FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶62

In their respective Reports, the relevant House and Senate Committees expressed “that private rights of action under [the amendments] should be implied to and in its enforcement to the same extent that such causes of action [were] implied under the [original statute].” S. Rep. No. 96–958, p. 14 (1980); see also H. R. Rep. No. 96–1341, p. 29 (1980). Both Committees explained that, “[w]ith a relatively small staff charged with administrative responsibility for policing potentially unlawful securities-related activities, the [Securities and Exchange] Commission [could not] be expected to bring actions against even a large portion of those engaged in schemes, devices and activities that are prohibited by federal law.” S. Rep. No. 96–958, at 14; see also H. R. Rep. No. 96–1341, at 28. Private actions would fill that gap.

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