Fifth Circuit Reverses CFTC Penalty Judgment Under “Fair Notice” Doctrine

Wall Street Lawyer

Alexander C. Drylewski David Meister Daniel Michael Chad E. Silverman Daniel Merzel Nia Colon

Skadden attorneys discuss a recent Fifth Circuit decision that highlights the potential viability of fair-notice defenses where regulatory agencies advance novel interpretations of their rules. The ruling has potential implications for registrants as well as emerging industries.