Insights

Investment News: Brokerages Won’t Know Bite of Reg BI Until Enforcement Begins

Paul Atkins shared his view with Investment News reporter Mark Schoeff about any parallels between two recent SEC initiatives, “Perhaps there is parallel in that firms under [the share-class selection disclosure initiative] and Reg BI still do not have clarity on the SEC's view of the law regarding how to comply, but the crucial distinction is that Reg BI is a brand new, duly adopted rule that will be fleshed out over the coming months, just like any other newly adopted rule, while SCSD is simply imposing new regulation through enforcement without the legally required opportunity for dialogue with the public.”
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By: Patomak Global Partners

Federalist Society Podcast: Agency Staff Regulatory Guidance

Agency staff regulatory guidance, speeches, and settled enforcement actions can be helpful to the regulated community when seeking to comply with the law; but when agencies use those statements as if they are the law, thereby bypassing the Administrative Procedures Act, such actions can take the regulated by surprise and run afoul of due process. Tune in to the full podcast to hear the discussion moderated by Paul Atkins.
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By: Patomak Global Partners

The Hill: Yet Another Festering Regulatory Problem Growing in Washington

In a joint opinion piece in The Hill, Peter Wallison of American Enterprise Institute and Paul Atkins of Patomak Global Partners write, “It is much more equitable, more investor focused, and a better use of federal resources for a regulatory agency to provide clear and forward looking guidance or rulemaking on an issue, particularly one that has been festering for years.”

Wall Street Journal Letter to the Editor: The SEC Should Follow Its Own Rules for Guidance

Paul Atkins writes in a Wall Street Journal letter to the editor: “Even novice students of due process understand that guidance provided in 2018 cannot be used in cases citing actions taken before that time.”
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By: Paul Atkins

ThinkAdvisor: Reg BI Footnote Justifies Pausing SEC Share Class Disclosure Initiative

Footnote 60 reveals an agency that is seeking to paper the record after failing to make its expectations clear around 12b-1 fees.
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By: Patomak Global Partners

Investment News: Critics concerned with pending second wave of SEC share-class crackdown

Paul Atkins, former SEC commissioner, wants the agency to halt its share-class initiative because it is establishing a new disclosure standard through enforcement rather than a regulation. He said it is unfair because the industry didn't have a chance to adjust.
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By: Patomak Global Partners

Patomak Chief Executive Testifies Before the House Financial Services Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

Patomak CEO Paul Atkins testifies at the House Financial Services Committee Subcommittee on Investor Protection, Entrepreneurship and Capital Markets hearing, “Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social and Governance Disclosures”

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By: Patomak Global Partners

Testimony Before House Financial Services Committee Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets

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On July 10, Paul Atkins testified at a House Financial Services Subcommittee hearing on Environmental, Social and Governance (ESG) proposals.

Investment News: Adviser Regulation Caught Up in Partisan Era, Making it Hard to Plan for Future

A former Republican SEC member…said Reg BI should stay in place; changing direction based on politics is the wrong approach. "To go down that road, that's not good for the markets, it's not good for investors," said Paul Atkins, chief executive of Potomak Global Partners.
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By: Patomak Global Partners

Bloomberg BNA: More SEC Cases Over High Investor Fees Expected, Official Says

The SEC likely will bring more enforcement actions against investment firms that pushed mutual funds with higher fees on clients who had cheaper options, a senior agency official said. The Securities and Exchange Commission’s Share Class Selection Disclosure Initiative has been “phenomenally successful” since it launched in 2018, Steven Peikin, a co-director of the agency’s Enforcement Division, said June 25.