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To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

To analyze the impact of the U.S. Supreme Court’s decision in Liu v. SEC, where the Court confronted the issue of whether the SEC can obtain disgorgement in federal district court proceedings.

This paper provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and a summary of the background and opinion in Liu v. SEC. This article then focuses on the practical implications of Liu on SEC disgorgement by considering questions left open by the decision.

The Court in Liu held that the SEC is authorized to seek disgorgement as “equitable relief” as long as it “does not exceed a wrongdoer’s net profits and is awarded for victims.” But the Court left many unanswered questions, such as whether disgorged funds must always be returned to investors for disgorgement to be a permissible equitable remedy, whether the SEC can obtain joint-and-several disgorgement liability from unrelated co-defendants, what “legitimate expenses” should be deducted in disgorgement calculations, and to what extent the SEC can seek disgorgement in cases when victims are difficult to identify.

Original, practical guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Introduction: The Covid-19 pandemic wreaked havoc on the organisations in the form of increased job demands which manifested through increased workload, time pressure, etc. Similarly, stress and burnout engulfed the employees. Remote work became the new normal post-pandemic. Remote workers require more engagement. This has brought Artificial Intelligence (AI) to the forefront for engaging employees in the new normal.

Purpose: With limited studies on AI-enabled employee engagement in the new normal, this study investigates and proposes a conceptual framework of employee engagement in the context of AI and its impact on organisations.

Methodology: A systematic review and meta-synthesis method is undertaken. A systematic literature review assisted in critically analysing, synthesising, and mapping the extant literature by identifying the broad themes.

Findings: Since many organisations are turning to remote work post-pandemic and remote work requires more engagement, organisations are investing in AI to boost employee engagement in the new normal. Several antecedents of employee engagement such as quality of work life, diversity and inclusion, and communication are facilitated by AI. AI helps enhance the quality of work life by playing a major role in providing fair compensation, safe and healthy working conditions, immediate opportunity to use and develop human capacities, continued growth and security, work and total life space, and social relevance of work life. This has led to positive organisational outcomes like increased productivity, employee well-being, and decreased attrition rate. Furthermore, AI helps in measuring employee engagement. The various tools of AI, such as wearable technology, digital biomarker, neural network, data mining, data analytics, machine learning (ML), natural language processing (NLP), etc., have gone a long way in engaging employees in the new normal.