The Supreme Court has now twice rebuked the Securities and Exchange Commission (“SEC” or “Commission”) in unanimous opinions on statutes of limitations. See Gabelli v. Securities and Exchange Commission, 568 U.S. 442 (2013); see also Kokesh v. Securities and Exchange Commission, 137 S. Ct. 1635 (2017).
Its February 2013 Gabelli decision, coupled with its June 2017 Kokesh decision, provide individuals and corporations facing an SEC enforcement action, including FCPA related investigations, with a strong shield. These recent opinions have led to the vexing question: how should individuals and corporations now approach the inevitable request from SEC staff for a tolling agreement.
