An egregious failing in SEC rulemaking under the previous administration is the consistently flawed analysis on the costs of proposed rules. Beyond its conclusion that the rulemaking in this case exceeded the SEC's statutory authority, the 11th Circuit Opinion found that "the annual cost of operating the [CAT] system going forward appears likely to exceed the Commission's 2016 estimate by nearly four times."

A main concept underlying the Administrative Procedure Act is that…

A comparison between "America's AI Action Plan," which follows President Trump's EO "Removing Barriers to American Leadership in Artificial Intelligence," and President Biden's EO "Safe, Secure and Trustworthy Development and Use of Artificial Intelligence," (see previous ), illustrates the enormous difference between the mindsets of the two Presidents.

President focuses on "substantial risks," including concerns about "fraud, discrimination, bias, and disinformation; [the…

The failures to monitor for "pre-existing relationships," in order for sales to qualify as good private placements, were particularly egregious in the current instance. Nonetheless, the case is a good reminder of the need for firms to have procedures in this regard. (See also; e.g., , where the firm's written supervisory procedures failed to define what constitutes a pre-existing relationship and failed to specify how such relationships should be documented or verified).  …

The letter from Senators Warren and Reed exemplifies a particular approach to regulation: (i) all regulation is beneficial; (ii) rescinding any existing regulation is bad; and (iii) adding any new regulation is good.  

This is the wrong approach. As it is with any human endeavor, all regulation is an experiment. Maybe it will accomplish its desired goal, maybe it won't. Maybe circumstances will change. 

In the case of Form PF, that outlook would be quite generous…