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The new leadership team at the U.S. Securities & Exchange Commission (SEC) has pledged to bring about positive change to the way it approaches its important regulatory enforcement duties. It remains to be seen in exactly what form this change will take. Some of the most significant changes to the way the SEC approaches its work, however, are likely to come from the outside — specifically, as a result of what has been described as the “mildly technical decision” issued in February 2013 by the U.S. Supreme Court in Gabelli v. Securities & Exchange Commission.