A closer look at Peirce’s public activities since she became Commissioner in January suggests that her opinion on this specific issue isn’t just a one-off. To the contrary, it reflects a larger deregulatory sensibility that has gladdened financial institutions and investors alike. For example, in those same remarks, Peirce warned the Commission against focusing on penalty amounts; in other words, to stop acting like some sort of corporation with quarterly targets to hit. The SEC’s bounden duty is instead to take a multidimensional look at any matter that’s presented to them. Enforcement action in cases with smaller penalties may more usefully protect little-guy investors or set more important precedent than cases where awards grab headlines simply for their size.
‘Enforcement 40’ for 2020
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