New SEC Chairman Schapiro Announces Changes Aimed at Reinvigorating Enforcement Program
In her first speech as Chairman of the Securities and Exchange Commission, Mary Schapiro announced two steps designed to “reinvigorate” the SEC’s enforcement program. As part of an effort to promote swift and vigorous enforcement, she ended a "pilot program" which had required Commission approval before the SEC staff could negotiate civil penalties against public issuers and streamlined the process for granting the staff authority to subpoena documents and testimony.