Abstract
The US Supreme Court has addressed aspects of the enforcement power of the US Securities and Exchange Commission (SEC) almost annually since 2016. Prompted by these judicial opinions, this chapter introduces three themes in SEC insider trading enforcement: enforcement against chains of friends and family, the decline of the disgorgement remedy for insider trading violations, and the hesitation to use administrative proceedings rather than going to court. The chapter develops a suggestive baseline about the extent to which the Supreme Court opinions about enforcement have shaped the SEC’s approach to insider trading. To do so, it reports an original study of FY2022 SEC enforcement and draws for context on the author’s prior study of SEC insider trading actions from FY2005 through FY2015, as well as on the SEC’s annual enforcement reports.
| Original language | English (US) |
|---|---|
| Title of host publication | Research Handbook on Insider Trading |
| Subtitle of host publication | Second Edition |
| Publisher | Edward Elgar Publishing |
| Pages | 66-80 |
| Number of pages | 15 |
| ISBN (Electronic) | 9781035301218 |
| ISBN (Print) | 9781035301201 |
| DOIs | |
| State | Published - Jan 1 2025 |
Keywords
- Insider trading
- SEC US
- Securities and Exchange Commission
- Securities enforcement
- Supreme Court
ASJC Scopus subject areas
- General Economics, Econometrics and Finance
- General Business, Management and Accounting
- General Social Sciences
- General Arts and Humanities