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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.[1] The D.C. Circuit will soon have another opportunity to strike down the securities regulators, this time for finding “should have known” violations.[2]

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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