SEC to Issue Policy Governing Subpoenas to Journalists

Following the announcement by Chairman Cox that the agency would withdraw subpoenas previously issued to journalists, the SEC announced that it would write a policy to determine when the issuance of such subpoenas is appropriate. This is a welcome clarification of policy by the SEC. At the same time one can only hope that the application of any such policy is more transparent than that of the previously announced standards governing credit for cooperation and for the determination of fines. See New York Times, at C3, March 3, 2006.