(Bloomberg) — US Securities Exchange Commission staff have been told to seek permission from leadership before formally starting probes, Reuters reported, citing people briefed on the matter who weren’t identified.
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The change, which marked a move away from recent norms, was made since since President Donald Trump took office on Jan. 20, the people told Reuters. The news service didn’t determine who ordered the change or whether the Commission had formally voted on it.
Enforcement staff can still informally investigate, according to the report. Formal orders are needed to issue subpoenas for testimony or documents, the people said.
A spokesperson for the SEC declined to comment to Reuters.
The SEC usually has five commissioners, appointed by the president. Currently there are three, two Republicans and one Democrat.
Mark Uyeda is acting as the agency’s chair until a permanent head is confirmed by the Senate, replacing Gary Gensler. Trump has tapped former Commissioner Paul Atkins to lead the SEC, which was created after the 1929 stock market crash to to enforce laws against market manipulation.
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