This issue has not attracted as much attention as the SEC's numerous other rule proposals. That said, the SEC's monitoring of proxy voting, and its ongoing warnings of enforcement action for what it determines to be improper voting, seem to be a potentially significant expansion of regulatory authority.

As suggested by this report, if the SEC deems a proxy vote to be out of line with ESG mandates, it may take enforcement action against an adviser. Given that position, how is…

Commissioner Gensler often quotes the maxim, as he did in the statement accompanying this rule proposal, that 'like cases should be treated alike.' That there should be a reasonable equality of similar products and activities is a good general principle, but it is an insufficient principle if it is not tied to some evaluation of those regulations. This is not to say that some further regulation of SPACs might not be reasonable. But it would also be reasonable, and necessary, at least to…

While investors clearly care about fund returns and expenses, it is far less obvious that they invest on the basis of an adviser's proxy voting record. To the extent that the SEC imposes disclosure obligations on matters to which investors are indifferent, the SEC is imposing costs that do not benefit investors. The SEC should allow registered investment companies ("RIC") to disclose, or not disclose, their proxy voting history in whatever detail the RIC thought was attractive to…

This is not a mere regulatory matter. The firm was engaged in blatant theft from its clients' accounts. (See also, .)