<p>How does the SEC decide on civil penalties? According to our guests, it’s more arbitrary than you think. Former SEC attorney David Slovick and Vanderbilt law professor Phil Lieberman join to unpack their eye-opening research on inconsistent fines, flawed incentives, and what real reform could look like.</p>

How does the SEC decide on civil penalties? According to our guests, it’s more arbitrary than you think. Former SEC attorney David Slovick and Vanderbilt law professor Phil Lieberman join to unpack their eye-opening research on inconsistent fines, flawed incentives, and what real reform could look like.

SEC Roundup 93: Is the SEC’s Penalty System Broken?

SEC Roundup brings you inside conversations with securities law experts, former regulators, and industry leaders to examine the real-world impacts of SEC enforcement actions and rulemaking. Hosted by ICAN's Nicolas Morgan and Thomas Zaccaro, both former SEC enforcement attorneys, this series cuts through legal jargon to provide clear analysis of how SEC policies affect everyday investors and entrepreneurs. From landmark court decisions to regulatory developments, SEC Roundup delivers expert perspective on the critical balance between effective regulation and market freedom.

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SEC Roundup 93: Is the SEC’s Penalty System Broken?

SEC Roundup 93: Is the SEC’s Penalty System Broken?