On February 11, 2021, the Acting Chair of the Securities and Exchange Commission, Allison Herren Lee, announced that the SEC would no longer permit parties to request that the Commission simultaneously consider enforcement settlements and requests for waivers from resulting collateral consequences. The announcement is a reversal of a procedure then-Chair Jay Clayton announced in July 2019. As a consequence of the change, parties that offer to settle SEC enforcement actions will have the terms of their settlements considered separately from their requests for waivers, resulting in renewed uncertainty about the overall consequences of resolving SEC enforcement matters.