November 2017
The SEC's Unlawful and Dangerous Expansion of the Exchange Act
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Source: Insights, The Corporate & Securities Law Advisor, Vol. 31, No. 11.
The SEC has applied the “internal controls” and “books and records” provisions to hiring interns and reinstituting an airline route. A careful review of statutory language and legislative history, however, demonstrates that the Commission has ventured far beyond the authority that Congress granted in these accounting provisions.