SEC to Bring More Cases before its Own Administrative Tribunals in the Wake of Recent Dodd-Frank Changes

According to recent public statements by a high-ranking Securities and Exchange Commission official reported by The New York Times, the SEC expects to bring more enforcement proceedings in front of its own administrative tribunals. Driving this trend are recent legislative changes under the Dodd-Frank Act which expand the powers of the SEC in so called “cease and desist” administrative proceedings.

Before Dodd-Frank, only regulated entities and individuals could be the subject of civil monetary penalties in proceedings heard by SEC administrative tribunals. If the SEC sought monetary penalties from unregulated entities/individuals, it had to bring the matter before the courts, where respondents are afforded certain procedural protections not available in administrative proceedings. Recent legislative changes now allow the SEC to seek civil monetary penalties from both regulated and unregulated entities/individuals at hearings held before its internal administrative tribunals.

administrative tribunal cease and desist Dodd-Frank monetary penalties SEC



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