The U.S. Securities and Exchange Commission (SEC) has amended its regulations to revoke the authority of its staff to initiate formal investigations. This change raises questions about the potential impact on the number of investigations, with speculation that it may lead to fewer formal probes and an increase in 'voluntary' or informal requests for documents and information. The SEC's enforcement actions against individuals and firms involved in financial reporting have also decreased in the final year of the Biden administration, with fewer but higher-value actions compared to the previous two years. This move signals a shift towards greater oversight of enforcement activities by the SEC commissioners.