Ropes & Gray Partner Dan O’Connor Comments on SEC’s Emerging “Open Jacket” Policy in Bond Buyer Article

Ropes & Gray partner Dan O’Connor, a former SEC enforcement trial attorney, was featured in a recent article in Bond Buyer discussing what defense practitioners view as a shift by the SEC toward greater investigative file access during the Wells process – often referred to as an “open jacket” policy.

Dan explained that the SEC’s Enforcement Manual permits staff, at their discretion, to allow access to non-privileged portions of the investigative file following a Wells notice.

He noted that while such access has historically been limited, current practice appears to be moving back toward broader availability, “Having access to such information means we get a fuller picture of the evidence that the SEC staff is relying upon in making its Wells determination so that we can appropriately address any concerns and questions full on.”

Dan also noted that the "SEC's return to a presumption that investigative file access should be granted during the Wells Process is a significant development that provides for a better discourse.”