Samuel L. Jackson’s character Jules Winnfield in the Quentin Tarantino classic, Pulp Fiction, famously described himself as the “righteous man.” SEC Chairman Gensler is viewed by some as the FinTech version of the righteous man. In a recent speech, Gensler quoted the first Chairman of the SEC, Joseph Kennedy who noted: “No honest business need fear the SEC.” Unfortunately, Gensler failed to note that as the SEC often explains, whether a party has violated the securities laws depends on a facts and circumstances analysis. Consequently, whether a party must fear the SEC will also depend on the facts and circumstances. Chairman Gensler also failed to mention the other missions of the SEC and to acknowledge the important role of self-regulation.
‘Enforcement 40’ for 2020
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