The SEC: Preoccupied Watchdog?

摘要

As a corporate attorney focusing on securities regulation, my daily practice is affected by a constant and pervasive issue-the importance of investor protection under the federal securities laws-or at least there used to be. The passage of the Jumpstart Our Business Startups Act of 2012, or the JOBs Act, represents a significant diversion from the core principles of past securities legislation in the United States in that it reorders the Securities and Exchange Commission's, or the SEC's, stated mission to place, in certain cases, "facilitating capital formation" at the forefront and "protecting investors" in the rearview mirror. Such reordering creates an inherent conflict of interest for the SEC by now charging it with the responsibilities of protecting investors and stimulating the economy through regulation (or more appropriately, deregulation) and oversight-a role historically charged to, and better suited for, the Internal Revenue Service, or IRS, via the regulation and oversight of tax incentives for America's emerging and growing businesses.