Securities and Exchange Commission (SEC), Appeals, Judicial Authority

Plain Speaking Wins the Day with D.C. Court of Appeals: Proxy Advisors Are Not Subject to SEC Rule 14(A) Solicitation Prohibition

Sheppard Mullin Richter & Hampton LLP on 7/11/2025

The United States Court of Appeals for the District of Columbia Circuit recently held that the Securities and Exchange Commission (“SEC”) and the securities industry were effectively “separated by a common language.” Giving...more

SEC Disgorgement Stuck in Circuit Split After Supreme Court Declines to Intervene

Bradley Arant Boult Cummings LLP on 6/19/2025

On June 6, 2025, the U.S. Supreme Court denied a petition for certiorari in Navellier & Associates, Inc. v. SEC, declining to resolve a circuit split regarding the circumstances under which the U.S. Securities and Exchange...more

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

A&O Shearman on 6/17/2025

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

Client Alert: The Supreme Court Declines to Address Challenges to FINRA Enforcement Proceedings, and FINRA Proposes Rules to Avoid...

Shumaker, Loop & Kendrick, LLP on 6/10/2025

On June 2, 2025, the Supreme Court denied the petition for writ of certiorari filed by Alpine Securities Corporation in Alpine Securities Corp. v. Financial Industry Regulatory Authority. Interestingly, on the same day, the...more

Eighth Circuit Temporarily Pauses Climate Rules Litigation and Seeks Response from SEC

Wilson Sonsini Goodrich & Rosati on 4/25/2025

Following the U.S. Securities and Exchange Commission’s action in March 2025 to end its defense of the final climate-related disclosure rules (Climate Rules), the Attorneys General of Massachusetts and other states...more

Client Alert: FINRA’s Enforcement Arm Under Fire

Shumaker, Loop & Kendrick, LLP on 1/22/2025

Recent case developments in Alpine Sec. Corp. v. FINRA before the D.C. Circuit cast further uncertainty on the future of the Financial Industry Regulatory Authority (FINRA)’s enforcement arm....more