Despite what your parents may have taught you, “please” is not always a magic word. When Securities and Exchange Commission (or any other regulator, for that matter) asks for information, even the most polite letter or casual phone call can be problematic.
That is all the more true with the SEC’s “informal” requests for information, such as the agency’s latest inquiries asking companies to provide any non-disclosure agreements they may have with employees. The SEC is nosing around to determine whether any such agreements could be considered the threat of retaliation against whistleblowers. Similar data hunts have focused on how companies use general solicitation for private offerings and internal cyber-security efforts.
