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Sep. 24, 2025

Lessons From the SEC’s Denial of Motions to Amend Off‑Channel Communications Orders

  • Michael Washburn
    Anti-Corruption Report
In April 2025 the SEC issued an order denying motions made by 16 respondents (Respondents) in the hope of bringing about modifications and stays of settled orders against them related to the use of off-channel communications. The motions were atypical in that the Respondents argued that they were penalized more harshly than other firms caught later in the sweep, particularly in light of the current administration’s change of heart around the use of off-channel communications. This article presents legal analysis of the decision and what it portends for regulatory enforcement in the coming months under new SEC leadership. See “Latest SEC Sweep of Off‑Channel Communications Both Befuddles and Turns Up the Heat on Investment Advisers” (Apr. 24, 2024).

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