Brad Bondi To Testify Before U.S. House of Representatives Subcommittee on Capital Markets, Securities, and Investment
Cahill partner Bradley Bondi will testify on a panel on Wednesday, June 13, 2018 at a hearing entitled "Ensuring Effectiveness, Fairness, and Transparency in Securities Law Enforcement" before the U.S. House of Representatives Committee on Financial Services Subcommittee on Capital Markets, Securities, and Investment.
The purpose of this hearing is to comment on the U.S. Securities and Exchange Commissions’ (SEC) approach to enforcing the Federal securities laws and whether its activities and initiatives are complementary to all three prongs of its statutory mission to protect investors, to maintain fair, orderly, and efficient markets, and to facilitate capital formation. The hearing will discuss areas of the law that would benefit from greater clarity to ensure that SEC investigations have an appropriate scope and minimize instances of the practice known as regulation by enforcement. Additionally, the hearing will examine the role of administrative proceedings in the enforcement of the Federal securities laws, including whether Congress should advance legislation like H.R. 2128, the “Due Process Restoration Act of 2017.” The hearing also will explore whether Congress should clarify the SEC’s authority to seek disgorgement, including what is the appropriate statute of limitations for disgorgement sought by the SEC.
Further, the hearing with examine whether a lack of clarity between federal and at least some state standards for securities fraud or other potential violations is chilling participation in the capital markets and whether Congress should act to enhance clarity for national issuers regarding how the securities laws will be applied, such as is proposed in H.R. 5037, the “Securities Fraud Act of 2018.”