SEC Allows Simultaneous Review of Settlements and Waiver Requests
SEC Chair Paul S. Atkins restored the Commission’s prior practice of "permitting a settling entity to request that the Commission simultaneously consider an offer of settlement that addresses both an underlying Commission enforcement action and any related waiver request."
Mr. Atkins explained that this process would permit staff to bring both items forward together when a settlement triggers automatic disqualifications or other collateral consequences. He noted that joint consideration allows the Commission to weigh the conduct, consequences, and proposed resolution in full context with input from multiple divisions, reducing fragmented reviews and ensuring outcomes are more closely aligned with the SEC’s broader mission.
Mr. Atkins emphasized that the change is intended to increase fairness, efficiency, and certainty while still preserving the Commission’s discretion to separate or reject the two requests. He added that if the Commission approves a settlement but denies a waiver, the respondent will have five business days to decide whether to proceed; otherwise, the settlement may be withdrawn and the matter litigated.