Dealing With The SEC's Administrative Proceeding Trend
Law360, New York ( January 13, 2015, 5:10 PM EST) -- On Dec. 11, Judge Lewis A. Kaplan of the U.S. District Court for the Southern District of New York issued a decision suggesting that district court judges should defer to administrative agencies in their choice of administrative proceedings (APs) over federal district court actions to enforce the law.[1] Less than one week later, on Dec. 15, the U.S. Securities and Exchange Commission released a 3-2 commission opinion illustrating its intent to use the administrative forum as a vehicle to interpret the securities laws and regulations aggressively and to attempt administratively to overrule lower court precedent that the SEC does not like.[2] These opinions have appeared amid an upswing of the SEC's use of APs and public debate over the fairness of the SEC administrative forum....
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