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Outlook 2014: SEC Regulation

Publication Date: 
January 23, 2014
Securities Law Daily - BNA
Yin Wilczek

Professor Joseph Grundfest comments on the future of the Securities and Exchange Commission for Securities Law Daily. 

The Securities and Exchange Commission this year will have a laser focus on completing mandated rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Jumpstart Our Business Startups Act.

Among other potential developments, the commission could encounter some hiccups in proposing executive compensation rules required by Dodd-Frank on clawbacks, pay for performance and hedging, attorneys contacted by Bloomberg BNA in late December and early January suggested. In addition, they said there is a good chance that the SEC this year will overhaul the “accredited investor” definition.


“In terms of regulatory activity, it will be just as important to look to the courts as to the commission,” said former SEC Commissioner Joseph Grundfest, now a Stanford law professor.

Grundfest told Bloomberg BNA that many questions remain as to the approach that the courts will take in reviewing the agency's rulemaking record in the dozens of Dodd-Frank rules that have been adopted and that are waiting to be adopted.

The fact that there are three new judges on the D.C. Circuit also adds uncertainty, “even though many observers think they know how these judges are likely to rule,” Grundfest added. “Let's remember that judges can surprise.”