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No, the SEC would have to explicitly issue a ruling. This would be equivalent to equating the opinion of a single Supreme Court Justice to a ruling of the Supr
by ucaetano 8y ago
No, the SEC would have to explicitly issue a ruling.
This would be equivalent to equating the opinion of a single Supreme Court Justice to a ruling of the Supreme Court on a subject.
- will_brown 8y agoThat’s not exactly how it works. Check out United States v. Baker for reliance on authority of a Government Official. A good practical example is where Obama said his Justice Dept would not enforce Federal Laws on Marijuana in States where actors are complying with those State Laws. If the Federal Government preceded to crack down, U.S. v. Baker would provide a solid defense of good faith reliance on authority of a Givernment Official where the act is otherwise in clear violation of federal law.