U.S. Securities and Exchange Commission building. Photo: Diego M. Radzinschi/ALM Critics Ramp Up Ongoing Battle With SEC Over Settlement 'Gag Rule' in 9th Circuit
The policy, enacted by the federal securities markets regulator in 1972, prohibits individuals and companies settling with the SEC from publicly admitting or denying the SEC's allegations against them. According to the NCLA, the rule is a First Amendment violation.
October 09, 2024 at 06:38 PM
7 minute read
Constitutional Law
What You Need to Know
- The rule, enacted in 1972, prohibits defendants settling with the SEC from publicly admitting or denying the SEC's allegations against them.
- A reply brief was filed Monday by the New Civil Liberties Alliance, a conservative public interest law firm.
- After the SEC denied the petition in January 2024, the NCLA submitted a petition for review to the Ninth Circuit.
The New Civil Liberties Alliance filed a new reply brief on Monday in a lawsuit against the Securities and Exchange Commission asking the U.S. Court of Appeals for the Ninth Circuit to vacate the SEC's denial to amend its "No Admit/No Deny" settlement rule, also known more pejoratively as the "gag rule."
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