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SEC Commish Wants Clarity on SEC Enforcement Policy

Bruce Carton | February 21, 2015

The SEC's increased use of administrative proceedings as the forum for its enforcement actions has come under fire in recent months, with many of the respondents in those cases filing lawsuits arguing (unsuccessfully, so far) that APs are actually unconstitutional. In a speech yesterday, SEC Commissioner Michael Piwowar acknowledged that as a matter of "fairness," the SEC should draft guidelines to establish "which cases are brought in administrative proceedings and which in federal courts."

Speaking at the annual SEC Speaks conference in Washington, D.C., Commissioner Piwowar observed that the SEC staff has indicated in recent public statements that the agency intends to bring more enforcement matters, including insider trading cases, as APs rather than in federal...

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