Andrew Vollmer, who previously served as deputy general counsel at the S.E.C. and now teaches securities law at the UVA School of Law, said the agency would most likely be concerned by Mr. Katzman’s belief that his agreement with Goldman barred him from talking to regulators. “The S.E.C. sues companies that have what it claims to be over-broad confidentiality terms that prohibit an employee from disclosing misconduct to the S.E.C.,” Mr. Vollmer said.