Law Commons^™

Op-Ed: California’S Most Powerful Voice On Wall Street? Its Pensions, David H. Webber

Shorter Faculty Works

The fight over public pensions in California is almost exclusively described as a dispute between people worried about tax hikes and public servants wanting to get paid what they were promised. But this is only part of the pension story — one focused on the “liability” side of the balance sheet.

Are Advisers Contributing To Fund Rule Avalanche?, Tamar Frankel

Shorter Faculty Works

The SEC has been prolific in the past few years. By its own initiative, or because of congressional directives, the Commission has issued a record number of rules directed at the mutual funds advisory profession.

From 1975 to 2000 the SEC enacted about 135 substantive rules. However, it has enacted 70 such rules over the five-year span from 2001 to 2006. These rules are progressively more specific, eliminating flexibility, putting the profession in a straight-jacket, and imposing significant costs. The costs of these rules are especially irritating to advisors who have done no wrong.

Professional advisors blame the SEC for …