Judicial Reliance on Regulatory Interpretations in Sec No-Action Letters: Current Problems and a Proposed Framework
Judicial Reliance on Regulatory Interpretations in Sec No-Action Letters: Current Problems and a Proposed Framework
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SEC 不采取行动函中监管解释的司法依据：当前问题和拟议框架
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Donna M. Nagy
中科院分区：
文献类型：
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作者：
Donna M. Nagy
对SEC不采取行动信件的司法描述涵盖了从法律到命令，到裁决，到非正式意见，再到起诉决定。司法部门未能始终如一地对不采取行动信函进行定性，这反映了一个更根本的问题：许多法院将不采取行动信函中的非正式监管解释视为可与整个委员会颁布的正式和官方监管解释互换。因此，法院往往自动遵从不采取行动信函中的监管解释。换句话说，许多法院在没有独立分析争议中的特定监管条款的情况下，就接受不采取行动函授权作为对联邦证券法规和证券交易委员会规则和条例的明确解释。这篇文章认为，这种自动服从是没有道理的，作为一个理论问题。它还确定了重要的规范性原因，为什么法院应该在依赖它们作为解释权威之前对不采取行动的信件进行有意义的审查。最后，本条提出了一个框架，以协助法院履行这一重要职能。
Judicial descriptions of SEC no-action letters have run the gamut from law, to orders, to rulings, to informal opinions, to prosecutorial decisions. This judicial failure to characterize no-action letters consistently is symptomatic of a more fundamental problem: many courts treat informal regulatory interpretations in no-action letters as interchangeable with formal and official regulatory interpretations that the full Commission has promulgated. Consequently, courts often defer automatically to the regulatory interpretations in no-action letters. In other words, many courts accept no-action letter authority as definitive interpretations of the federal securities statutes and SEC rules and regulations without independently analyzing the particular regulatory provisions in dispute. This Article contends that such automatic deference is unwarranted as a doctrinal matter. It also identifies important normative reasons why courts should subject no-action letters to meaningful scrutiny prior to relying on them as interpretive authority. Finally, this Article proposes a framework to assist courts in performing this critical function.