Managing Partner Roger E. Barton and Operations Partner James E. Heavey recently co-authored an article published in Thomson Reuters: “SEC & FINRA Face New Limits on Enforcement Powers in Post-Chevron Landscape.” The article tackles two recent decisions by the Supreme Court: Loper Bright Enterprises v. Raimondo (which overturned the precedential 1984 case Chevron v. Natural Resources Defense Council) and SEC v. Jarkesy.
The overturning of Chevron serves to overturn judicial deference to federal agencies when interpreting an ambiguous or silent statute, while Jarkesy opens up the door for certain conflicts to be adjudicated by a jury trial rather than by in-house agency tribunals.
The article discusses how the ramifications of these decisions could weaken the enforcement power of federal agencies and other entities in the securities industry, especially the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
You can read the full article here.
Roger E. Barton
James E. Heavey