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The SEC’s sweeping Consolidated Audit Trail (CAT)—a surveillance tool designed to track every U.S. trade down to the individual investor—just got a major reality check from the 11th Circuit Court of Appeals.

SEC Roundup 84: Cracks in the CAT — Court Rules Against SEC’s Massive Surveillance Tool

Jennifer Schulp, director of financial regulation studies at the Cato Institute, and Chris Iacovella, CEO of the American Securities Association, break down what the court’s decision really means. Together, they discuss: How the CAT evolved from a post–Flash Crash idea into a sprawling surveillance regime Why the court struck down the SEC’s funding model as “arbitrary and capricious” The broader constitutional questions now looming over over CAT and SEC rulemaking.

Nicolas Morgan

Jul 301 min read

The SEC Repeatedly Denied His Constitutional Rights, Destroying His Career. Now We’re Fighting Back.

Now we are helping Ray fight one more SEC injustice: a professional bar that only ends when the SEC says it does, even though his “right to apply for reentry” began seven years ago. The SEC’s process for lifting bars is full of Catch-22 requirements, procedural traps for the unwary, and other impediments that make the right to apply for reentry “illusory” in the words of one former SEC Commissioner. We are fighting to change that.

Nicolas Morgan

Jul 308 min read

Unchecked Enforcement. Misguided Legislation. ICAN Responds.

We’re pleased to bring you the latest updates in this issue, including new developments in our ongoing construction of a legal bulwark against SEC overreach—and a critical look at H.R. 3394, a bill that threatens to take a major step backward in expanding access to America’s capital markets.

Nicolas Morgan

Jul 17 min read

SEC Enforcement Division goes to Court without SEC Commission approval

SEC Roundup 83: SEC Staff Gone Rogue—Federal Action Without Commission Approval

Despite years of constitutional scrutiny over the SEC’s administrative proceedings—and the very clear line between the politically accountable Commission and the staff—it appears the Enforcement Division felt emboldened to go it alone.

Nicolas Morgan

Jun 201 min read

SEC defying Supreme Court in pursuit of victimless disgorgement

SEC Roundup 82: No Harm, Big Money! Is the SEC Overreaching on Disgorgement?

If no one lost money, why is the SEC demanding $22 million in disgorgement? That’s the question at the center of Navellier & Associates v. SEC, a case now knocking on the door of the U.S. Supreme Court. Appellate litigator Igor Timofeyev of Paul Hastings unpacks the growing legal divide over how far the SEC can go in punishing conduct—even when investors walk away with profits.

Nicolas Morgan

Jun 51 min read