The Supreme Court took the case and is scheduled to hear oral argument on Nov. 29, 2023. Over 35 amici have filed briefs weighing in on these issues. Groups of administrative law scholars and the American Bar Association filed briefs in support of the SEC; meanwhile, attorneys general from 18 states, along with high-profile individuals like Mark Cuban and Elon Musk, filed briefs in support of Jarkesy. The Supreme Court is expected to issue a decision sometime next year.
As oral argument before the Supreme Court approaches, focus among legal scholars will likely — and understandably — be on the contours of the “non-delegation” doctrine, which has wide-ranging implications on the ability of federal agencies, including the SEC, to exercise their authority. However, those most focused on uprooting corporate fraud understand that Jarkesy could also mark a new era of securities enforcement.
Under the current legal landscape, SEC enforcement actions constitute one of two major mechanisms that investors rely on for the deterrence and punishment of securities fraud — the other is private securities actions brought by the injured shareholders themselves….
‘Enforcement 40’ for 2020
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