Leading securities regulation scholars have repeatedly called for legislatively expanding the Securities and Exchange Commission’s (SEC) control over private securities litigation.[1] These proposals grow out of profound doubts about the private securities class action regime and frustration with the decentralized multi-enforcer approach to securities enforcement. But these centralization proposals have failed to gain traction.

In a new paper, I map out a different way to harness the SEC’s power to improve the private securities litigation regime.  Rather than expand SEC authority, I argue that the SEC can and should make better use of its existing authority in this domain.… Read more