In a recent speech, SEC Chairman Gary Gensler quoted the first chairman of the SEC, Joseph Kennedy, who noted, “No honest business need fear the SEC.” Unfortunately, Gensler failed to note that, as the SEC often explains, whether a party has violated the securities laws depends on a facts and circumstances analysis. Consequently, whether a party must fear the SEC will also depend on the facts and circumstances. Chairman Gensler also failed to mention the other missions of the SEC and to acknowledge the important role of self-regulation.
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Change in Corporate Enforcement Policy, But How Much?
In a recent speech,(1)SEC Chairman Gary Gensler quoted the first chairman of the SEC, Joseph Kennedy(2), who noted, “No honest business need fear the SEC.”(3) Unfortunately,
