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Enforcement Supreme Court of the United States Securities Regulation

Patterson Belknap Webb & Tyler LLP

Justices to Consider Whether Section 47(b) of the Investment Company Act Creates a Federal Cause of Action

In its October 2025 Term, the Supreme Court will decide whether Section 47(b) of the Investment Company Act of 1940 (“ICA”) creates a federal cause of action for private plaintiffs seeking rescission of contracts that are...more

A&O Shearman

Supreme Court Declines To Hear Constitutional Challenge To FINRA’s Enforcement Powers

A&O Shearman on

On June 2, 2025, the U.S. Supreme Court declined to hear a challenge brought by a member firm against the enforcement power given to the Financial Industry Regulatory Authority (“FINRA”). The Court’s decision to turn away...more

A&O Shearman

FINRA Faces Post- Jarkesy Challenge to its Enforcement Program

A&O Shearman on

The Financial Industry Regulatory Authority (“FINRA”) is now facing a second litigation challenging the constitutionality of its use of disciplinary tribunals to impose sanctions on FINRA members. A broker filed a complaint...more

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