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SEC Gives Views on Courts vs. Administrative Hearings

Bruce Carton | May 10, 2015
Late Friday afternoon, the SEC’s Division of Enforcement announced that it had issued staff guidance on factors the agency will consider in recommending that a particular litigated enforcement matter be brought in an administrative proceeding or in federal district court.
As previously discussed here, SEC Commissioner Michael Piwowar stated in February 2015 at the annual SEC Speaks conference in Washington, D.C. that as a matter of "fairness," the SEC should draft such guidelines. He said in that speech that
To avoid the perception that the Commission is taking its tougher cases to its in-house judges, and to ensure that all are treated fairly and equally, the Commission should set out and implement guidelines for determining which cases are brought in administrative...
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