SEC Gets Cold Feet On Enforcement Penalties

Stephen Stroup of DrinkerBiddle writes that SEC Chair Mary Jo White is touting the commission’s new attitude, which has resulted in  a record 755 actions and obtained $4.16 billion in penalties and disgorgement, but at least one Commissioner has reservations. Michael S. Piwowar has questioned whether the manner in which the SEC now administers penalties might be encroaching upon due process protections. He  advocates an interpretative release subject to a notice-and-comment process.