It is always the case that when a measure is put forward to raise the bar for proxy submissions, critics will complain about the loss of shareholder democracy, and ignore the fact that holders of some nominal number of shares are likely attempting to advance their personal/political interests rather than benefit the issuer. It seems prudent to require that shareholders wishing to force a vote should have a large enough number of shares to demonstrate that their personal interests are aligned…

While the ABA advocated for the option of semi-annual reporting, its main interest is reducing the absolute scope of reporting obligations. That would seem to be the bigger, and more politically popular, outcome.

This decision is similar to the Massachusetts case in which the judge held that the market could comply with both CFTC regulation and State law, so that there was not impossible conflict between the two.  

Ultimately, it seems that this matter will go to the Supreme Court unless Congress resolves the issue, which would be the preferable outcome. This is properly a matter for legislative judgment, not for judicial "interpretation."  

The first two of the bills are, for all practical purposes, in direct response to, and repudiation of, Mr. Gensler's term as Chair of the SEC.  

CAT, the gargantuan trade reporting and data collection system that was championed by Mr. Gensler has, unsurprisingly, turned out to be far more expensive than the SEC estimated when the relevant rules were adopted. Further, with the change in Administrations, the concerns raised by Commissioner Peirce, among others, that it was…