Yesterday, the SEC announced important new steps it will be taking in seeking cooperation in Commission enforcement matters. Robert Khuzami, Director of the Division of Enforcement since February 2009, characterized the changes as “a potential game-changer for the Division of Enforcement.” As described below, these new steps will significantly “change the game” not only for the Division of Enforcement, but also for individuals and entities caught up in an SEC investigation. Along with the announcement of the new push for cooperation, the Commission also announced that it had finalized the creation of specialized enforcement units, and appointed the leaders of each of those new units.

Please see full update below for more information.