SEC’s Investor Advocate Urges Reversal of ‘Deregulatory’ Agenda

Dec. 29, 2020, 8:08 PM

The SEC under former Chairman Jay Clayton frequently engaged in “deregulatory” rulemaking that hurt investors and should be reversed, the agency’s in-house investor advocate said.

The Securities and Exchange Commission’s “often disappointing” regulatory agenda reduced investor protections and didn’t bring substantive corporate environmental, social, and governance disclosures, Investor Advocate Rick Fleming said in his office’s annual report released Tuesday, less than a week after Clayton’s Dec. 23 departure.

Fleming was particularly worried about rules the SEC adopted this year to ease the approval of riskier exchange-traded funds and facilitate capital raising through private offerings without going public. He chided ...

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