We note one final point about the decision. Although entirely dictum, the court noted that position of the SEC that it could seek to collect fines where it had affirmed the sanction. Rather than reaffirm the position, the court all but invited parties to challenge this authority as well. As the opinion noted:
- The SEC takes the position that it has the authority to bring an action in a federal district court to enforce any order it issues that affirms sanctions, including fines, imposed by FINRA. See Delegation of Authority to the Office of the General Counsel, SEC Release No. 42,488, 71 S.E.C. Docket 1910 (March 2, 2000); 15 USC 78(e)(1). Although several other Courts of Appeals have affirmed the SEC's authority to enforce FINRA-imposed sanctions pursuant to Section 21(e), this issue is not before us on this appeal.
The court, therefore, left open the possibility that even the SEC does not have the authority to enforce the judgment.