The SEC has indicated that it will continue to review potential aiding and abetting claims in light of the Janus Capital Group Inc. v. First Derivative Trader’s decision.

That decision limited the ability to bring primary liability claims against actors, pursuant to Securities Exchange Act of 1934 Rule 10b-5.  Although the matter involved private litigation and not an SEC enforcement action, it could be interpreted to apply to the SEC. 

Accordingly, it is likely the SEC will have to continue to review these types of matters on a case-by-case basis.