SEC enforcement officials participated in a panel discussion at the PLI SEC Speaks conference in Washington, D.C. The panel was led by SEC Enforcement Co-Directors Stephanie Avakian and Steve Peiken. Panelists discussed several topics including cooperation, multijurisdictional and interagency investigations, Wells notices, and negotiations with SEC staff. Panelists also discussed the implications of the Supreme Court’s decision in Lorenzo v. SEC , which held that an investment banker violated Rules 10b-5(a) and (c), Section 10(b) of the Exchange Act, and Section 17(a)(1) of the Securities Act by knowingly disseminating false information to prospective investors at the direction of his boss. Panelists stated that they expect that the decision in Lorenzo will apply to both those who disseminate false statements and those who direct others to draft or disseminate such statements. On other topics, panelists emphasized the importance of cooperation and self-reporting; suggested the negotiation of global, cross-agency settlements in multijurisdictional investigations; and advised that defense counsel for Wells notice recipients should be selective about which charges to dispute instead of responding with blanket denials, which can hurt credibility.