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Foley & Lardner LLP partner Clyde Tinnen authored the Wisconsin Lawyer article, “The SEC’s Regulatory Assault on U.S. Capital Markets,” providing an overview of the issues with the U.S. Securities and Exchange Commission’s (SEC) recently adopted rules, the limitations on the SEC’s powers and authority, and the steps that lawyers advising affected companies should consider taking.
In the article, Tinnen explores six key shortcomings with the SEC’s rules, particularly as they relate to private fund advisers, cybersecurity disclosures, and climate change and environmental disclosures. These include the overhaul of longstanding, existing rules, adoption of rules beyond the SEC’s statutory authority, the assumption that more disclosure equals better disclosure, potential First Amendment questions, a disregard for the cost of compliance, and the employment of faulty assumptions to justify actions.
