Brokerage industry advocates have accused the SEC of launching enforcement on share class selection before explaining what it expected from firms on fee disclosure. Instead, they say, the agency started with enforcement. They decry it as rulemaking — or regulation — by enforcement.
Last week, SEC member Robert Jackson Jr. said he’s getting tired of that criticism. Actually, he used a more colorful term.
“I’ve heard the argument,” Mr. Jackson said Friday at the Consumer Federation of America’s Financial Services Conference. “This is bullshit. The people who are making this argument are in favor of neither regulation nor enforcement. That’s cool. Just be honest.”
‘Enforcement 40’ for 2020
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