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Another Constitutional Challenge to SEC Administrative Forum

The drumbeats of discontent grow louder against the SEC’s more frequent use of its internal administrative forum for enforcement cases. I wrote about the current spate of Constitutional challenges to the agency’s forum in an...more

There’s No Place Like Home: The Constitutionality of the SEC’s In-House Courts

Until recently, it was extremely rare for the SEC to bring enforcement actions against unregulated entities or persons in its administrative court rather than in federal court. However, as a result of the Dodd-Frank Act (and...more

Investment Adviser Challenges Constitutionality of SEC Administrative Proceedings

A registered investment adviser and its principal recently sued the Securities and Exchange Commission for declaratory and injunctive relief to stave off an imminent administrative enforcement action, alleging that the tenure...more

SEC Faces New Constitutional Challenge to Administrative Proceedings Based on Tenure Protection of Administrative Law Judges

In a complaint filed recently in the Southern District of New York, an activist investor and his investment advisor company have gone on the offensive against the SEC. Joseph Stillwell and Stillwell Value LLC filed a...more

SEC ALJs Face Free Enterprise Challenge

Several years ago, I testified as an expert witness in an administrative proceeding brought by the Securities and Exchange Commission. The hearing was held in what looked like a courtroom before what appeared to be a judge...more

Oxfam America Takes A Stand, But Does It Have Standing?

Recently, I wrote about Oxfam America’s new lawsuit against the Securities and Exchange Commission for failing to adopt a final rule implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. ...more

SEC Gives Itself the Home Court Advantage in an Accounting Fraud / Internal Controls Action Against a Corporate CEO

An otherwise mundane SEC announcement on July 30, 2014 of an enforcement action charging a public company CEO and CFO with accounting fraud and internal controls violations is significant because the SEC is proceeding against...more

SEC Staff Issues Statement on Effect of Court Decision on Conflict Minerals Rule

On April 29, 2014, the SEC Division of Corporation Finance (the “Division”) issued a statement on the effect of a recent decision by the US Court of Appeals for the District of Columbia Circuit (the “Court”) on the SEC’s...more

U.S. Court of Appeals Strikes Down Reporting Requirement Under the SEC's Conflict Minerals Rules

On April 14, 2014, the U.S. Court of Appeals for the D.C. Circuit issued its decision in National Association of Manufacturers, et al., v. Securities Exchange Commission, a case involving a challenge to the SEC’s conflict...more

Update: Legal Challenge To The SEC’s Conflict Minerals Reporting Regulations

In the 2010 Dodd Frank Act, the United States Congress required, inter alia, the SEC to promulgate a rule requiring certain manufacturers to trace the sources of tin, tantalum, tungsten and gold that are contained in products...more

Federal Appeals Court Largely Upholds Conflict Minerals Rules

On April 14, 2014, the United States Court of Appeals for the D.C. Circuit issued its much anticipated decision regarding the challenge to the Securities and Exchange Commission’s Conflict Minerals Rules. The Court largely...more

Money, Gold And Judges: D.C. Circuit Holds SEC’s Conflict Minerals Rule Violates The First Amendment

On April 14, 2014, a divided panel of the U.S. Court of Appeals for the District of Columbia held in National Assoc. of Mfg., et al. v. SEC that the required disclosures pursuant to the SEC’s Conflict Minerals Rule violated...more

Court Ruling Regarding the Dodd-Frank Conflict Minerals Disclosure Requirements

A panel of the U.S. Court of Appeals for the D.C. Circuit held today that a portion of the SEC’s conflict minerals reporting regulations – and possibly a portion of the underlying Dodd Frank Act – compel speech in violation...more

Name And Shame No More?

The last few years has seen the rise of so-called “name and shame” laws. The aims of many these laws may be laudable, but yesterday’s decision by the Court of Appeals for the District of Columbia Circuit calls their...more

Circuit Court Largely Rejects Challenges To SEC Conflict Mineral Rules

The SEC largely prevailed in the D.C. Circuit Court of Appeals in a suit changing the Rules promulgated by the agency under Dodd-Frank regarding conflict minerals. National Association of Manufacturers v. SEC, No.. 13-5252...more

Money Manager Sues SEC to Stop Administrative Action in $1.5 Billion CDO Case

A money manager and his firm recently sued the Securities and Exchange Commission claiming that the agency violated their constitutional rights by bringing an administrative proceeding for securities claims in connection with...more

Commentary on the planned work on the act “against the Big Brother” presented by the Minister of Internal Affairs B. Sienkiewicz...

In 2013 the Minister of Internal Affairs B. Sienkiewicz announced work on the bill “against the Big Brother”. The announcement of B. Sienkiewicz of the act regulating among others the principles of operation of video...more

Opinion on the proposed reform of the secret services in Poland - the Bill on the Internal Security Agency's (2013)

In fact, the biggest problem of Polish secret services (including ISA) is their lack of specialization. Despite determining their activities, under the current law, the ISA deals with “everything and nothing”, which...more

Caso Lídia Teixeira x União (Senado)

Justiça derruba limite de gastos do Senado com assistência à saúde de viúva de ex-Senador

"No caso dos autos, como referido linhas retro, a Requerente é pessoa idosa, necessitada de constante acompanhamento médico-hospitalar e ambulatorial, em clínicas de tratamentos multidisciplinares e que, em vista de constar...more

Konczal: Dodd-Frank Reforms Get Roughed Up in Court [Video]

April 11 (Bloomberg Law) -- Mike Konczal, fellow at the Roosevelt Institute and contributor to Bloomberg View, talks with Bloomberg Law's Lee Pacchia about how the implementation of the financial reform laws in Dodd-Frank...more

Can CalPERS Be Sued In Federal Court Or Perhaps Even New York State Court?

The California Public Employees’ Retirement System began lending securities in the early 1980s. Since the early 1990s, CalPERS has used the Master Securities Loan Agreement (MSLA) originally developed by the former Bond...more

Californians Like To Whistle While They Work

California Ranked No. 1! The staff at the Securities and Exchange Commission recently released the 2012 Annual Report on the Dodd-Frank Whistleblower Program. It turns out that California leads the other states in...more

Gabelli v. SEC,

Brief Of The CATO Institute As Amicus Curiae In Support Of Petitioners

Statutes of limitations exist for good reason: Over time, evidence can be corrupted or disappear, memories fade, and companies dispose of records. Moreover, people want to get on with their lives and not have legal battles...more

U.S. Chamber of Commerce Sues SEC to Overturn Controversial Dodd-Frank Resource Extraction Rule

On October 10, 2012, the U.S. Chamber of Commerce and three industry groups filed suit against the Securities and Exchange Commission in federal court in Washington, D.C., seeking to overturn the recently-promulgated SEC rule...more

State AGs join lawsuit challenging constitutionality of CFPB

Republican state Attorneys General from Oklahoma, South Carolina and Michigan have now joined the lawsuit that was filed this past June in federal court in Washington, D.C. challenging the constitutionality of Dodd-Frank....more

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