U.S. Securities and Exchange Commission building in Washington, D.C. Jan. 5, 2019. SEC No-Deny Consent Policy Continues To Withstand Challenge While Remaining Subject to Constitutional Scrutiny
While to-date none of the attempts to undo existing consent decree provisions has succeeded, courts have nonetheless expressed concern as to the requirement's validity.
August 11, 2022 at 11:00 AM
8 minute read
On July 12, 2022, the U.S. Court of Appeals for the Fifth Circuit in S.E.C. v. Novinger rejected the latest in a number of legal challenges to the Securities and Exchange Commission's (SEC) practice of using "no-deny" consent agreements in civil enforcement actions. See S.E.C. v. Novinger, _ F.4th _, No. 21-10985, 2022 WL 2688620 (5th Cir. 2022). Although the court refused to vacate this particular agreement, two members of the three-judge panel signaled that, under the right circumstances, they may vote to strike down similar agreements in the future.
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