcement Actions. Building on the “Seaboard Report” issued in 2001, the new policy statement identifies four general considerations: (i) The assistance provided by the cooperating individual. (ii) The importance of the underlying matter in which the individual cooperated. (iii) The societal interest in ensuring the individual is held accountable for his or her misconduct. (iv) The appropriateness of cooperation credit based upon the risk profile of the cooperating individual.
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