Historically, FINRA and NFA have taken mutually inconsistent positions on a number of advertising issues, most significantly as to the reporting of performance information. NFA's proposal is a nice step in the direction of resolving some of these inconsistencies. That is not to say that either self-regulatory organization has the superior set of rules. However, there is a good bit to be said for NFA's position on related performance information, which treats such information as something…

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While the two statements likely have no direct connection, Commissioner Lee's remarks on principles-based regulation follows reasonably closely on comments by CFTC Chair Heath Tarbert, who argued that "detailed, prescriptive rules" will (i) provide for greater flexibility in the tech sector, (ii) facilitate innovation, and (iii) help the CFTC "stay ahead of the curve." See .

As to Commissioner Lee's call for greater disclosure of climate risks, the evidentiary concerns raised in are…

Commissioner Lee's dissent to the proposal reflects the differing political philosophies of the Commissioners. Commissioner Lee appears more inclined to protect investors, and seems willing to make it more difficult for them to invest in private placements and for small issuers to raise money in private placements. Conversely, Chair Clayton and Commissioner Peirce seem more inclined to allow accredited investors to take the risks inherent in investing in smaller issues sold in private…