The Securities and Exchange Commission (SEC) has recently faced setbacks in rulemaking from the Supreme Court, including on SEC v. Jarkesy and Chevron.
In a CQ Roll Call article, litigation & enforcement partner Jeremiah Williams noted that “the SEC has been somewhat aggressive, and making rules where the statutory basis is maybe a little bit questionable. The climate rule is a good example of that.”
The ruling about internal judges may not have as big an impact on the SEC as on other agencies because the SEC already is taking many enforcement cases to federal court, he added. Other SEC enforcement actions, such as its fines against financial firms that use messaging apps to conduct business in violation of the agency’s record-keeping rules, likely will still be okay to adjudicate internally, Jeremiah said.
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