New SEC Guidance on Cooperation in Investigations and Enforcement Actions

Description

In its continuing effort to detect and stamp out securities law violations, the Securities and Exchange Commission (SEC) issued on January 13—for the first time ever—guidance on how it will evaluate the value of an individual’s cooperation in corporate investigations.

The new guidelines complement existing cooperation guidelines for companies first announced in the SEC’s 2001 Seabord Report. Together, the two sets of cooperation guidance promise to change dramatically the conduct of civil and criminal securities investigations.

The January 13 guidance was accompanied by a revision to the SEC Enforcement Manual, which sets forth new “cooperation tools” the SEC will use to encourage cooperation, including proffer agreements, deferred and non-deferred prosecution agreements and immunity requests.

Listen as our panel of attorneys with experience representing clients before the SEC examines the new guidance and shares their insights on lingering questions and legal concerns for corporations. The panel will explain how public companies, their officers, directors and employees should respond to more aggressive agency enforcement.

Outline

1. Criteria for evaluating individual cooperation
   1. Assistance provided by individual
   2. Importance of underlying matter
   3. Interest in holding individual accountable
   4. Profile of individual
2. New cooperation tools
   1. Cooperation agreements
   2. Deferred prosecution agreements
   3. Non-prosecution agreements
   4. Expedited immunity requests
   5. Proffer agreements
3. Corporate response strategies
   1. Before an investigation
   2. During an investigation
4. Lingering questions for corporations

Benefits

The panel will review these and other key questions:

• What is the significance of the new SEC guidance for companies currently under SEC investigation or potentially facing investigation in the future?
• What factors will the SEC consider in deciding whether an individual is sufficiently cooperating in an investigation?
• What immediate actions should a company take when it learns that the SEC is investigating its activities?
• How will attorney-client privilege and work-product protection concerns factor into the cooperation process?

Webinar/Teleconference

Strafford webinars/teleconferences offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program).  Please note that our webinars do not feature videos of the presenters.

CLE Credit

Strafford's live seminars qualify for CLE in every state that accredits webinars. They offer you a high quality, cost effective, and convenient CLE option, with no lost travel time or expenses.

More Details>