What Will Overturning The Chevron Precedent Mean For Securities Regulatory Initiatives?

The Supreme Court’s opinion in Loper Bright Enterprises vs. Raimondo, explicitly overturning the Chevron precedent, which stood for forty years, is a fundamental change in administrative law and will have a profound effect on judicial review of future and pending securities rules.

By changing the scope of judicial review from deference to an agency’s interpretations to a de novo review based on statutory interpretation, overturning the Chevron precedent injects significant uncertainty into which agency rules will survive and which rules courts will strike down.