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Covering SEC, CFTC, FINRA, PCAOB, States, Exchanges, & FCA Enforcement Activities

D.C. Circuit Split on Constitutionality of SEC’s Administrative Judges

We previously blogged about the D.C. Circuit’s decision in Raymond J. Lucia Cos v. SEC, which rejected the petitioner’s constitutional challenges to the SEC’s use of administrative law judges that are not appointed by the President. Yesterday, the D.C. Circuit issued a two sentence per curiam order denying an en banc review by an equally divided court.

We noted that the panel’s original opinion was the first appellate ruling of its kind. Although the panel’s decision remains in effect because the full court did not rehear the case, the strength of that ruling is now severely undermined. As we previously reported, the Tenth Circuit has already disagreed with the D.C. Circuit’s panel and held that the SEC’s administrative law judges are subject to the Constitution’s Appointments Clause. Yesterday’s order likely sets the stage for a Supreme Court challenge.

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June 27, 2017
Written by: Andrew L. Van Houter
Category: Compliance and Supervision, Hedge Funds and Private Equity, Insider and Manipulative Trading, Investment Advisers and Broker Dealers, Public Companies, Accounting, and Auditing
Tags: Administrative Proceedings

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