In a ruling that has captured the attention of Washington lobbyists and policy wonks, a three-judge panel said the SEC did not adequately analyze the economic consequences of a rule that would make it easier for shareholders to oust members of corporate boards. The court declared that the SEC had acted “arbitrarily and capriciously.” In declaring the SEC’s cost-benefit analysis inadequate, the judges set what might be an impossibly high standard, some observers say.
‘Enforcement 40’ for 2020
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