Tag Archives: Securities and Exchange Commission

Hayden & Bodie on Business Roundtable v. SEC

Grant M. Hayden (Hofstra University, Maurice A. Deane School of Law) and Matthew T. Bodie (Saint Louis University School of Law) have posted The Bizarre Law & Economics of ‘Business Roundtable v. SEC, 38 J. Corp. L. (forthcoming 2012), on SSRN. Continue reading


No Deference for SEC’s “Vague and Indecisive” Interpretation of its Own Rule

On Tuesday, the D.C. Circuit in Rapoport v. SEC [pdf] cited the rule that a reviewing court defers to an agency’s interpretation of its own rules, but Chief Judge Sentelle’s unanimous opinion illustrates why this Auer deference has been called into question by the author of Auer and why, three days ago, a majority of the Supreme Court voiced the same concerns. Continue reading