
Dan Brecher
Counsel
212-286-0747 dbrecher@sh-law.comFirm Insights
Author: Dan Brecher
Date: August 2, 2016
Counsel
212-286-0747 dbrecher@sh-law.comThe Securities and Exchange Commission (SEC) recently adopted several amendments to its rules of practice governing administrative proceedings. According to the agency, the rule changes are “intended to update the rules and introduce additional flexibility into administrative proceedings.”
The Dodd-Frank Act gave the SEC greater authority to bring enforcement actions via administrative proceedings. The SEC has used its newfound power to bring significant cases before its own hearing officers rather than federal judges or independent juries. Critics argue that the rules governing administrative proceedings give the SEC an unfair home court advantage.
The SEC initially proposed the amendments last September. While the public comments the agency received were largely positive, many also noted that further changes should be made to the rules of practice for SEC administrative proceedings. Nonetheless, they are a step in the right direction. Below are the key changes under the SEC’s final rules:
The amendments will become effective 60 days after publication in the Federal Register and will apply to all proceedings initiated on or after that date.
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