Steve Bradford offers a nice roundup of the SEC's recent losing streak in major cases before the DC Circuit and concludes:
You may not agree with the D.C. Circuit’s position in all of these cases. My personal opinion is that the Financial Planning case is just bad statutory interpretation by the court. But it seems to me that an agency has to work really hard to lose this much. J. W. Verret argues that the most recent opinion illustrates that the SEC “is an agency with too many lawyers and not enough economists.” With this string, I’m more inclined to think that the SEC simply doesn't care enough about the rule of law.