Regulatory Enforcement Defense

Daniel S. Alter attorney profile image

New York, NY

C: (347) 880-6140
T: (212) 880-3636
Lionel André attorney profile image

Washington, DC

T: (202) 661-7039
F: (202) 661-7059

New York, NY

T: (212) 880-3583
F: (212) 880-3998
Christian R. Bartholomew attorney profile image

Washington, DC

C: (202) 669-3038
T: (202) 220-1940
F: (202) 661-7059
Daniel T. Brown attorney profile image

Washington, DC

T: (202) 661-7020
F: (202) 661-7059
Katherine Cooper attorney profile image

New York, NY

T: (212) 880-3630
F: (212) 825-9828
James Dombach attorney profile image

Washington, DC

C: (202) 834-2080
T: (202) 661-7019
F: (202) 661-7059
Barry S. Gold attorney profile image

New York, NY

C: (347) 949-2054
T: (212) 880-3978
F: (212) 880-3998
Joseph I. Goldstein attorney profile image

Washington, DC

C: (202) 480-6811
T: (202) 661-7013
F: (202) 661-7059
Christina M. Hill attorney profile image

Washington, DC

C: (202) 480-5278
T: (202) 661-7017
F: (202) 661-7059
Robert P. Howard, Jr. attorney profile image

Washington, DC

C: (202) 480-7326
T: (202) 661-7015
F: (202) 661-7059
Theodore A. Krebsbach attorney profile image

New York, NY

C: (347) 758-2295
T: (212) 880-3975
F: (212) 880-3998
Joseph C. Lombard attorney profile image

Washington, DC

C: (312) 543-7750
T: (202) 661-7028
F: (202) 661-7059
Victor A. Machcinski, Jr. attorney profile image

New York, NY

C: (347) 899-0524
T: (212) 880-3977
F: (212) 825-9828
Alexandra J. Marinzel attorney profile image

Washington, DC

C: (202) 680-4902
T: (202) 661-7033
F: (202) 661-7059
Thomas J. McGonigle attorney profile image

Washington, DC

C: (202) 680-4941
T: (202) 661-7010
F: (202) 661-7059

New York, NY

T: (212) 880-3624
Katherine M. McGrail attorney profile image

New York, NY

Richmond, VA

C: (347) 899-0434
T: (804) 762-5370
F: (804) 762-5366
Andrew J. Melnick attorney profile image

New York, NY

C: (203) 984-8256
T: (212) 880-3580
F: (212) 880-3998
Heather B. Middleton attorney profile image

New York, NY

C: (347) 899-0544
T: (212) 880-3980
F: (212) 825-9828
Sharon A. O'Shaughnessy attorney profile image

New York, NY

C: (917) 538-9223
T: (212) 880-3990
F: (212) 880-3998
Robertson Park attorney profile image

Washington, DC

C: (202) 680-4181
T: (202) 661-7022
F: (202) 661-7059
Daniel M. Payne attorney profile image

Richmond, VA

C: (804) 350-1748
T: (804) 762-5335
F: (804) 762-5358
Timothy Peterson attorney profile image

Washington, DC

C: (571) 228-4592
T: (202) 661-7027
F: (202) 661-7059
Michael V. Rella attorney profile image

New York, NY

C: (914) 525-1916
T: (212) 880-3973
F: (212) 880-3998
Brian M. Walsh attorney profile image

Washington, DC

C: (202) 480-5921
T: (202) 661-7030
F: (202) 661-7059
For more information visit Our Team page.

Looking Forward

Despite a 35-day government shutdown, a longstanding hiring freeze only recently lifted, and the challenge of policing new products and evolving trading patterns, the SEC saw a solid growth in its enforcement statistics. This vigor will unquestionably persist during 2020. As we look forward, things to watch closely include the following: The Supreme Court’s Liu case will likely resolve the question, first raised two years ago in Kokesh, of the SEC’s statutory authority to seek disgorgement in federal court. At the same time, Congress has mustered strong bipartisan support for legislation that would confirm the SECs disgorgement authority and extend the disgorgement statute of limitations from 5 to 14 years. Other pending legislation proposes to substantially increase the measure of SEC monetary penalties, including by adding a restitutionary penalty. The SEC has largely worked through its backlog of remanded administrative proceedings following the successful appointments clause challenge to its ALJs in Lucia, but its administrative adjudication system remains frozen, at least for litigated cases, by a new Constitutional challenge based on the removal clause. Finally, the SEC enforcement staff continues to struggle with the ill fit of the Howey test to digital assets, and cases during 2020 will present an opportunity to rationalize regulation of this new asset class.