SEC – Page 5 – Patomak Global Partners

Insights

Investment News: Financial Industry Opponents Remain Wary of SEC’s Crackdown on Share-Class Disclosure

“The SEC conducted a campaign of regulation through enforcement that leaves more questions than it answers,” Paul Atkins, chief executive of Patomak Global Partners, said in a statement. “The Commission lost a lot of credibility by browbeating advisors through make-it-up-as-you-go disclosure requirements and never-before-enunciated duties imposed on an entire industry.”

Law360: End Big Game Trophy Hunting in Delaware and Other American Courts

News Paul Atkins

While Delaware’s hunters are focused on deer and duck this fall, it appears that other hunters pursuing a highly valued legal prize in the state might be coming up empty handed this season.

Delaware Federal District Court Judge Richard Andrews in an August 2019 merger case, Scott v. DST Systems, Inc. et al, rejected plaintiffs’ request for payment of their fees, ruling that the lawyers did not produce a “substantial benefit” to shareholders.

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

News Patomak Global Partners

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.”

Federalist Society Podcast: Agency Staff Regulatory Guidance

News Release Patomak Global Partners

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.

The Hill: Yet Another Festering Regulatory Problem Growing in Washington

News Paul Atkins

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

News Paul Atkins

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.”

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

News Patomak Global Partners

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

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

News Patomak Global Partners

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.

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

Testimony Patomak Global Partners

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”

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

Patomak Post, Testimony Paul Atkins

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

Insights

Investment News: Financial Industry Opponents Remain Wary of SEC’s Crackdown on Share-Class Disclosure

Law360: End Big Game Trophy Hunting in Delaware and Other American Courts

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

Federalist Society Podcast: Agency Staff Regulatory Guidance

The Hill: Yet Another Festering Regulatory Problem Growing in Washington

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

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

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

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

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

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