Reframing the SEC’s Disqualification Waiver Decision-Making Process To Protect the Public Interest

Abstract Federal securities law aims to protect investors and the public from fraudulent securities transactions. If an actor violates these laws, the public bears the costs through investor losses, market volatility, reduced economic activity and growth, and general distrust in the market. Entities that face securities enforcement for violations bear sanctions like civil monetary penalties and disgorgement of ill-gotten gains. They also experience collateral consequences, such as...