SEC changes tune on privilege

Staff not to ask for attorney-client privilege waiver.

, The National Law Journal

The Securities and Exchange Commission, releasing its enforcement manual publicly for the first time, directs its staff not to ask a party to waive the attorney-client or work-product privileges, but to refer all potential waiver issues to supervisory staff. The manual, known among practitioners as the "Red Book," has never been available to those outside of the SEC, and is designed only to provide guidance to the staff of the Enforcement Division in the investigation of potential violations of the securities laws.

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