☰ In this section

The Champion

September-October 2012 , Page 18 

Search the Champion Looking for something specific?

Preview of Member Only Content

For full access: login or Become a Member Join Now

The SEC’s Cooperation Initiative — Nearly Three Years Later, What’s the Deal?

By William A. Haddad

On January 13, 2010, Robert Khuzami, the Securities and Exchange Commission’s (SEC) Director of Enforcement, enthusiastically announced the SEC’s new Cooperation Initiative (the Initiative), stating:

For the first time, [the SEC] will have a formal framework of incentives — incentives to secure the cooperation of persons who saw, heard and witnessed securities fraud first-hand — and who can walk into a courtroom, raise their right hand and tell their story to the world.1 

The policy and tools available under the Initiative are set forth in Section 6 of the SEC’s Enforcement Manual (the Manual).2 If some of it looks familiar, that is because it was modeled on the Department of Justice’s (DOJ) decade-old cooperation regime, pursuant to which hundreds, if not thousands, of criminal matters have been resolved by way of deferred prosecution and nonprosecution agreements without the reputational and business harm that an indictment can inflict on a company.3 In addition, in the cas

Want to read more?

The Champion archive is reserved for NACDL members.

NACDL members, please login to read the rest of this article.

Not a member? Join now.
Join Now
Or click here to see an overview of NACDL Member benefits.

See what NACDL members say about us.

To read the current issue of The Champion in its entirety, click here.

  • Media inquiries: Contact NACDL's Director of Public Affairs & Communications Ivan J. Dominguez at 202-465-7662 or idominguez@nacdl.org
  • Academic Requests: Full articles of The Champion Magazine are available for academic and research purposes in the WestLaw and LexisNexis databases.
Advertisement Advertise with Us

In This Section

Advertisement Advertise with Us