Buried in the National Defense Authorization Act for Fiscal Year 2021 is a notable expansion of the ability of the SEC to seek disgorgement of ill-gotten gains for violations of the federal securities laws. Although the SEC has long sought disgorgement as a form of relief, the remedy had not been expressly authorized by statute and two recent Supreme Court decisions had limited its scope. In a guest article, Ann Sultan, Margot Laporte and Paul Leder, attorneys at Miller & Chevalier, offer five takeaways from the new statute. See “Supreme Court Scales Back SEC’s Disgorgement Remedy in Liu v. SEC” (Jul. 22, 2020).