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SEC adopts changes to administrative proceedings

Jaclyn Jaeger | July 15, 2016

The SEC this week adopted amendments updating its rules of practice governing its administrative proceedings.

“The amendments to the Commission’s rules of practice provide parties with additional opportunities to conduct depositions and add flexibility to the timelines of our administrative proceedings, while continuing to promote the fair and timely resolution of the proceedings,” SEC Chair Mary Jo White said in a statement.

Although securities law authorizes the SEC (and other federal agencies) to try some disputes internally—rather than further clog the already overburdened federal courts—the SEC began expanding its use of the proceedings to more complex cases—insider trading and accounting fraud, for example—that historically were resolved in court. That has led to criticism about the truncated nature of proceedings, discovery, and evidence rules that are too loose in some regards and overly...

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