Compliance Implications from Supreme Court Rulings
VIGILANT INSIGHTS
Introduction
Last month, the Supreme Court overturned the Chevron Doctrine which will likely have a lasting impact on regulatory agencies.
As the SEC’s agenda continues to be more aggressive, there is an on-going discussion in the compliance industry around the effects the Supreme Court ruling may have on this agenda.
FundFire published an article recently where Vigilant Director, Maxwell Baker, Esq., provided his insights related to this.
Maxwell Baker Insights
The outcomes from this decision can be separated into long-term and short-term consequences.
Lawyers interviewed in this article explained how a less powerful SEC could affect the industry. However, when it comes to the “day-to-day” impact, Maxwell sees little effect for now on how the compliance industry operates.
Where the rulemaking announcements of the SEC would require all the attention of compliance professionals, now they must also focus on litigation throughout the country. There may be a stronger case for “wait and see” when rules are announced, and Firms will have to carefully balance their need to comply with SEC rules with expectations that rules will be overturned. This will only add to the difficulties smaller Firms face with limited resources.
Vigilant’s Conclusion
Vigilant continues to monitor the regulatory environment and will continue to provide on-going commentary and recommendations based off the most recent developments. Compliance departments may continue to face challenges attempting to navigate this space.
Vigilant offers a customized suite of services including consultation, gap analysis, risk assessment, and significant compliance support. For Firms that struggle to keep up to date with regulatory changes, consider partnering with us so that we can focus on the compliance side while you focus on your business goals.