Two common criticisms of investigations by the Securities and Exchange Commission have been the length of time investigations take and the enormous costs they impose on private parties. The issues raised by those criticisms have grown in significance in recent years as the SEC staff has used vague and overbroad subpoenas and requests for documents in the age of email and electronically stored information. Unduly broad requests for electronic documents slow the production process, extend investigations, and significantly increase the associated costs.Andrew Vollmer, the former Deputy Counsel of the SEC has an article in the New York Law Journal expressing his concerns on this point. It is well worth reading, and not simply because it quotes me and my article on Responding to an SEC Subpoena. We can only hope that the Staff, the Commission and the Court take notice.
For more information - Need for Narrower Subpoenas in SEC Investigations | New York Law Journal
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