News Summary: SEC to sometimes require mea culpas

News Summary: SEC chief says agency to require admissions of wrong in some big settlements

Associated Press

NEW POLICY: The chairman of the Securities and Exchange Commission says the agency will start requiring companies and individuals to admit wrongdoing in some significant settlements.

'NO ADMIT OR DENY': Currently the SEC allows companies and individuals to settle charges without admitting or denying wrongdoing. Critics, including a federal judge, have complained that policy doesn't deter repeat violations.

PUBLIC ACCOUNTABILITY: SEC Chairman Mary Jo White says the agency will now demand admissions of wrongdoing in cases involving serious fraud or harm to investors, and where "it's very important to have that public acknowledgement and accountability."

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