For the S.E.C., this is one of its highest-profile cases in recent years. Just issuing a monetary penalty could have reinforced the perception that the agency has lost its edge as Wall Street’s top cop. With the removal of Mr. Musk as chairman, the S.E.C. avoids that reputational hit. The penalty is a step toward changing how Tesla operates and shows that the agency is concerned primarily with the company’s future governance.
‘Enforcement 40’ for 2020
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