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Articles 1 - 3 of 3
Full-Text Articles in Judges
The Sec, Administrative Usurpation, And Insider Trading, Adam C. Pritchard
The Sec, Administrative Usurpation, And Insider Trading, Adam C. Pritchard
Articles
The history of insider trading law is a tale of administrative usurpation and legislative acquiescence. Congress has never enacted a prohibition against insider trading, much less defined it. Instead, the SEC has led in defining insider trading, albeit without the formality of rulemaking, and subject to varying degrees of oversight by the courts. The reason why lies in the deference that the Supreme Court gave to the SEC in its formative years. The roots of insider trading law are commonly traced to the SEC’s decision in Cady, Roberts & Co. Cady, Roberts was only made possible, however, by the …
Thin Rationality Review, Jacob Gersen, Adrian Vermeule
Thin Rationality Review, Jacob Gersen, Adrian Vermeule
Michigan Law Review
Under the Administrative Procedure Act, courts review and set aside agency action that is “arbitrary [and] capricious.” In a common formulation of rationality review, courts must either take a “hard look” at the rationality of agency decisionmaking, or at least ensure that agencies themselves have taken a hard look. We will propose a much less demanding and intrusive interpretation of rationality review—a thin version. Under a robust range of conditions, rational agencies have good reason to decide in a manner that is inaccurate, nonrational, or arbitrary. Although this claim is seemingly paradoxical or internally inconsistent, it simply rests on an …
The Sec's Shift To Administrative Proceedings: An Empirical Assessment, Adam C. Pritchard, Stephen Choi
The Sec's Shift To Administrative Proceedings: An Empirical Assessment, Adam C. Pritchard, Stephen Choi
Law & Economics Working Papers
Congress has repeatedly expanded the authority of the SEC to pursue violations of the securities laws in proceedings decided by its own administrative law judges, most recently in the Dodd Frank Act. We report the results from an empirical study of SEC enforcement actions against non-financial public companies to assess the impact of the Dodd Frank Act on the balance between SEC district court and administrative enforcement actions. We show a general decline in the number of court actions against public companies post Dodd Frank. At the same time, we show an increase in average civil penalties post-Dodd Frank for …