Securities Regulation

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.

A Conversation with SEC Commissioners Daniel Gallagher and Paul Atkins - Podcast

Financial Services & E-Commerce Practice Group Podcast
Daniel M. Gallagher, Paul S. Atkins June 24, 2014


Securities and Exchange Commissioner Daniel Gallagher and former Commissioner Paul Atkins joined us on a Teleforum conference call for a conversation on Dodd-Frank's impact on United States capital markets.

  • Hon. Daniel M. Gallagher, Commissioner, Securities and Exchange Commission
  • Hon. Paul S. Atkins, CEO, Patomak Global Partners LLC, and former Commissioner, Securities and Exchange Commission

Halliburton v. Erica P. John Fund

Short Video featuring Steven Bradbury
Steven G. Bradbury June 24, 2014

On June 23, 2014 Supreme Court released its opinion in Halliburton Co. v. Erica P. John Fund, Inc.  At issue in the case was whether the Court should rethink its approach to securities class actions established in Basic Inc. v. Levinson, and, if so, what the new standard should be.  

The Court held in a 6-3 decision that the standard in Basic still holds, but clarified that Defendants may introduce evidence of no price impact prior to class certification, to rebut the presumption of reliance permitted under Basic.   Chief Justice Roberts delivered the opinion of the Court, in which Kennedy, Ginsburg, Breyer, Sotomayor and Kagan joined. Justices Ginsburg filed a concurring opinion which Justices Breyer and Sotomayor joined. 

In an opinion concurring in the judgment, Justice Thomas, joined by Justices Scalia and Alito, argued that Basic should be overturned.

Watch Steven Bradbury, Partner in the Washington, DC office of Dechert LLP, discuss the decision.