United States: The SEC Finally Admits It, The No-Admit/No-Deny Policy Is Gone
By: Thoreau Bartmann, Meghan Flinn, Ted Kornobis, Hayley Trahan-Liptak, and Neil Smith
On 18 May 2026, the United States Securities and Exchange Commission (SEC) rescinded the rule barring settling defendants from publicly denying the agency’s allegations. The policy, in place since 1972, effectively silenced settling defendants on pain of having their cases reopened. Now, defendants can publicly dispute SEC allegations, including under existing consent judgments.
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