Updated SEC Enforcement Manual Emphasizes Transparency, Consistency, and Efficiency

On February 24, 2026, the U.S. Securities and Exchange Commission (“SEC” or “Commission”) Division of Enforcement (“Enforcement Division”) announced significant updates to its Enforcement Manual (the “Manual”), marking the first major revision since 2017. The SEC said the changes are intended to reinforce fairness, transparency, efficiency, and consistency, and the Commission also indicated that the Manual will now undergo annual review.... By: Cadwalader, Wickersham & Taft LLP