Commissioner Gensler often quotes the maxim, as he did in the statement accompanying this rule proposal, that 'like cases should be treated alike.' That there should be a reasonable equality of similar products and activities is a good general principle, but it is an insufficient principle if it is not tied to some evaluation of those regulations. This is not to say that some further regulation of SPACs might not be reasonable. But it would also be reasonable, and necessary, at least to…

While investors clearly care about fund returns and expenses, it is far less obvious that they invest on the basis of an adviser's proxy voting record. To the extent that the SEC imposes disclosure obligations on matters to which investors are indifferent, the SEC is imposing costs that do not benefit investors. The SEC should allow registered investment companies ("RIC") to disclose, or not disclose, their proxy voting history in whatever detail the RIC thought was attractive to…

This is not a mere regulatory matter. The firm was engaged in blatant theft from its clients' accounts. (See also, .)   

Commissioner Gensler states that the rule changes are consistent with Congressional intent. That assertion seems curious; as the proposing release observes, the securities markets of 2022 don't much resemble the securities markets of 1934. 

The proposing release is very short as to the benefits that the expanded definitions would provide. The primary benefit to which the SEC points is that the registration of more firms would allow the SEC to collect more data…