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US SEC announces important revisions to Enforcement Manual

The Securities and Exchange Commission headquarters
Photo: Anna Moneymaker/Getty Images

Kelly L. Gibson | Morgan Lewis, Carolyn M. Welshhans | Morgan Lewis, Michael A. Hacker | Morgan Lewis+1

6 min read
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The Enforcement Manual serves as the foundational guide for how the SEC conducts investigations and recommends enforcement actions.

February 24, 2026, brought comprehensive updates to the SEC Enforcement Manual, marking the first revision since 2017. These changes, aimed at reinforcing “fairness and transparency,” modify certain investigative and settlement procedures and are expected to affect all entities subject to SEC enforcement actions.

The Enforcement Manual (Manual) serves as the foundational guide for how

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