“It’s the type of public announcement that would immediately signal a new direction for the Securities and Exchange Commission - one that would quickly put some pep back in the step of the SEC’s enforcement rank-and-file, and certify its new leader’s credentials in the eyes of a skeptical investing public.”

Or at least, that’s what we wrote three days ago when we reported that the new SEC Chairman Mary Schapiro was considering putting an end to the SEC’s settlement “preapproval” policy.

Well, earlier today Schapiro announced she was going to do just that during a speech at the Practising Law Institute’s “SEC Speaks in 2009″ Program.

Here’s an excerpt:

“In speaking to our Enforcement staff, I’ve been told that these special procedures have introduced significant delays into the process of bringing a corporate penalty case; discouraged staff from arguing for a penalty in a case that might deserve a penalty; and sometimes resulted in reductions in the size of penalties imposed.

At a time when the SEC needs to be deterring corporate wrongdoing, the “penalty pilot” sends the wrong message. The action I am taking to end the penalty pilot is designed to expedite the Commission’s enforcement efforts to ensure that justice is swiftly served to those public companies who commit serious acts of securities fraud.”