I do applaud the Commission for taking a whack at tweaking the policy. It is probably healthy for any organization to take external criticism seriously and re-think old policies that may have outlived their usefulness. But I am pretty skeptical about the breadth of what White announced yesterday. She says this will be an “incremental” change to the current policy, it will only apply to “certain” cases, and decisions on when admissions will be required will be made on a case-by-case basis.
I get it. If you’re going to make a change like this, it would be almost impossible to bind yourself ahead of time to conditions that are almost unforeseeable. Sometimes it will seem obvious that an admission should be required in an especially egregious case. But by doing it in this open-ended this way, the SEC is signing on for a lot of second-guessing from the commentariat….
‘Enforcement 40’ for 2020
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