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Email Even before President Trump’s nomination of Jay Clayton as the next Chairman of the Securities and Exchange Commission (“SEC” or “Commission”), signs have been appearing that changes are afoot within the Division of Enforcement (“Enforcement Division”). The power of Enforcement Division attorneys in the field to issue subpoenas and open new investigations was recently scaled back, and now will require personal sign-off by the Director of Enforcement in Washington, D.C. https://www.cadwalader.com/resources/clients-friends-memos/signs-signs-everywhere-a-sign-changes-in-store-for-sec-enforcement-under-the-trump-administration