Outside Publication

The SEC’s Administrative Law Enforcement Record

March 23, 2016

The SEC has been criticized for bringing more enforcement cases before its administrative law judges because it allegedly “wins them all” in that forum compared with a more mixed record in federal district court. The Commission has responded that administrative proceedings are a particularly efficient way to conduct its enforcement business. To evaluate these claims, the author assembles and examines the growth over time of administrative litigated cases, the Commission’s win-loss record in such cases, and the time needed to move a case all the way through the administrative process.

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