The U.S. Securities and Exchange Commission announced this week that it will be revoking enforcement staff's authority to initiate investigations without the commission's approval. This new rule overturns the delegation of power granted to the head of enforcement in 2009 to issue formal orders like subpoenas. The SEC stated that this change aims to better align the use of investigative resources with the commission's priorities. 

Moving forward, lawyers at the SEC will now require permission from the politically appointed leadership to issue orders. It was not confirmed at the time whether the Commission had officially voted to revoke the enforcement staff's authority.

The SEC disclosed that the new rule will come into effect 30 days after its publication in the Federal Register. A spokesperson for the SEC emphasized that this adjustment seeks to enhance the Commission's oversight of the cases brought forth by the Division.