SEC Rescinds “No Deny” Policy As a Condition of Settled Enforcement Actions
July 23, 2026
Private Equity Law Report
The SEC’s recent rescission of its longstanding “no deny” policy for settled enforcement actions raises new questions for private fund managers navigating settlement strategy and regulatory risk.
In a Private Equity Law Report article, Partner Brian Rubin shared perspective on how the new rule fits within the SEC’s broader enforcement posture, while also cautioning that firms and individuals should remain thoughtful about any public statements tied to settled matters.
“Firms and individuals still have to be careful about what they say, because fraud provisions could apply if they say something misleading, or things they say publicly could be used against them in private litigation or other regulatory actions,” Brian told the publication.
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