Last year, the Enforcement Division of the SEC announced its intention to bring more enforcement actions in its own administrative forum rather than in federal court. The authors describe these administrative proceedings under the Commission's Rules of Practice, beginning with the filing of charges, the run-up to the hearing, the hearing itself, and the appeal process. Although there are significant differences between the SEC's rules and those of a federal district court, not all such differences, the authors find, favor the Enforcement Division.
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Originally published in The Review of Securities & Commodities Regulation, Vol. 48 No. 9 on May 6, 2015.
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