Key takeaways

• Earlier this month, the Eleventh Circuit ruled in Hill v. Securities & Exchange Commission that respondents in administrative proceedings by the SEC cannot turn to federal courts to mount constitutional challenges to the SEC’s authority until the administrative process is completed.
• The Eleventh Circuit is the fourth federal appellate court to find that district courts cannot hear preenforcement challenges to the SEC’s administrative in-house courts.
• Hill likely marks the end of a legal debate that has drawn significant public attention over the past several years.