While the Supreme Court's overturning of Chevron was a significant step in rolling back the power of unelected regulators to adopt rules that stretch the plausible boundaries of statutory law, that rejection does not go far enough.  

The SEC's use of data that is not available to the public is only one example of the SEC seeming to pay little deference to the requirements of the Administrative Procedure Act. Other examples include (i) the SEC allowing only the statutory minimum…

These actions reflect continuing attention to electronic communications recordkeeping failures as they follow on prior SEC and CFTC enforcement actions against other firms for the same violations. 

It's not often that paying a fine of $125 million can be considered a victory for the party forced to pay. .  

Bitcoin and Ether are now recognized as non-securities cryptocurrencies and the SEC has no way to stop the trading of XRP. The SEC still has not explained the basis on which it determined to treat Ether as a non-security. If the SEC cannot explain the legal basis on which it brings an enforcement action against one product, but permits listing of ETFs on another, it…

Any firm carrying margin credit should review all of the new interpretations carefully. For the most part firms will benefit from the update of the interpretations and by having all of the interpretations in one place, but depending on how firms have interpreted the rules, there may also be some negative surprises.  

Firms should consider whether this may be a good time to generally review their margin compliance procedures. If a firm has not done a review for a while, it should…