Fireside Chat with Deputy Director of the SEC Division of Enforcement, Paul Tzur (Presented by the Federal Bar Association’s Securities Law Section)

The SEC’s Division of Enforcement has restructured. Regional office directors have given way to a new organizational structure, new leadership, and new specialized units — including a Retail Fraud Working Group and a Financial Reporting and Accounting Unit. Policy has shifted with it, under a “back to basics” approach to enforcement.

Enforcement now targets real harm to investors: insider trading, accounting and disclosure fraud, offering fraud, market manipulation, and fiduciary breaches by investment advisers. Standalone off-channel communications cases are out; individual accountability is in. The Enforcement Manual’s cooperation framework now shapes civil penalties, and settlement recommendations and waiver requests are weighed simultaneously. Wells timing and expectations have changed too — down to what makes a submission helpful and what evidence counsel can access.

In this fireside chat, moderated by former SEC Deputy Director of Enforcement Nekia Hackworth (Partner, Jones Day), Mr. Tzur explains how these changes work in practice — from the MOU with the CFTC to the Whistleblower Program. You will leave able to time Wells submissions, position cooperation for penalty credit, and anticipate the Commission’s priorities.