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SEC Makes Enforcement Waiver Conditional

December 09, 2014

​Michael Dicke, Fenwick & West litigation partner and co-chair of securities enforcement, and former U.S. Securities and Exchange Commission associate regional director for enforcement in San Francisco, was quoted in a Law360 article about a developing trend at the SEC. The agency seems increasingly likely to attach caveats to waivers it grants to entities seeking relief from SEC enforcement actions.

The SEC made both temporary and conditional a waiver it granted to Bank of America in November.

Dicke told Law360 that the move toward conditional waivers “seems like a good, practical solution under the right circumstances."

"What the commissioners probably want," he added, "is some sort of policy guidance so that every time this comes up, it's not tabula rasa."

The full article is available through the Law360 website (subscription required).