SMNR: SEC Enforcement Practice

Course Information

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Meeting Times

Day Time Location
WED 3:55 - 5:45 pm TNH 3.124

Evaluation Method

Type Date Time Location


Have you wondered how it is determined that some crypto-currency activities violate the securities laws?  Or what might make trading in meme stocks subject to enforcement action?  The objective of this course is to illuminate such questions by giving students a practical appreciation of both the process through which securities law enforcement decisions are made, and the way in which the reach of the securities laws has developed as a consequence.  We will cover two broad areas.  First, the mechanics of the securities enforcement process and the roles played in it by government lawyers, defense lawyers, the Commission, and the courts.  The goal is to provide an “insiders” appreciation of how enforcement decision-making occurs, and how it operates as a significant driver in the development of the substantive securities law.  The second part of the course will be a deep dive into substantive areas of the securities law that are particularly shaped by enforcement decision making, including, for example, the prohibitions on insider trading, foreign corrupt practices, financial fraud, market manipulation and the emerging regulation of crypto-currencies.   A consistent theme will be the utility and consequences of developing law through ad hoc enforcement decisions. The professor had a 35-year securities enforcement career that included positions as a senior SEC enforcement official and as a partner in a global law firm representing clients in defense of securities enforcement investigations, and has deep experience with these issues from both perspectives.  

Textbooks ( * denotes required )

Securities Litigation, Enforcement, and Compliance : Cases and Materials *
Nagy, Donna, Fairfax, Lisa, and Martinez, Veronica
West Academic , edition: 5
ISBN: 978-1-64708-357-1
Securities Litigation and Enforcement, Cases and Materials (optional)
Painter, Richard, Sachs, Margaret, and Nagy, Donna
West Academic , edition: 4
ISBN: 978-1-68328-165-8


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