The Securities and Exchange Commission recently issued what could be its most consequential adjudicatory opinion in years. In that opinion, the Commission purports to resolve many of the interpretive questions regarding the scope of antifraud liability that have arisen in the wake of the Supreme Court's decision in Janus Capital Group v. First Derivative Traders.1

1 131 S. Ct. 2296 (2011).

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Originally published in Bloomberg BNA's Securities Regulation & Law Report, February 2, 2015.

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