End in-house SEC administrative proceedings
What the document says“Eliminate all administrative proceedings (APs) within the SEC except for stop orders related to defective registration statements.”
In an administrative proceeding the Commission adjudicates a case before its own administrative law judge rather than in a federal court. The part says the enforcement system does not need both routes, and offers as an alternative that respondents be allowed to elect whether adjudication occurs in the Commission's court or an ordinary court.
What the document actually says“Eliminate all administrative proceedings (APs) within the SEC except for stop orders related to defective registration statements.”
The agency hears cases in its own court. That should end.
The market watchdog can try a case in its own court. It picks the judge. The book says cases should go to a normal court.
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