The U.S. Securities and Exchange Commission (SEC) has implemented a new policy requiring its enforcement staff to obtain approval from politically appointed leadership before formally initiating investigations. This change, which comes under the direction of Acting SEC Chair Mark Uyeda, alters the previous protocol where SEC staff had the authority to launch investigations independently. The new requirement is expected to delay enforcement actions, as all formal investigation orders now necessitate commission approval. This shift in procedure includes the need for approval before issuing subpoenas or compelling testimony, marking a significant change in how the SEC conducts its formal investigations.