2/9/09: During a speech at the SEC Speaks conference last week, new SEC Chairman Mary Schapiro announced the end of two policies of former Chairman Chris Cox in the Enforcement Division.
First, she has ended the two-year "penalty pilot" experiment. The staff will no longer be required to seek advance approval of penalties from the Commission in connection with settlement discussions. Second, she is moving back to routine review and approval of formal orders, to ensure that enforcement investigations can move forward more quickly.