Securities Regulation

Constitutionality of Administrative Law Judges at the Securities and Exchange Commission and Elsewhere - Event Audio/Video

2015 National Lawyers Convention
John S. Baker, Jr., Stephen Crimmins, Todd Pettys, Tuan Samahon, F. Scott Kieff November 17, 2015

The Securities and Exchange Commission (SEC) has recently increased its use of administrative proceedings, before Administrative Law Judges (ALJs), to seek civil penalties, as an alternative to proceeding in an Article III court. Other federal regulatory and enforcement agencies use ALJs for various purposes at various rates. Although no single set of rules governs all ALJs, they typically differ from Article III courts in important ways, bringing their use under recent criticism. As two examples, ALJs do not enjoy life tenure and they are sometimes employed by and answerable to the agency itself. Our panel will discuss the pros and cons of the use of ALJs at the SEC and other agencies.

Corporations: Constitutionality of Administrative Law Judges at the Securities and Exchange Commission and Elsewhere
2:00 p.m. – 3:30 p.m.
East Room

  • Prof. John S. Baker, Jr., Visiting Professor, Georgetown University Law Center
  • Mr. Stephen J. Crimmins, Shareholder, Murphy & McGonigle PC
  • Prof. Todd E. Pettys, H. Blair and Joan V. White Chair in Civil Litigation, University of Iowa College of Law
  • Prof. Tuan Samahon, Villanova University School of Law
  • Moderator: Hon. F. Scott Kieff, Commissioner, International Trade Commission

The Mayflower Hotel
Washington, DC

Supreme Court Declines to Hear Blockbuster Insider Trading Case: What’s Next After United States v. Newman? - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
James M. Burnham, Peter M. Thomson October 20, 2015

On October 2, 2015, the United States Supreme Court denied certiorari in United States v. Newman, a high-profile case dealing with the prosecution of two hedge fund managers for alleged insider trading. The Second Circuit Court of Appeals overturned their convictions, and the Department of Justice urged the Supreme Court to take the case and claimed the Second Circuit’s approach to insider trading would greatly reduce the government’s ability to prosecute insider trading. What is the current state of insider trading law? Will the Supreme Court eventually be forced to intervene and provide clarity?


  • James M. Burnham, Associate, Jones Day
  • Peter M. Thomson, Special Counsel, Stone Pigman Walther Wittmann LLC

Market Regulation: A Look Back, and a Look Forward - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
Jeffrey T. Dinwoodie, Annette L. Nazareth June 23, 2015

Over the past several years there has been a heightened interest in the operation and structure of the U.S. securities markets. Annette Nazareth and Jeffrey Dinwoodie explained the history and development of our current equity market structure. They also shed light on some of the key issues currently being debated and provided an update on the SEC’s activities in this area.

  • Jeffrey T. Dinwoodie, Associate, Davis Polk & Wardwell LLP
  • Annette L. Nazareth, Partner, Davis Polk & Wardwell LLP

Shifting from District Court Action to Administrative Proceedings at the Securities and Exchange Commission - Podcast

Litigation and Corporations, Securities, and Antitrust Practice Groups Podcast
Matthew T. Martens April 21, 2015

Over the course of the last year, various SEC officials have stated publicly that the agency intends to bring more of its litigated enforcement cases in administrative proceedings rather than in federal district court. The SEC points to the recent expansion of its authority under Dodd-Frank to bring such administrative proceedings. The defense bar has responded by filing lawsuits seeking to block these administrative proceedings and force the agency to bring any enforcement action in federal court. Commentators have also written op-eds and given speeches criticizing the agency's approach as misguided policy. And recently, Congress has weighed in by questioning SEC officials about this new approach during oversight hearings. Matthew Martens (a securities enforcement partner at WilmerHale and the former SEC Chief Litigation Counsel) discussed these recent developments, including a review of the constitutional arguments the defense bar has raised to administrative proceedings, the procedural differences between administrative proceedings and district court actions, and the tactical challenges that administrative proceedings present to potential defendants.

  • Matthew T. Martens, Partner, WilmerHale

The Highs–and Lows–of High-Frequency Trading - Podcast

Corporations, Securities & Antitrust Practice Group Podcast
Brian Mannix, Joanne Medero August 05, 2014

While other fields of law are trying to anticipate the future ramifications of the widespread use of drones, robots, and self-driving vehicles, financial markets have already confronted the fact that – for about five years now – automated trading programs have made the majority of all trades in equities and commodities. Automation has substantially reduced the cost of trading, but it has also had profound effects on the structure of financial markets, and has raised questions about its facilitation of allegedly abusive practices. A 2013 documentary, “Ghost Exchange,” and a 2014 best-selling book, Michael Lewis’s Flash Boys, focused public attention on the effects of high-frequency trading (HFT) on market integrity and stability, and helped precipitate a series of aggressive enforcement investigations as well as rulemaking initiatives at financial regulatory agencies in the U.S. and abroad. Our experts reviewed the state of the debate over HFT, and possible paths forward.

  • Brian Mannix, President, Buckland Mill Associates
  • Joanne Medero, Managing Director, BlackRock Inc.