Law \ Legal

SEC Churning Out Rules, Detailed Economic Analyses Thereof

It’s safe to say that the pace of things at the Securities and Exchange Commission remains frenetic. After a first year which would have exhausted many an SEC chair, and most especially his immediate predecessor, the possibly regulatorily-enhanced Gary Gensler has not slowed down. He and his cohorts have taken aim at both shareholder activists and entrenched corporate leadership, threatened a bedrock of Wall Street trading and the foundation of much of the accounting industry, and moved to put a stop to these SPAC shenanigans and payment for order flow—the latter by simply tearing out and replacing the markets’ entire convoluted plumbing system. And he’s gone disclosure-mad, insisting that companies ‘fess up on matters ESG, the hedge funds and private equity firms shed a bit of their precious privacy, and most recently finally put the finishing touches on a very simple rule that Congress mandated a dozen years ago.

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