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Time to Fess Up, SEC Now Says


By Tom Steinert-Threlkeld

January 9, 2012

It's been almost as longstanding a practice in the regulatory field as using the phrase "left to pursue other interests" when a company asks one of its top executives to leave.

But the Securities and Exchange Commission says it will no longer let companies "neither admit nor deny" charges in settling cases it brings against them.

Sort of.

The head of the SEC's enforcement division, Robert Khuzami, says that firms will no longer be allowed to say they neither admit nor deny the regulators's civil charges against them.

At least not when when they admit to or have been convicted of criminal violations.

Here's the New York Times report on the change.


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