On June 27, 2024, the Supreme Court of the United States (Court) issued its opinion in the matter of Securities and Exchange Commission v. Jarkesy, et al., 144 S.Ct. 2117 (2024) (Jarkesy).  The opinion, which involved a complaint involving the Securities and Exchange Commission’s practice of hearing enforcement matters internally before administrative law judges, resulted in the Court determining that defendants in a civil enforcement case have a Seventh Amendment right to have their case heard before a jury in a court of law.

This white paper will provide an overview of the Jarkesy ruling, and will discuss how the ruling has impacted and could impact the Federal Energy Regulatory Commission’s ability to assess civil penalties in enforcement proceedings.