Considering the burdens Dodd-Frank imposed on the financial industry and the markets generally, it seems remarkable how little evidence exists to suggest there has been any material benefit. At this point, it is clear that central clearing has its limits (it only works for highly liquid products) and its risks (central counterparties are too big to fail and can drain liquidity from the economy). When it comes to cybersecurity, firms are motivated to address these risks with or without…

This seems to be an obvious error in the regulatory requirements, since no policy whatsoever requires a non-U.S. advisor who provides advisory services to non-U.S. clients to register simply because that advisor purchases a U.S. product. The advisory scheme is intended to regulate the relationship between the advisor and the advisor's client, both of whom operate outside the United States. There is no logic in applying it just because an advisor purchases a product that has a U.S. nexus.

 raised a number of important questions about the ways in which enforcement decisions are made. However, her report lacked any discussion about how enforcement decisions are made against government officials who are involved in wrongdoing – a question that is at least as important as how such decisions are made regarding private parties. The SEC decision to settle charges against fourteen municipal underwriting firms for misstatements and omissions in municipal bond…

It is well intentioned, but inappropriate, to expect broker-dealers to withhold assets to which customers are entitled in the absence of a federal grant of immunity for such actions (or of coordinated federal and state actions). In the absence of such immunity, broker-dealers bear the risk that their actions may result in serious injury to the person whose assets are withheld. What if the senior is unable to close on a house or other significant contract, or fails to make an…