Speaker 1: Bloomberg Law with June Grosso and Michael Best on demand
Speaker 1: via our Bloomberg Radio Plus app, free for iPhone and
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Speaker 1: exploring legal issues in the news and Today, Bloomberg Law
Speaker 1: host June Grasso discusses how the Securities and Exchange Commission
Speaker 1: is being affected by the election of Donald Trump. She
Speaker 1: speaks with Jim Cox, law professor at Duke University Law School.
Speaker 1: Jim is Trump's election a game changer for the sec
Speaker 1: He's promised to dismantle Dodd Frank. But beyond that, what
Speaker 1: can we expect? Well, I think they could. They're going
Speaker 1: to have their plate very full with an initiative that
Speaker 1: Chairman White started than that is rethinking all the disclosure
Speaker 1: guidelines that apply to proxy statements, public offerings of securities,
Speaker 1: and annual reports and quarterly reports. That is ongoing. They're
Speaker 1: getting lots and lots of feedback on the question of
Speaker 1: is there too much disclosure? What kind of disclosure should
Speaker 1: we And the important question is can we start scaling
Speaker 1: disclosure so that smaller companies have lighter burdens than larger
Speaker 1: companies and those can be justified. That is the process
Speaker 1: that is going to consume a awful lot of activity.
Speaker 1: The other area where I think that you're likely to
Speaker 1: see pushback and changes will be going back and re
Speaker 1: examining the various rules were put in for broker dealers.
Speaker 1: That is, we have yet to see whether the SEC
Speaker 1: will adopt the benefit of the investor standard that Department
Speaker 1: Labor has developed as the fiduciary obligation that applies to
Speaker 1: broker dealers. We do have the Labor rule that applies
Speaker 1: with respective retirement funds. My guess is that there's will
Speaker 1: be a total wholesale reexamination that rule, which has been
Speaker 1: very much opposed by the brokerage industry, and so it's
Speaker 1: going to be the result that that provision, which is
Speaker 1: actually mandated by Dodd Frank, will be one of the
Speaker 1: provisions to go and then in the area and force.
Speaker 1: But my guess is at Republicans and Democrats have an
Speaker 1: approach enforcement with a fair degree of equanimity, and mainly
Speaker 1: because we find that it's not truly big big companies
Speaker 1: that become under the gun of at least SEC standard
Speaker 1: frauductions totally avoided the very strong lobby into history of
Speaker 1: the accounting industry, and so I don't think we're going
Speaker 1: to see much change there. So enforcement will be something
Speaker 1: out there, but I think that benign neglect in some
Speaker 1: areas and then um using the initiatives have started by
Speaker 1: White to rethink and scale down substantially the disclosure burdens
Speaker 1: and as Jim Cox, a law professor at Duke University
Speaker 1: Law School, speaking with Bloomberg Lahouse stun Grasso, you can
Speaker 1: listen to Bloomberg Law week days at one pm Wall
Speaker 1: Street Time here on Bloomberg Radio and now among the
Speaker 1: top legal stories from Bloomberg Law, Microsoft has submitted concessions
Speaker 1: to European Union ATTI Trust officials examining its takeover of LinkedIn,
Speaker 1: a move that may allow the deal to win early
Speaker 1: stage approval. Concessions made in the early stage of the
Speaker 1: e USE review, including s ST sales, can help regulators
Speaker 1: approve a deal without opening an investigation that could last
Speaker 1: at least four months. Microsoft and linked In have said
Speaker 1: they planned to close the deal by the end of
Speaker 1: this year, and as this morning's Bloomberg Law Brief. You
Speaker 1: can find more illegal news at Bloomberg Law dot com
Speaker 1: and Bloomberg na dot com. Attorneys will find exceptional legal
Speaker 1: research and business development tools there as well. Visit Bloomberg
Speaker 1: Law dot com and bloomberg Enna dot com for more information.
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