SEC Grapples with Jarkesy Case as Meta Lawsuit Waits in the Wings

By John Livingstone and Anat Alon-Beck December 8, 2023 by renholding

The legal world witnessed a riveting face-off last week as the Supreme Court delved into the intricacies of SEC v. Jarkesy. The case, stemming from a divided opinion by the Fifth Circuit in May 2022, challenges the constitutionality of …

Market Trends, Shareholder Activism, the SEC, and Litigation Get Lively Airing at Columbia Law School M&A and Corporate Governance Conference

By Tianzi Wu December 15, 2022 by renholding

Top practitioners, judges, regulators, and scholars gathered at Columbia Law School on December 2 to offer their unique perspectives and cutting-edge insights on a variety of topics related to M&A and corporate governance. The topics included current M&A market trends, …

Sullivan & Cromwell Discusses Recent Rulings’ Effects on SEC Use of Administrative Forum

By Sullivan & Cromwell May 25, 2022 by renholding

Two cases—one recently accepted for review by the Supreme Court, and another recently decided by the Court of Appeals for the Fifth Circuit—could change the manner in which the SEC brings enforcement actions against those accused of violating federal securities …

SEC Says “Control Deficiency” Gave Enforcement Staff Access to Privileged Documents

By Securities and Exchange Commission April 7, 2022 by renholding

The Commission has identified a control deficiency related to the separation of its enforcement and adjudicatory functions within its system for administrative adjudications. When this deficiency was identified, the Chair immediately notified the other Commissioners and directed the staff to

…

A Tale of Two Enforcement Venues: Why the SEC’s Choice of Where to File Cases Matters

By Xin Zheng December 11, 2020 by renholding

The Dodd-Frank Act of 2010 allows the Securities and Exchange Commission (SEC) to bring enforcement actions and impose civil penalties in administrative proceedings as alternatives to federal district courts. Some argue that this gives the SEC a “home-court” advantage. For …

Improving Enforcement and Adjudication at the SEC

By Andrew Vollmer April 17, 2020 by renholding

Earlier this year, the Office of Management and Budget solicited suggestions for “regulatory reforms that will better safeguard due process in the regulatory enforcement and adjudication settings.” That invitation was a rare opportunity to comment on the procedures federal agencies …

Recent Trends in SEC Penalties Against Public Companies

By David Rosenfeld February 10, 2020 by renholding

Over the past 20 years, civil penalties have become an increasingly important part of the SEC’s enforcement program. The agency frequently imposes large monetary penalties, highlights those penalties in press releases, and touts them in end-of-year statistics. Civil penalties are …

Fact and Fiction: The SEC’s Oversight of Administrative Law Judges

By Robert J. Jackson, Jr. March 9, 2018 by renholding

I’ve had the honor of serving as a commissioner of the SEC for just over a month now— and I’ve learned a lot in that time, mostly from the outstanding staff. I’ve been schooled about cryptocurrency, spent hours wading through …

Davis Polk Discusses Solicitor General’s Change of Heart on SEC Judges

By Michael Flynn, Amelia Starr, Linda Chatman Thomsen and Paul Nathanson December 11, 2017 by renholding

On November 29, 2017, the Solicitor General filed a brief in the Supreme Court on behalf of the Securities and Exchange Commission (“SEC”) reversing the agency’s position and arguing that SEC administrative law judges (“ALJs”) have been unconstitutionally appointed to …

Cleary Explores Appeals Court Split Over SEC Administrative Cases

By Breon Peace, Lisa Vicens and Darryl Stein January 11, 2017 by renholding

On December 27, the United States Court of Appeals for the Tenth Circuit in Bandimere v. S.E.C.[1] found that the Securities and Exchange Commission’s (“SEC”) use of administrative law judges (“ALJs”) violated the U.S. Constitution. While the court’s opinion …

The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

administrative law judges