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Securities Exchange Act › Administrative Law Judge (ALJ)

The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +
The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange Commission (SEC), which is the primary regulatory agency enforcing federal securities laws. less -
Morrison & Foerster LLP

Top 5 SEC Enforcement Developments for June 2024

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Each month, we publish a roundup of the most important SEC enforcement developments for busy in-house lawyers and compliance professionals. This month, we examine: •The Supreme Court’s Jarkesy decision and its impact on the...more

Paul Hastings LLP

The Consequential Impact of the Supreme Court’s Monumental Ruling in SEC v. Jarkesy

Paul Hastings LLP on

On June 27, 2024, the Supreme Court of the United States issued its decision in SEC v. Jarkesy, holding that the Securities and Exchange Commission (“SEC”) must prosecute securities fraud before a federal court whenever it...more

Venable LLP

Jarkesy: SEC Change-Up - The Supreme Court Curbs the Use of Administrative Courts for Litigated Fraud Claims and Civil Penalties

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In a landmark decision issued last week, SEC v. Jarkesy, the Supreme Court held that the Seventh Amendment guarantees a defendant a jury trial when the SEC seeks civil penalties against the defendant for committing securities...more

Troutman Pepper

Supreme Court Limits SEC’s In-House Adjudication

Troutman Pepper on

On June 27, the U.S. Supreme Court released a 6-3 decision in SEC v. Jarkesy, et al., ending the Securities and Exchange Commission’s (SEC) long-standing use of in-house administrative law judge (ALJ) tribunals in cases where...more

Carlton Fields

Against All Odds Alpine Wins Important Injunction Against FINRA

Carlton Fields on

On July 5, 2023, the D.C. Circuit Court of Appeals issued an injunction that raises a challenge to FINRA’s authority to use FINRA-appointed hearing officers to conduct enforcement proceedings. The injunction enables Alpine...more

Proskauer - Minding Your Business

The Axon Side-Step: Defendants’ New Dance to Avoid Agency Enforcement Actions

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The FTC and SEC have their own administrative dispute resolution regime, presided over by their own administrative judges (“ALJs”). Until now, those regimes were virtually immune from attack on a constitutional basis, because...more

Patterson Belknap Webb & Tyler LLP

Supreme Court Decision in Axon Enterprise, Inc. v. FTC Has Wide Reaching Implications for Administrative Enforcement Proceedings

Patterson Belknap Webb & Tyler LLP on

On April 14, 2023, the Supreme Court issued a consolidated opinion in Axon Enterprise, Inc. v. FTC and SEC v. Cochran.[1] We previously covered the oral argument in these cases here. These cases address whether respondents...more

Troutman Pepper

Unanimous Supreme Court Decision Allows for Early Challenges to Federal Agency Enforcement Actions

Troutman Pepper on

On April 14, the Supreme Court unanimously held that federal district courts have jurisdiction to review constitutional challenges to the structures of the Federal Trade Commission (FTC) and Securities and Exchange Commission...more

Morrison & Foerster LLP

Supreme Court Deals Latest Setback to Government’s Use of ALJs in Consolidated Axon Enterprise v. FTC and SEC v. Cochran Decision

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In a setback to the SEC’s and other federal agencies’ use of administrative law judges (“ALJs”) to conduct in-house enforcement proceedings, the U.S. Supreme Court recently issued a unanimous decision in Axon Enterprise, Inc....more

Carlton Fields

Attacks on the SEC Administrative Citadel

Carlton Fields on

For decades, the SEC Enforcement Division has opted to use the SEC’s in-house administrative law judges (ALJs) when the case involved a registered entity, which was the jurisdictional base for in-house administrative...more

Seyfarth Shaw LLP

SEC’s In-House Adjudication Deemed Unconstitutional by Fifth Circuit

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A key enforcement power of the Securities and Exchange Commission (“SEC”)—its ability to elect to conduct in-house administrative proceedings before Administrative Law Judges (“ALJs”) instead of bringing an action in federal...more

Kramer Levin Naftalis & Frankel LLP

Creating Circuit Split, Fifth Circuit Rules District Court May Hear Constitutional Challenge to SEC Enforcement Action

Kramer Levin Naftalis & Frankel LLP on

On Dec. 13, 2021, an en banc panel of the Fifth Circuit held that the Securities Exchange Act of 1934 (Exchange Act) does not preclude federal district courts from exercising subject matter jurisdiction over constitutional...more

A&O Shearman

D.C. Circuit Clarifies "Willfulness" Requirement For Investment Advisers Act Violations, In Decision With Possible Ramifications...

A&O Shearman on

On April 30, 2019, the United States Court of Appeals for the District of Columbia Circuit vacated an aggregate $150,000 in fines that the U.S. Securities and Exchange Commission (“SEC”) had levied against an investment...more

Vedder Price

Highlights from SEC Speaks 2019 – Litigation and Enforcement Trends

Vedder Price on

The U.S. Securities and Exchange Commission (the “SEC” or the “Commission”) held its annual SEC Speaks conference in Washington, DC on April 8 and 9, 2019. The conference featured remarks from the Chairman and commissioners,...more

Akin Gump Strauss Hauer & Feld LLP

PCAOB Amends Process for Appointing and Removing its Hearing Officers

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On January 29, 2019, the Public Company Accounting Oversight Board (PCAOB or “Board”) adopted amendments to its bylaws and rules that make the PCAOB’s appointment and removal of its hearing officers subject to the approval of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - December 2018

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This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between September 2018 and October 2018. ...more

Blank Rome LLP

Regulatory Update and Recent SEC Actions

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REGULATORY UPDATES - U.S. Securities and Exchange Commission (“SEC”) Proposes Rule Change to Address Auditor Independence - On May 3, 2018, the SEC proposed to amend its auditor independence rule, Rule 2-01 of...more

Stinson - Corporate & Securities Law Blog

Duka Beats Fraud Charge in SEC Administrative Court

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Barbara Duka was an employee of Standard & Poor’s Ratings Services. The SEC contended that Duka loosened S&P’s methodology for rating commercial mortgage-backed securities to help the company generate ratings business from...more

Burr & Forman

11th Circuit Holds Judicial Review of SEC ALJs Premature

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The Eleventh Circuit Friday joined three others in concluding that Congress intended Respondents must wait until appeal from the Commission to have a Court consider their challenges to the Constitutionality of the SEC’s...more

Burr & Forman

SEC ALJ Slams Bebo; Summarily Denies ConLaw Challenge

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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

Dorsey & Whitney LLP

DC Circuit: No Jurisdiction For Suits Re SEC Forum Selection Choice

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Suits challenging the SEC’s forum selection decisions continue to proliferate. As the trend has unfolded the Commission posted a memo on its website discussing the issue of forum selection and has proposed modifications to...more

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