SEC Updates Its Enforcement Manual — Effective Immediately
On March 20, 2026, the SEC's Division of Enforcement announced updates to its Enforcement Manual, aligning investigations with digital communications, off-channel activity, and evolving cooperation standards.
On March 20, 2026, the SEC's Division of Enforcement announced updates to its Enforcement Manual, aligning investigations with digital communications, off-channel activity, and evolving cooperation standards.
What changed:
- Digital evidence (texts, messaging apps) is now central to investigations
- Cooperation credit is more defined, but requires timely, documented action
- Continued focus on individual liability
- Tighter coordination with parallel criminal and regulatory actions
For cross-border firms:
- U.S.–LATAM operations increase exposure to data, messaging, and recordkeeping gaps
- Off-channel communications are a top enforcement trigger
- Oversight of foreign affiliates and promoters must be demonstrable
Bottom line: enforcement is faster, more data-driven, and less tolerant of weak supervision.
ICS helps firms align surveillance, recordkeeping, and cross-border controls with current enforcement expectations.
ICS advises financial institutions navigating regulatory changes of this type. If your firm needs to assess the impact of this development on your compliance program, contact us to discuss.
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