SEC Enforcement Actions After Jarkesy: Restrictions on SEC's Pursuit of Civil Penalties
Recording of a 90-minute premium CLE video webinar with Q&A
This CLE webinar will discuss the U.S. Supreme Court's recent decision in Securities and Exchange Commission v. Jarkesy and its impact on future enforcement actions where the SEC seeks civil monetary penalties. The panel will provide an overview and background of the decision, analyze the decision's potential impact on current and future SEC enforcement actions, and explore what questions the decision left unanswered and how these issues will likely play out in the future.
Outline
- Background of SEC v. Jarkesy
- SEC's use of ALJs
- Supreme Court's decision in Jarkesy
- Application of Jarkesy to SEC administrative proceedings
- What the Jarkesy decision means for current and future SEC enforcement actions
- Client impact
- Questions/issues the Court left unanswered in Jarkesy and the implications going forward
Benefits
The panel will review these and other important considerations:
- What is the factual background of SEC v. Jarkesy?
- What are the key takeaways of the Court's decision and the implications for future SEC enforcement actions?
- Does the Jarkesy holding apply only to antifraud administrative proceedings or to all SEC administrative proceedings seeking penalties?
- How should counsel advise clients going forward in light of the Jarkesy decision?
- What issues did the Court not address and will these unanswered questions likely lead to future litigation?
Faculty
Thomas P. DeFranco
Of Counsel
Davis Wright Tremaine
Mr. DeFranco is a seasoned litigator who focuses his practice on securities and complex commercial litigation,... | Read More
Mr. DeFranco is a seasoned litigator who focuses his practice on securities and complex commercial litigation, regulatory investigations, and enforcement defense on behalf of financial institutions, public companies, and individuals. He routinely represents clients facing investigation and enforcement actions from financial regulators, including the SEC, CFTC, FINRA, and state securities regulators. These representations touch on a wide variety of issues, including disclosure or offering fraud, insider trading, market manipulation, lack of registration, and failure to maintain adequate policies and procedures. In connection with this practice, Mr. DeFranco regularly advises clients on their obligations under the federal securities laws. He has also represented clients subject to investigation by the DOJ.
Close
Michael R. MacPhail
Partner
Faegre Drinker Biddle & Reath
With more than three decades of experience in securities regulation and enforcement, Mr. MacPhail represents publicly... | Read More
With more than three decades of experience in securities regulation and enforcement, Mr. MacPhail represents publicly traded corporations, investment advisors, broker-dealers, transfer agents, accounting firms, law firms and individuals in a wide variety of high-stakes civil and criminal investigations, enforcement actions and private litigation. In defending his clients, he draws on his 13 years of experience as an SEC enforcement attorney, which included investigating possible violations of federal securities laws and eventually serving first as a branch chief, then as deputy assistant director with supervisory authority over a team of accountants, attorneys and paralegals. Mr. MacPhail also represents clients in parallel criminal investigations by federal grand juries, U.S. Attorney's Offices and the U.S. Department of Justice.
Close
Haimavathi V. Marlier
Partner; Co-Chair Securities Litigation, Enforcement, and White Collar Defense Group; Co-Lead Fintech Practice
Morrison & Foerster
Drawing on her experience as a former SEC Senior Trial Counsel, Ms. Marlier represents public and private companies,... | Read More
Drawing on her experience as a former SEC Senior Trial Counsel, Ms. Marlier represents public and private companies, financial services providers, and individuals in SEC, CFTC, FINRA, and internal investigations, as well as other related litigation. She has extensive experience litigating in federal, state, and administrative courts, leading complex negotiations, and representing her clients in mediation. Ms. Marlier also routinely counsels clients regarding, and is a speaker on, SEC enforcement developments, trends, and enforcement risk mitigation. She joined the firm after nine years at the SEC’s New York office, where Ms. Marlier served as lead counsel on a number of prominent enforcement litigations and investigations involving public companies, registered investment advisers, broker-dealers, banks, and individuals in matters arising under the federal securities laws. She has also worked closely with foreign securities regulators, numerous U.S. Attorney’s Offices, and FINRA.
Close