Twenty years ago, SEC Chair (then Commissioner) Atkins and then Commissioner Glassman voted against the adoption of Regulation NMS. (See .) The dissent was notable in its time because it happened in a less partisan era, when dissents at the SEC were particularly rare; in this case, it was even more unusual because the two dissenting Commissioners were Republican and the Republican Chair passed Regulation NMS with the vote of the two Democrats.

The dissent, which runs 44 pages,…

Senators Warren and Reed's assertion that mandatory arbitration is inconsistent with Section 14 of the Securities Act or Section 29 of the Exchange Act was expressly rejected by the U.S. Supreme Court in . That case held that the Federal Arbitration Act "establishes a federal policy favoring arbitration." That is not inconsistent with either provision of the Securities Laws cited by the Senators. If the Senators seek to overturn the Supreme Court's understanding of the Arbitration Act and…

Form PF, as currently drafted or as revised, produces no information of material value, when one considers how badly the Form is drafted. The financing related questions on the Form are particularly atrocious, which means the Form is ill-suited to provide useful information as to credit funds that use leverage.  

But what about the music that may be lost:   .