Akerman attorneys Douglas Paul and Ashley Akapo dive into the latest significant rule change at the Securities and Exchange Commission in this new Bloomberg Law article. The new rule, issued on March 10, 2025, requires SEC commissioners to approve formal orders of investigation, reversing a 15-year-old policy.

This change may slow the pace of investigations and alter their scope. Paul and Akapo highlight potential consequences, including longer informal investigation stages, slower overall investigation pace, and possible emboldening of non-compliance with voluntary requests.

"With the new rule’s added hurdle to issuing a formal order, investigations may now idle in the informal stage for longer than they previously have. ," the pair write. "The new rule may also affect the pace and scope of the SEC’s investigations.”