Court Rules That The SEC Unlawfully Withheld Action Mandated By Congress

Last fall, I wrote about Oxfam America’s second lawsuit to force the Securities and Exchange Commission to adopt a resource extraction disclosure rule under Section 1504 of the Dodd-Frank Act.  Readers may recall that Congress ordered the SEC to adopt rules by April 17, 2011.  The SEC, however, missed that deadline by over a year and

SEC Is Sued Again For Doing Nothing

Yesterday, Broc Romanek wrote about a lawsuit filed earlier this week against the Securities and Exchange Commission due to its failure to respond to a petition asking the Commission to adopt political spending disclosure requirements. But must the Commission act on the petitions that are submitted to it?  Rule 192 of the Commission’s Rules of

Broad Coalition Delivers Blunt Rebuke To SEC Chairman

Last month, I wrote that the SEC’s about face in responding to the no-action letter request of Whole Foods Market, Inc. “clearly wasn’t the SEC’s finest hour.”  See SEC’s Rule 14a-8 Volte-Face Is Pointlessly Outré But It Does Have Real World Ramifications.  Several days later, a coalition of some 17 different organizations delivered a much less

Did The SEC Violate The Administrative Procedure Act?

Yesterday, Broc Romanek wrote about the joint dissent issued by Commissioners Daniel M. Gallagher and Michael S. Piwowar with respect to the Commission’s recent adoption of Regulation SBSR which requires regulatory reporting of security-based swap information and the public dissemination of security-based swap transaction, volume, and pricing information by registered security-based swap data repositories.  But when exactly

The California Implications Of Perez v. Mortgage Bankers Association

On Monday, the U.S. Supreme Court heard oral arguments in Perez v. Mortgage Bankers Ass’n et al.  The case, if decided against the Department of Labor (Thomas E. Perez is the Secretary of Labor), will have a significant impact on all federal administrative agencies.  But what, if any, will be its impact on California state agencies?

DBO Proposes Reversal Of Long-Standing CFLL Interpretation

The California Finance Lenders Law generally requires that a person engaged in the business of making consumer loans and/or commercial loans obtain a license from the Department of Business Oversight.  Cal. Fin. Code § 22100.  There are, of course, numerous exemptions from this requirement.  Section 22050(a) provides that the CFL does not apply to “any person

Is A “Rule” An “Order” And Why Would Anyone Care?

Pay-to-Play Rule Challenged Doug Cornelius recently wrote about the dismissal of a lawsuit challenging the Securities and Exchange Commission’s anti “pay-to-play” rule under the Investment Advisers Act of 1940.  New York Republican State Comm. v. SEC, 2014 U.S. Dist. LEXIS 138964 (D.D.C. Sept. 30, 2014).  In a nutshell, the rule (206(4)-5) prohibits federally registered and

OAH Seeks Opinion Regarding Appearances By Non-Attorneys and Out-of-State Attorneys

I’ve written on several occasions about the Office of Administrative Law.  It should not be confused with the Office of Administrative Hearings.  The OAH provides administrative law judges who conduct hearings for over 1500 state and local government agencies.  In many cases, although the hearings are quasi-judicial, non-attorneys and out-of-state attorneys often appear on behalf of

Just What Does CalPERS Believe Anyway?

On Monday, CalPERS announced that its Board of Administration had adopted 10 “investment beliefs”.  According to the press release, these beliefs are intended to provide “a basis for strategic management of the investment portfolio, inform organizational priorities and ensure alignment between the Investment Office and CalPERS staff”.  Here are the 10 beliefs: Liabilities must influence

Supreme Court Decision Underscores The Importance Of Administrative Law

Administrative law is one of the most useful subjects that someone can take in law school.  I say that as someone who has taught the subject.  Earlier this week, the California Supreme Court issued an opinion that illustrates exactly why it can be very helpful to know about Administrative Law. Western States Petroleum Ass’n v. State Bd. of