Sripetch v. SEC · ¶68
But, even taking Liu's interpretation of the pre-2021 statute as a given, Congress has amended it. It explicitly separated disgorgement into its own subsection with its own statute of limitations, set apart from the general authorization for equitable relief. That drafting choice suggests that Congress enacted a specific legal regime to control disgorgement going forward. Cf. A. Scalia & B. Garner, Reading Law 183 (2012) (general/specific canon). With the latest amendments to the Exchange Act, it seems that Congress simply “reclassif[ied] the SEC's restitutionary remedy as legal.” S. Bray, The Changing Face of the SEC Restitution Remedy, Volokh Conspiracy (Jan. 7, 2021), https://reason.com/volokh/2021/01/ 07/the-changing-face-of-the-sec-restitution-remedy/ (archived at https://perma.cc/2MN6-RM24). The SEC's current practice refects this same understanding, as it keeps a significant…Read in context ›
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