SEC : Enforcement Manual, June 4, 2015

Download: enforcementmanual.pdf

1. Introduction

1.1 Purpose and Scope

The Enforcement Manual (“Manual”) is a reference for staff in the Division of Enforcement (“Division” or “Enforcement”) of the U.S. Securities and Exchange Commission (“SEC” or “Commission”) in the investigation of potential violations of the federal securities laws. It contains various general policies and procedures and is intended to provide guidance only to the staff of the Division. It is not intended to, does not, and may not be relied upon to create any rights, substantive or procedural, enforceable at law by any party in any matter, civil or criminal.

1.2 Origin

The Manual was prepared under the general supervision of the Division of Enforcement’s Office of Chief Counsel (“OCC”). This Manual expresses the views and policies of the Division of Enforcement and does not necessarily reflect the views of the Commission or any of the individual Commissioners. OCC coordinates periodic revision of the Manual. The Manual is intended to provide general guidance, but decisions about particular individual investigations, cases, and charges are made based on the specific facts and circumstances presented. 

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SEC : Enforcement Manual, June 4, 2015

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