Administrative Agency Securities

Read need-to-know updates, commentary, and analysis on Administrative Agency issues written by leading professionals.
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Hold the Phone: SEC Takes One Last Stand Before the Tenth Circuit regarding the Constitutionality of the SEC’s Administrative Law...

Last week, the United States Securities and Exchange Commission filed a petition for rehearing en banc with the Tenth Circuit Court of Appeals, imploring the court to reconsider a divided panel’s ruling on the...more

FINRA Dismisses Insider Trading Charges

On March 13, 2017, Financial Industry Regulatory Authority’s (“FINRA”) National Adjudicatory Council (the “NAC”) affirmed a hearing panel’s finding that Matthew Joseph Sheerin, a trader formerly with investment firm Angelo...more

European Commission Launches Portal for Better Regulation

The European Commission launched a new portal through which feedback can be provided on proposed EU legislation and initiatives. The portal is part of the Commission’s Better Regulation agenda...more

Ninth Circuit Joins Second Circuit in Adopting Broad Definition of “Whistleblower” Under The Dodd-Frank Act

A divided panel of the U.S. Court of Appeals for the Ninth Circuit recently ruled in Somers v. Digital Realty Trust Inc. that the Dodd-Frank Act’s definition of “whistleblower” includes not only those who disclose information...more

The SEC’s Proposed Changes to Rule 15c2-12 Could Have Far-Reaching Impact on Issuers and Obligors of Municipal Securities

On March 1, 2017, the Securities and Exchange Commission (“SEC”) issued Release No. 34-80130 (the “Release”) proposing several amendments to its Rule 15c2-12 (the “Rule”) that would add two new events to the list of events...more

"Key Takeaways: Recent Investment Management Litigation and Regulatory Developments"

On February 28, 2017, Skadden hosted a webinar titled “Recent Investment Management Litigation and Regulatory Developments.” The Skadden panelists were litigation partners Eben Colby and Seth Schwartz, securities enforcement...more

Swimming in dark pools

NZX has published its regulatory agenda for 2017 setting out its regulatory priorities and resourcing, and the outcomes it seeks to achieve over the coming year. In both the 2016 and 2017 regulatory agendas, NZX has flagged...more

SEC Proposes to Increase Municipal Securities Disclosures

Last week, the Securities and Exchange Commission proposed Rule Amendments to Improve Municipal Securities Disclosures.  According to the SEC, these rule amendments are intended to “improve investor protection and enhance...more

Frequently Asked Questions About the SEC's New Rules Requiring Hyperlinked Exhibits in Exchange Act and Securities Act Filings

On March 1, 2017, the Securities and Exchange Commission adopted changes to rules and forms that will require companies to provide hyperlinks to the exhibits listed in the exhibit index in most reports and registration...more

SEC Approves Rules to Require Hyperlinks in Exhibit Lists

As anyone who has ever tried to find an exhibit to an SEC filing that is incorporated by reference knows, it is not always easy or quick! Help is on the way - yesterday, the SEC approved rule changes that will require...more

SEC Reportedly Centralizing Authority to Issue Formal Investigation Orders

According to a report in the Wall Street Journal, the acting Chairman of the Securities and Exchange Commission has centralized authority to issue formal orders of investigation – a critical authority that triggers the...more

OMB Provides Guidance on Trump’s 2 for 1 Regulatory Cuts

OMB’s Office of Information and Regulatory Affairs has provided interim guidance on the requirements in Section 2, “Regulatory Cap for Fiscal Year 2017,” of the Executive Order of January 30, 2017, titled “Reducing Regulation...more

Supreme Court to Review SEC Enforcement Limitations

On Friday, January 13, the Supreme Court granted certiorari to resolve a Circuit split on the extent to which SEC enforcement actions are restricted by the five-year statute of limitations in 28 U.S.C. § 2462. Section...more

To Be or Not To Be: The SEC Administrative Court — Are They Constitutional or Not

Seyfarth Synopsis: What, if any, steps the government will take to appeal the Tenth Circuit’s Bandimer’s decision remains to be seen. The government may elect to petition the entire Tenth Circuit to hear the case en banc. Or...more

Tenth Circuit Creates Circuit Split on the Constitutionality of SEC Administrative Law Judges

On December 27, 2016, a divided panel of the Tenth Circuit Court of Appeals found the SEC’s use of administrative law judges (“ALJs”) unconstitutional, setting aside an ALJ’s administrative order finding David F. Bandimere...more

Tenth Circuit Decision in Bandimere v. SEC Creates Circuit Split on Question Whether the SEC’s Procedure for Appointing...

On December 27, 2016, in Bandimere v. SEC, the Tenth Circuit held that SEC administrative law judges (ALJs), who preside over the agency’s civil administrative proceedings, are “inferior officers” within the meaning of the...more

The Tenth Circuit Rules SEC Administrative Judges Are Unconstitutional, Setting Up Potential Supreme Court Review

The constitutionality of the SEC’s in-house administrative proceedings is in doubt following the 10th Circuit Court of Appeals’ ruling in Bandimere v. SEC. In Bandimere, a three-judge panel held, by a 2-1 decision, that SEC...more

Not So Fast: The Tenth Circuit Creates a Split by Denying the Constitutionality of the SEC’s Administrative Law Judges

Just before the clock struck 2017, the United States Court of Appeals for the Tenth Circuit weighed in on the constitutionality of the United States Securities and Exchange Commission’s (“SEC” or “Commission”) administrative...more

Tenth Circuit Decision Finds Against the SEC and Creates a Circuit Split on the Constitutionality of the Commission’s ALJs

In the final days of 2016, the U.S. Court of Appeals for the Tenth Circuit denounced the constitutional authority of the five administrative law judges (“ALJs”) who preside over contested administrative proceedings brought by...more

Tenth Circuit Court of Appeals Finds SEC’s Process for Designating Administrative Law Judges to be Defective, Causing Split with...

The U.S. Court of Appeals for the Tenth Circuit on December 27, 2016, in Bandimere v. SEC, found the Administrative Law Judges (ALJs) used by the U.S. Securities and Exchange Commission (SEC) to hear its administrative...more

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

Let's Talk Municipal Finance – An Introduction

This is the first in a series of posts discussing financing alternatives available to municipalities and certain other governmental entities, such as school, water, and sewer districts. Municipalities and other...more

Appellate Court Decision Casts New Doubts Regarding SEC Administrative Actions

A recent federal appellate decision casts new doubt on the SEC’s practice of using its own administrative law judges (ALJs) to hear actions brought by the SEC Enforcement Division. In a decision late last month, the U.S....more

SEC Watchdog to Watch Watchdog

The SEC’s Office of Compliance Inspections and Examinations (OCIE) has established a dedicated team charged specifically with inspecting FINRA and other FINRA-related work. This follows through on the SEC’s...more

Circuits Split - Tenth Holds SEC ALJs Unconstitutional

The Tenth Circuit recently held that the SEC’s in-house judges are “inferior officers” hired in violation of Article II’s Appointment Clauses, creating a split with the D.C. Circuit over the issue. The Tenth Circuit held...more

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