Sacks v. SEC (9th Cir., Feb. 22, 2011)
Feb. 22, 2011
In an opinion by Judge Sidney Thomas, the Ninth Circuit Court of Appeals found that a FINRA rule, which barred persons subject to a ban from the securities industry from representing parties in arbitration, was impermissibly applied retroactively to a person barred in 1991. The court highlighted cases on the retroactive application of laws and noted a "deeply rooted" presumption against retroactivity in making its decision.
The case could be relevant to certain provisions of Dodd-Frank. In a recent speech, SEC Commissioner Kathleen Casey looked at a number of provisions of Dodd-Frank that could be construed to apply retroactively and suggested courts might not be willing to enforce them as such.
Cross References
Address to PLI's SEC Speaks in 2011 Program (Kathleen L. Casey) (Feb. 4, 2011)