Securities Constitutional Law

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SEC’s Conflict Minerals Rule Still Unconstitutional, Says D.C. Circuit

On August 18, 2015, the United States Court of Appeals for the District of Columbia Circuit reaffirmed that both Section 1502 of the Dodd-Frank Act and its implementing Conflict Minerals Rule issued by the SEC violate the...more

SEC’s Piwowar and Gallagher Dissent, Defer to Courts on ConLaw Challenge

SEC Commissioners Piwowar and Gallagher dissented from a recent Commission Opinion sanctioning an investment adviser’s use of misleading historical data purporting to validate an asset-allocation model. Agreeing there was a...more

SEC ALJ Slams Bebo; Summarily Denies ConLaw Challenge

Laurie Bebo, CEO of Assisted Living Concepts, initially got some sympathetic words from the U.S. District Judge who felt constrained to turn away her constitutional challenge to the SEC’s administrative forum: The Court...more

Battle Over SEC’s Admin Forum Moves to 11th Circuit

The battle over the constitutionality of the SEC’s administrative forum now moves to the U.S. Eleventh Circuit. The appellate court issued an order Wednesday, denying the SEC’s bid to upset the trial court’s preliminary...more

District Court Rules That Smartphone Passcodes Are Testimonial; Protected by Fifth Amendment

In Securities and Exchange Commission v. Huang, the district court held that the Fifth Amendment protected two former employees against having to disclose their personal passcodes for company-issued smartphones to government...more

SEC and Amnesty International Seek En Banc Rehearing of Decision in Ongoing Conflict Minerals Court Battle

On Friday, the SEC and Amnesty International each filed petitions seeking a rehearing en banc of the August 2015 panel opinion of the U.S. Court of Appeals for the District of Columbia Circuit regarding the conflict minerals...more

D.C. Circuit Court “Tunes In” To SEC Administrative Court Debate

On September 29, 2015, the D.C. Circuit, the second federal appellate court to recently weigh in on the ongoing debate over SEC administrative actions, ruled in favor of the SEC in Jarkesy v. SEC, holding that federal courts...more

Blog: No Surprise Here: SEC And Amnesty File Petitions For En Banc Rehearing In The Conflict Minerals Case

To no one’s surprise, on Friday, the SEC and Amnesty International filed petitions for en banc rehearing in the conflict minerals case, National Association of Manufacturers, Inc. v. SEC. That case, decided two-to-one in...more

September 2015: Appellate Update

Postscript to the U.S. Supreme Court’s October 2014 Term. The Supreme Court of the United States completed its October 2014 term in June, having decided a number of matters of wide public interest. Among the most notable was...more

D.C. Circuit Repulses Assault on the SEC’s Administrative Citadel

The citadel of the SEC’s administrative forum has been under assault from several vectors over the past year or so, as a chorus of dissenting Respondents have mounted increasing challenges to its constitutional legitimacy, as...more

Conflicts Minerals Quagmire to Continue as En Banc Rehearing Requested

Both the SEC, the loser in the most recent conflict minerals rehearing decision, and Amnesty International, an intervenor on the losing rehearing side, have asked for an en banc rehearing on the recent rehearing of the...more

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

SEC Administrative Law Judge Appointments Held Likely Unconstitutional

Defendants in SEC administrative enforcement proceedings have increasingly been going to federal court to challenge the SEC’s stepped-up use of its "in-house" tribunal. While the early results were not promising, more recent...more

D.C. Circuit Joins Seventh Circuit in Rejecting Court Challenges to Pending SEC Administrative Enforcement Proceedings

The U.S. Court of Appeals for the District of Columbia Circuit held today that federal District Courts do not have subject-matter jurisdiction to entertain challenges to ongoing SEC administrative enforcement proceedings. A...more

Tweaking the “Home Court” Rules for SEC Administrative Proceedings

SEC proposes modest amendments to AP process to enhance efficiency and address concerns regarding fairness. In an effort to enhance the efficiency of its processes in administrative proceedings (APs) and bolster its...more

Court Refuses to Compel Employees to Disclose Passcodes for Employer-Issued Smartphones

Just this week, in Securities and Exchange Commission v. Huang, No. 15-269 (E.D. Pa.  September 23, 2015), the United States District Court for the Eastern District of Pennsylvania denied the Securities and Exchange...more

SEC Again Rejects Constitutional Challenges to Administrative Enforcement Proceedings

The Securities and Exchange Commission again rejected constitutional challenges to the use of administrative enforcement proceedings presided over by Administrative Law Judges (“ALJs”). The Commission’s September 17, 2015...more

SEC Must Stop 2 Admin Cases Pending 2nd Circuit Constitutionality Decision

Two rulings last week ordered the SEC to stop administrative proceedings in two cases, pending the Second Circuit’s ruling on the constitutionality of its administrative forum. The Second Circuit stayed the SEC’s prosecution...more

SEC Seeks Increased Access to Email

Jacqui Merrill, an Associate at The Volkov Law Group, joins us with a posting on the SEC’s request for increased access to emails. In a Senate Judiciary Committee meeting held on September 16, 2015, Securities and...more

Second Circuit Stays SEC Administrative Proceeding

Defendants continue to pound nails into what may be to be the SEC’s coffin that its administrative proceedings are unconstitutional. If the genie is out of the bottle it’s hard to tell what the far reaching implications...more

SEC ALJ Dismisses Case: Inside-Info Trades, But No Tipper Benefit

An SEC administrative law judge (“ALJ”) found that former Wells Fargo trader Joseph Ruggieri traded on material nonpublic information tipped him by former analyst Greg Bolan, but dismissed the insider-trading charges against...more

SEC Administrative Law Judges Ruled Unconstitutional

Introduction - A recent decision from the U.S. District Court for the Southern District of New York concludes that the manner in which Administrative Law Judges (“ALJs”) of the U.S. Securities and Exchange Commission...more

Having the Last Word on the Last Word: SEC Says Its ALJs are “Mere Employees”

In what will surely not be the last word on this continuing controversy, on September 3, 2015, a majority of the members of the Securities and Exchange Commission held that the appointment process for the Commission’s...more

Creation Of Astana International Financial Centre

Following the decree of the President of Kazakhstan issued in May of this year, a draft constitutional law (the Bill) has been presented for consideration to the lower house of parliament, taking the creation of the Astana...more

Top Ten International Anti-Corruption Developments for August 2015

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments in the past month, with links to primary...more

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