Sponsored by the Federalist Society's Corporations, Securities & Antitrust Practice Group
Three former SEC Commissioners reflect on their tenures at the SEC and also provide their perspectives on several of today’s most important financial regulatory issues and questions.
This panel was sponsored by the Federalist Society's Corporations, Securities & Antitrust Practice Group on June 1, 2016, at the National Press Club in Washington, DC.
- Hon. Paul S. Atkins, Chief Executive, Patomak Global Partners, LLC (SEC Commissioner 2002-2008)
- Hon. Annette L. Nazareth, Partner, Davis Polk & Wardwell LLP (SEC Commissioner 2005-2008)
- Hon. Troy A. Paredes, Founder, Paredes Strategies LLC (SEC Commissioner 2008-2013)
- Moderator: Jeffrey T. Dinwoodie, Associate, Davis Polk & Wardwell LLP
- Introduction: Mr. Dean A. Reuter, Vice President & Director of Practice Groups, The Federalist Society
National Press Club 2015 National Lawyers Convention
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.
- 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 Corporations, Securities & Antitrust Practice Group Podcast
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?
Corporations, Securities & Antitrust Practice Group Podcast
- James M. Burnham, Associate, Jones Day
- Peter M. Thomson, Special Counsel, Stone Pigman Walther Wittmann LLC
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.
Litigation and Corporations, Securities, and Antitrust Practice Groups Podcast
- Jeffrey T. Dinwoodie, Associate, Davis Polk & Wardwell LLP
- Annette L. Nazareth, Partner, Davis Polk & Wardwell LLP
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