This update is purely procedural and administrative, detailing SEC enforcement investigation processes and settlement practices with no direct connection to any specific financial product or service category.
This is an administrative enforcement manual update with no substantive product or service content; no secondary tag is appropriately applicable, but Retail Banking is selected as a placeholder due to the constraint requiring two tags.
Specialism
This update concerns SEC enforcement procedures and manual updates, but does not address payment-specific regulation, payment service providers, or payment systems.
While the SEC is a regulator, this update is about general securities enforcement procedures rather than payment-specific supervision or oversight.
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2026-02-25 12:51:51·ggallwey@vixio.com
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TITLE: United States Securities and Exchange Commission Updates Enforcement Manual to Enhance Fairness and Efficiency
BODY:
On February 24, 2026, the Securities and Exchange Commission's (SEC) Division of Enforcement announced significant updates to its Enforcement Manual, which had not been revised since 2017. The updates reinforce the agency's commitment to fairness, transparency, and efficiency in its investigative and enforcement processes.
The revised manual introduces several key procedural changes designed to enhance consistency and uniformity across the Division's practices. Recipients of a Wells notice will ordinarily receive four weeks to submit Wells submissions, with Wells meetings scheduled within four weeks of receipt and attended by a member of senior leadership within the Division. The updated manual provides guidance on what constitutes a helpful Wells submission and emphasises open, informed dialogue between SEC staff and potential respondents to facilitate fair and timely resolution of investigations.
The manual also reflects the SEC's restoration of its prior practice permitting settling parties to simultaneously request settlement offers and Commission waivers from automatic disqualifications and collateral consequences resulting from enforcement actions. This change enhances transparency, conserves Commission resources, and protects investors by driving efficiencies in investigation resolution.
Additional updates include a detailed framework for evaluating cooperation and its impact on civil penalties, changes to encourage internal collaboration, updates to the formal order process, and an updated framework for referrals to criminal authorities. The Division of Enforcement will conduct yearly reviews of the manual going forward to ensure procedures remain current, effective, and relevant.
The updated Enforcement Manual is available on the SEC website.