FINRA's practice of treating every violation of a FINRA Rule as being also a Rule 2110 violation should lead to one of two conclusions: Rule 2010 should be deleted as duplicative; or Rule 2010 should be renamed "Violation of a FINRA Rule." That way, it will be clear that any firm that violates another FINRA Rule has also violated Rule 2010.

Acting Chair Lee's comments on disclosure suggest that she would support regulatory actions that not only raise first amendment concerns (by, for example, taking actions that might discourage advertising on disfavored shows), but also by potentially making the SEC a political actor by using those disclosure requirements in such a way as to determine which candidates for office may be deemed to be sufficiently ESG-favorable. (See prior .)

How will this approach translate into actual lending policies? Will the banking regulators discourage concentrated lending to coastal states, such as New York and California, on the theory that these geographies are subject to increased climate risk?

Since assuming office, SEC Acting Chair Allison Herren Lee has not only focused to an unusual extent on ESG matters, she has also taken unusual actions, including (i) establishing a , although it is not even clear whether there are rules in this regard to break, much less that they have been broken, and (ii) suggesting that the political spending disclosures as to ESG, which might raise constitutional questions.

The points expressed by Commissioners Roisman and Peirce may be briefly…