DC Circ.'s Chance To Clarify 'Should Have Known' Liability
Law360 (May 16, 2019, 3:24 PM EDT) -- On April 30, 2019, in The Robare Group v. U.S. Securities and Exchange Commission, the U.S. Court of Appeals for the D.C. Circuit reversed a decision by the SEC that had found a firm liable for “willful” violations based on negligent conduct. The D.C. Circuit will soon have another opportunity to strike down the securities regulators, this time for finding “should have known” violations.
This case is particularly troubling because it was brought against a chief compliance officer, despite regulators saying that they should rarely charge compliance officers. In this case, the Financial Industry Regulatory Authority and the SEC applied the...
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