Supreme Court of the United States
Securities and Exchange Commission v. Sloan
May 15, 1978436 U.S. 103
Summary
The Supreme Court affirmed the Second Circuit, holding that the SEC lacks authority to issue a series of ten‑day summary suspension orders based on a single set of circumstances, and that the case is not moot under the Weinstein test. Justice Brennan and Justice Blackmun filed concurring opinions, the former criticizing the Court’s omission of due‑process concerns and the latter questioning the absolute prohibition.
Holding
- Whether the SEC may issue successive ten‑day summary suspension orders based on a single set of circumstances. The SEC is not empowered to issue, based upon a single set of circumstances, a series of summary orders which would suspend trading beyond the initial ten‑day period.
- Whether the case is moot. The case is not moot because it is capable of repetition yet evading review, satisfying both prongs of the Weinstein test.
Docket 76-1607
Cited authorities
- 48 Stat. 881
- Pub. L. 94-29 § 9
- 89 Stat. 118
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