FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶76

That leaves the broader statutory structure, which the majority says supports its view that Congress did not mean to imply a private right of action. Ante, at 6–7. The structure of the ICA cannot bear that weight. True, the Securities and Exchange Commission “bears primary responsibility for ensuring compliance with the ICA.” Ante, at 7. But unlike the statute at issue in Sandoval, which itself “empower[ed] agencies to enforce [the relevant] regulations,” Section 47(b) does not contain any remedial scheme specific to its own “substantive rule.” 532 U. S., at 289–290. Instead, Section 47(b) uses the phrase “any party”—an odd phrase to denote only the Commission. See Oxford Univ. Bank v. Lansuppe Feeder, LLC, 933 F. 3d 99, 105–106 (CA2 2019).

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