Insider Trading & Other SEC Enforcement Claims: The Difference Between the SEC Bringing a Civil (Enforcement) Action in Federal Court or an Administrative Proceeding Before an SEC Administrative Law Judge

Originally held on Monday, March 2, 2015 | 6:00 p.m. – 9:00 p.m.


Program Chair
Victorine F. Froehlich,
(RET) Administrative Law Judge, New York State Department of Labor

  • In the wake of the financial crisis, the SEC, under the Dodd-Frank Act, may now impose a civil penalty in an administrative proceeding against any person or company. Critics claim that the limited discovery, absence of right to a jury trial, and use of “in-house” administrative law judges raise constitutional and ethical questions concerning whether administrative proceedings are adequate forums for insider trading and other SEC enforcement claims. The Honorable Jed S. Rakoff, United States District Court (S.D.N.Y.), and a panel of experts and scholars, will discuss the legislative history behind the expansion of the SEC’s enforcement powers under the Dodd-Frank Act; the anatomy of an SEC administrative proceeding; compare and contrast an SEC enforcement claim being brought in a civil action in federal court with an SEC administrative proceeding.; and the implications of an SEC administrative proceeding on the subject of the SEC enforcement claim, the SEC’s enforcement efforts and, more broadly,  the development of our common law system within the modern administrative state.

    Live Program (includes download of materials):


  • Paul S. Atkins, CEO, Patomak Global Partners, LLC and former SEC Commissioner

    Michael J. Halloran, Pillsbury Winthrop Shaw Pittman LLP

    William F. Johnson, King & Spalding LLP 

    Jonathan R. Macey, Sam Harris Professor of Corporate Law, Corporate Finance, and Securities Law, Yale Law School

    Honorable Jed S. Rakoff, United States District Judge, S.D.N.Y.

    Bennett Rawicki, Gibson, Dunn & Crutcher LLP

    Linda Chatman Thomsen, Davis Polk & Wardwell LLP 

    Adrian Vermeule, John H. Watson, Jr. Professor of Law, Harvard Law School

  • 6:00 – 6:10 p.m.         Welcome and Introductions

    Victorine F. Froehlich

    6:10 – 6:20 p.m.         Opening Remarks

    Honorable Jed S. Rakoff

    6:20 – 6:40 p.m.         The SEC Administrative Proceeding and the SEC’s Civil Enforcement Remedies

    Linda Chatman Thomsen

    6:40 – 7:00 p.m.         Due Process and the SEC’s Increasing Use of the Administrative Forum for Civil Enforcement Remedies

    Adrian Vermeule

    7:00 – 7:20 p.m.         Differences in Discovery and Evidentiary Matters Between a Civil Forum And an Administrative Forum and Why That Matters

    William F. Johnson

    7:20 – 7:35 p.m.         Panel Discussion and Q&A

    7:35 – 7:45 p.m.         Coffee Break

    7:45 – 8:05 p.m.         The Absence of Defined Standards In the SEC’s Choice of Forum and Why That Matters

    Jonathan R. Macey          

    8:05 – 8:20 p.m.         Legislative History of The SEC’s Civil Enforcement Powers

    Michael J. Halloran

    8:20 – 8:40 p.m.         The Equal Protection Limitation on the SEC’s Choice of Forum for Enforcement Actions

    Bennett Rawicki

    8:40 – 9:00 p.m.         Panel Discussion and Q&A

  • This program provides 3.0 credits in professional practice for the New York & New Jersey MCLE requirements. California & Pennsylvania credit differs as it is based on a 60-minute credit hour. The live program provided transitional credit to newly admitted attorneys; the recording does not provide transitional credit.

  • Save $$ on DVDs & CDs
    *DVDs $229 Member/$339 Nonmemberr

    *CDs $179 Member/$249 Nonmember

    *Materials Only (no CLE credit): $99 Member/$129 Nonmember

    * New York residents will be charged the New York sales tax for all audio visual purchases.

  • Can’t make it to the program in person?  Now you can attend this program from your office or home.  Register and view by clicking on the Casemaker logo below
    Casemaker

  • Sponsoring Association Committee: Administrative Law, Kevin P. Gildea, Chair

    Sponsorship Opportunities are Available! Please Contact: 
    Ann Rappleye, Director, City Bar Center for CLE | (212) 382-6606 | ARappleye@nycbar.org or
    ____________________________________________________________________________________________
    Darianne De Leon, Program & Sponsorship Coordinator, City Bar Center for CLE | (212) 382-6731 | ddeleon@nycbar.org