Given his frequent comments on market structure issues, the top of his wish list for the SEC might seem surprising. According to Commissioner Jackson, if he could have one wish, he would like to see a legislative fix to reverse the U.S. Supreme Court’s decision in Kokesh v. SEC. In Kokesh, the Supreme Court rejected the longstanding SEC position that disgorgement orders are remedial in nature and found that the remedy acted as a penalty. Accordingly, the court held that SEC claims for disgorgement are subject to the five-year statute of limitations in 28 U.S.C. §2462.
‘Enforcement 40’ for 2020
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