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The Securities and Exchange Commission (“SEC”) prevails in the second circuit in defending its no-admission settlement policy

The Securities and Exchange Commission (“SEC”) prevails in the second circuit in defending its... Purpose– To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the practice was called into question by a federal district court judge. Design/methodology/approach– Explains the background on the practice of no-admission, the challenge by Judge Rakoff to the practice, and the ruling of the Second Circuit and its practical approach on enforcement matters. Findings– The ruling should resolve much of the uncertainty that has surrounded court approval of SEC settlements since Judge Rakoff’s decision to question the practice of no-admit or deny settlements. However, recent comments from SEC Chair Mary Jo White and Senior Enforcement Staff suggest that the SEC may continue to seek admissions in certain cases. Originality/value– Practical guidance from experienced securities and financial services lawyers. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

The Securities and Exchange Commission (“SEC”) prevails in the second circuit in defending its no-admission settlement policy

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1528-5812
DOI
10.1108/JOIC-09-2014-0039
Publisher site
See Article on Publisher Site

Abstract

Purpose– To explain the impact of a recent decision by the USA Court of Appeals for the Second Circuit on the SEC’s “neither admit nor deny” practice on SEC enforcement matters after the practice was called into question by a federal district court judge. Design/methodology/approach– Explains the background on the practice of no-admission, the challenge by Judge Rakoff to the practice, and the ruling of the Second Circuit and its practical approach on enforcement matters. Findings– The ruling should resolve much of the uncertainty that has surrounded court approval of SEC settlements since Judge Rakoff’s decision to question the practice of no-admit or deny settlements. However, recent comments from SEC Chair Mary Jo White and Senior Enforcement Staff suggest that the SEC may continue to seek admissions in certain cases. Originality/value– Practical guidance from experienced securities and financial services lawyers.

Journal

Journal of Investment Compliance – Emerald Publishing

Published: Oct 28, 2014

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