The existential threat to administrative enforcement has largely devolved into a bureaucratic annoyance since last June. While another Supreme Court securities enforcement decision, Kokesh v. SEC, fundamentally changed the way the SEC selects cases to prosecute, Lucia has basically become a problem of resource allocation that will eventually fade into the sunset as the remanded cases become final. Until the last of the remanded cases reaches finality, however, the administrative law judges have a sizable backlog to work through.
‘Enforcement 40’ for 2020
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