The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use. What this means for Auer
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Eric B. Lewin
Mr. Lewin is an associate in Davis Polk's Financial Institutions Group.
SCOTUS Expands Scope of FOIA Trade Secrets and Commercial Information Exemption
By Michael Flynn, Randall D. Guynn, Michael Kaplan, Neil H. MacBride, Paul J. Nathanson, Annette L. Nazareth, Margaret E. Tahyar & Eric B. Lewin on
Posted in Administrative Law
The Supreme Court has updated an important Freedom of Information Act (“FOIA”) exemption for the digital age. In Food Marketing Institute v. Argus Leader Media, the Supreme Court this week significantly expanded the scope of FOIA Exemption 4, which shields from disclosure “trade secrets and commercial or…
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A Tale of Two Guidances—New Principal Deputy Associate Attorney General Claire McCusker Murray Speaks on DOJ Efforts to Rein in Subregulatory Guidance
Posted in Administrative Law, Guidance & FAQs
There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1] Her explanation is worth quoting at length:
The key is to distinguish between two categories of guidance, the part that mirrors what the law requires
Chairman Jay Clayton and Director Brett Redfearn Preview Potential Further Equity Market Structure Reforms—Exchange Market Data Business Model Targeted
Posted in Broker-Dealer, SEC
Earlier this month, SEC Chairman Jay Clayton and Division of Trading and Markets Director Brett Redfearn engaged in a public dialogue on equity market structure issues. In addition to reviewing three equity market structure initiatives adopted by the SEC in 2018 (the transaction fee pilot, enhanced order handling …
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