What Do Defense Appropriations Have to Do with the Securities Laws?

On January 2, Congress overrode President Trump’s veto of the annual National Defense Authorization Act, enacting $740 billion in national security spending. What does that have to do with SEC Enforcement? Tucked into the back of the nearly 1500-page law is a provision that makes significant changes to the SEC’s enforcement powers. The changes are in many respects legislative responses to the Supreme Court’s recent decisions in Kokesh and Liu, but they may raise more questions than they answer.

This recorded discussion explores the securities issues involved in the NDAA and what it means for businesses and individuals through the lens of an SEC investigation among Sidley Securities Enforcement and Regulatory group lawyers Barry Rashkover, Corin Swift, David Petron, and Ashley Pfeiffer.