This course examines all aspects of the SEC’s enforcement process, from the opening of an investigation through its ultimate resolution, whether by settlement, litigation or closure without enforcement action. We consider the SEC’s and defense practitioners’ strategic considerations at every critical juncture of an investigation, including whether to self-report, whether to cooperate, whether to assert and how to protect privileges, and the Wells process. We also discuss the overlapping roles of federal and state criminal and civil regulatory authorities, including the Department of Justice and the New York Attorney General, internal investigations, the emerging importance of whistleblowers, and questions that arise with regard to the role of counsel. We explore issues that arise under the SEC’s current areas of enforcement focus, including insider trading, financial fraud, investment advisors, gatekeepers, Ponzi and pyramid schemes, and the Foreign Corrupt Practices Act, and survey the various contexts in which claims under the securities laws may be pursued, including litigation with the SEC and other regulators and class and derivative actions. We use important historical precedents as well as current SEC enforcement developments as the basis for class discussion.