Securities and Exchange Commission (SEC), Non-Delegation Doctrine, Enforcement Actions

U.S. Supreme Court Denies Alpine’s Petition Challenging Constitutionality of FINRA Enforcement Proceedings

Carlton Fields on 6/6/2025

On June 2, 2025, the U.S. Supreme Court denied a petition for writ of certiorari filed by Alpine Securities Corp. in Alpine Securities Corp. v. Financial Industry Regulatory Authority. In doing so, the Supreme Court declined...more

DC Circuit Grants Preliminary Injunction Preventing FINRA From Expelling Member Without SEC Review, Finding Private Nondelegation...

A&O Shearman on 12/11/2024

On November 22, 2024, the D.C. Circuit Court of Appeals enjoined the Financial Institution Regulatory Authority (“FINRA”) from expelling a member firm without Securities and Exchange Commission (“SEC”) review. Alpine...more

The Hits Keep Coming for FINRA, Closing Out a Brutal Summer

Carlton Fields on 8/29/2023

It’s not just the New York Yankees that wish they could put the summer behind them. We previously wrote about the shocking blow the D.C. Circuit Court of Appeals dealt FINRA in early July by enjoining the self-regulatory...more

The Justice Insiders: The Administrative State is Not Your Friend - A Conversation with Professor Richard Epstein

Husch Blackwell LLP on 6/21/2022

In this episode of The Justice Insiders, we welcome Richard A. Epstein, Laurence A. Tisch Professor of Law at NYU School of Law. Host Gregg Sofer and co-host Steve Renau explore with Professor Epstein the implications...more

Fifth Circuit Holds SEC Proceeding Brought in Agency’s In-House Court Unconstitutional

Skadden, Arps, Slate, Meagher & Flom LLP on 5/24/2022

Key Points On May 18, 2022, in Jarkesy v. SEC, No. 20-61007 (5th Cir. May 18, 2022), a split panel of the U.S. Court of Appeals for the Fifth Circuit identified three independent constitutional flaws in the administrative...more

Supreme Court Declines to Review Constitutionality of SEC In-House Court

Carlton Fields on 7/25/2016

The SEC’s increased use of its own "home court" for enforcement proceedings has triggered constitutional challenges to SEC administrative proceedings (APs). See "Defendants Challenge SEC’s Increased Use of Administrative...more

Hill v. SEC: Eleventh Circuit Buries District Court Challenges to the Constitutionality of SEC Enforcement Actions

Carlton Fields on 6/24/2016

Last week, the United States Court of Appeals for the Eleventh Circuit held that a district court cannot hear constitutional challenges to an ongoing administration enforcement action of the U.S. Securities and Exchange...more

D.C. Circuit Repulses Assault on the SEC’s Administrative Citadel

Burr & Forman on 10/5/2015

The citadel of the SEC’s administrative forum has been under assault from several vectors over the past year or so, as a chorus of dissenting Respondents have mounted increasing challenges to its constitutional legitimacy, as...more

Securities and Exchange Commission (SEC) › Non-Delegation Doctrine › Enforcement Actions

"My best business intelligence, in one easy email…"