How to Succeed in SEC APs: 10 Inside Tips


Administrative Proceedings (‘‘APs’’) brought by the Securities and Exchange Commission’s Division of Enforcement (‘‘Division’’) are often referred to as the SEC’s ‘‘home court’’ because the SEC’s enforcement teams enjoy significant advantages. APs are tried before Administrative Law Judges (‘‘ALJs’’) who are employed by the SEC; there is no opportunity to seek a jury trial... 

In March 2015, a Haynes and Boone trial team beat the SEC in a contested AP. It was the first time the SEC had lost in a contested proceeding in nearly two years...

Our victory does not change the fact that APs are governed by a biased process that hamstrings respondents, and we remain advocates for reform of the administrative process. Until change occurs, however, this article seeks to share some of the tactics that we believe were critical to our success and offers tips for navigating the uncharted waters of an SEC AP.

Excerpted from the Bloomberg BNA Securities Regulation & Law Report. To read the full article, click here.

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