STEPHEN COHEN is the global practice leader of the Regulatory and Enforcement group and a member of the firm’s Executive Committee. He advises clients on a comprehensive range of government and internal investigations, enforcement-related litigation, whistleblower complaints, cyber breaches and regulatory and compliance issues, including clients seeking to strengthen corporate governance and compliance programs. Stephen joined Sidley in 2017 after twelve years at the Securities and Exchange Commission, most recently serving as Associate Director in the Enforcement Division where he earned the Distinguished Service Award, the agency’s highest honor. He oversaw hundreds of investigations involving broker-dealers, investment advisers, exchanges, securities offerings, insider trading and a range of public company and accounting issues. The Society of Corporate Compliance and Ethics presented Stephen with its 2017 International Compliance & Ethics award, recognizing him for his significant contributions to the compliance and ethics profession. Stephen is a Chambers-ranked member of Sidley’s global Securities Enforcement and Regulatory practice, which received the 2019 Chambers USA Award for Financial Services Regulation, and was named the “Law Firm of the Year” for Securities Regulation in 2020 and 2017 by U.S. News – Best Lawyers.

Stephen L. Cohen
- Securities Enforcement and Regulatory
- 白领:政府诉讼与调查
- 会计和职业责任
- 政府政策
经验
- 代理事宜
- 会员资格与主要活动
Since joining Sidley in 2017, Stephen has represented several public companies and their Audit Committees or Special Committees as well as SEC registrants in internal investigations and matters involving the SEC, Department of Justice, FINRA, PCAOB, CFTC, state attorneys general and securities regulators. Stephen is ranked in Chambers for Securities Enforcement, which noted his “wide-reaching capabilities in regulatory enforcement. He is highly effective in representing asset managers and public companies before the SEC in disclosure and reporting matters, as well as in FCPA issues.” Representative matters include:
Public Companies and Auditors
- HP Inc. in disclosure-related SEC settlement.
- Herbalife Nutrition in FCPA investigation resulting in SEC settlement and DOJ deferred prosecution agreement, and a disclosure-related SEC matter.
- BorgWarner, Inc. in restatement-related SEC settlement.
- MiMedx in SEC and DOJ investigations, including an SEC settlement and DOJ declination.
- Large multinational company in internal investigation and investigations by SEC and DOJ involving the Foreign Corrupt Practices Act.
- Fortune 100 company in SEC accounting and disclosure investigation.
- Multiple big four audit firms and partners, as well as international member firms, in SEC and PCAOB investigations.
- Multiple public company boards of directors on governance, compliance and regulatory issues.
SEC-Registered Firms
- Principal of substantial hedge fund manager in an SEC investigation resulting in no enforcement action.
- Rialto Capital Management in SEC settlement.
- Registered investment adviser in an SEC investigation resulting in closure with no enforcement action.
- Multiple investment advisers in SEC’s revenue sharing and mutual fund share class disclosure.
- Multiple investment advisers in SEC exams.
- Major bank in conjunction with internal investigation and FINRA inquiry involving mortgage-backed securities trading.
- Major financial institution in conjunction with SEC investigation involving international private fund, which was closed without enforcement action.
- Credit rating agency in SEC investigation.
Cybersecurity and Cryptocurrency
- Large financial institution in internal investigation involving cybersecurity incident.
- Large public investment bank in internal investigation and regulatory guidance related to cyber breach.
- Investment adviser in cyber-related SEC examination.
- Multiple individuals in SEC initial coin offering investigation.
While at the SEC, Stephen oversaw domestic and international enforcement activities involving accounting and disclosure fraud, auditor misconduct, the Foreign Corrupt Practices Act, insider trading, registered and unregistered securities offerings, market abuses, broker-dealers, investment advisers and other regulated entities. Stephen held many division-wide and agency-wide leadership positions. In addition, in various different contexts, he worked closely with individuals in many federal regulatory and law enforcement agencies, including investigative coordination and providing advice and training on enforcement and investigations issues to regulators and law enforcement agencies around the world. He also served as part of a task force with other federal agencies for cybersecurity issues.
Prior to his appointment as associate director, Stephen was a senior adviser to former SEC Chairman Mary Schapiro. He was instrumental in advising on legal, policy and administrative matters with a focus on enforcement and compliance, legislative matters and congressional hearings. Stephen led the SEC’s work in relation to the whistleblower provisions in Dodd-Frank and subsequent rulemaking, oversaw the rulemaking establishing a Consolidated Audit Trail, and he directed the creation of the agency’s Tips, Complaints and Referrals system.
Stephen won the SEC’s Distinguished Service Award in 2016, the agency’s highest honor, for his skill in managing one of the division’s most productive groups, bringing many of the commission’s most significant actions, significantly expanding the SEC’s ability to protect investors and driving initiatives that improved the division’s performance. In 2013, he received the Chairman’s Award for Excellence in recognition of his work on the Consolidated Audit Trail rulemaking. Stephen also received the agency’s Law and Policy award in 2011 for his involvement in the implementation of the Dodd-Frank Act, including the Whistleblower Program.
Before joining the SEC, Stephen handled litigation matters and government investigations at a national law firm. Prior to that, he worked at the Department of Justice as a trial lawyer through the Attorney General’s Honors Program after clerking for a federal district judge.
Stephen is a frequent speaker on SEC enforcement and has participated in numerous conferences nationwide. He has also been interviewed on television news programs, including CNBC and Fox News and programs such as Dateline and American Greed.
- Member, Steering Committee, District of Columbia Bar’s Corporation, Finance and Securities Law Community, recipient of the District of Columbia Bar’s 2021 Community of the Year Award.
- Member, Editorial Board, Journal of Financial Compliance.
- Member, Board of Advisors, SEC Historical Society.
相关业务能力
- Securities Enforcement and Regulatory
- 白领:政府诉讼与调查
- 会计和职业责任
- 政府政策
- 反洗钱
- 大数据、物联网和人工智能
- 经纪交易商
- 商业罪案合规咨询
- 国会调查
- 网络安全、网络犯罪和数据泄露
- 《多德-弗兰克法案》
- 美国《海外反腐败法》/反贿赂
- 金融信息与私隐法
- 金融机构诉讼
- 财务报告和披露
- 金融服务立法
- 关于会计师的政府及监管调查
- 对冲基金、私募和金融机构诉讼
- 对冲基金
- 内幕交易
- 内部调查
- 国际会计师责任经验
- 投资顾问和互惠基金
- 律师事务所权益
- 并购诉讼
- 国土安全
- 私人证券诉讼
- 公共公司会计监督委员会
- 金融零售业务
- 美国证券法信息披露
- 第10A条款
- 第16章 报告和法律责任
- 针对会计师的证券诉讼
- 证券、互惠基金和商品活动
- 高级职员和董事证券交易
- 出庭辩护
- 行政法上诉
- 金融、证券和会计师责任上诉
- 环球金融服务
- Crisis Management and Strategic Response
- 上市公司
- 证券执法
- Blockchain
- 金融科技
- 投资顾问执法
- 投资顾问
- 私人房地产基金
- 证券监管咨询与合规
- Banks and Financial Institutions Crisis Management and Strategic Response
- Pre-Commercial Life Sciences Companies
- UK Accountancy Investigations and Enforcement
- 衍生金融工具
新闻与观点
证书
执业资格及证书
- U.S. Court of Appeals, 5th Circuit
- U.S. Court of Appeals, D.C. Circuit
- 美国华府哥伦比亚特区
- Florida
- Massachusetts
学历和教育
- University of Miami School of Law, 法学博士, 1997 (magna cum laude, University of Miami Law Review)
- Boston University, 文学学士, 1993 (cum laude)
书记员
- Ursula Ungaro, U.S. District Court, S.D. of Florida (1997 - 1998)