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Gary Gensler has been chairman of the Securities and Exchange Commission for five months now, and in those five months he’s developed quite the to-do list. Incredibly, however, today’s was the first meeting at which he actually got to start ticking things off that list, and how did he choose to do it? Banning cryptocurrencies and payment for order flow? Re-empowering whistleblowers after their Trump-era emasculation? Putting SPACs out of their misery?

Nope: At his first policy meeting, Gensler decided to open proceedings by trying to embarrass hedge funds.

The U.S. Securities and Exchange Commission is taking up a long-delayed bid to force money managers to disclose whether they voted in support of shareholder proposals on executive pay…. The new regulation would also make changes to forms that investment firms file with the agency regarding their proxy votes. Some of the alterations under consideration include standardizing how proxy proposals are described and categorized, as well as requiring funds to disclose when they don’t vote in proxies because their shares are on loan, according to the SEC.

In fairness to Gensler, this relatively trivial matter has been a long time in coming.

The regulator was required to write the proxy-vote disclosure rules more than a decade ago, but has not finished them following pushback from investment firms.

Hedge Fund Disclosures on CEO Pay Votes Get Renewed SEC Push [Bloomberg via Yahoo!]

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Activist Investing Basically Insider Trading, Sayeth Gary Gensler

He’s got a lot of plans for the hedge fund industry, and it’s not going to like them.

By US government [Public domain], via Wikimedia Commons

Gary Gensler, His Slide Rule Are Coming For Your Bonuses

If companies can’t do math properly, the SEC will do it for them.


Gary Gensler Comes Not To Mourn SPACs But To Bury Them

The SEC comes for the ailing sector with a coup-de-grace.

By US government [Public domain], via Wikimedia Commons

Gary Gensler Stands Astride History Yelling Stop

Actually, he’s not saying anything. Just suing.


Somebody Give Gary Gensler A Drug Test

No one can regulate this hard, this fast without chemical assistance.

By US government [Public domain], via Wikimedia Commons

Joe Biden Getting Gary Gensler A New Friend

And she doesn’t like cryptos any better than him.


Will There Be Anything Left For Gary Gensler To Do At The SEC?

Interim chief Allison Herren Lee keeps taking things off his plate.

By US government [Public domain], via Wikimedia Commons

‘Wait, Senator, Don’t You Want To Hear About This Mug Who Said He Had An AI Supercomputer In His Mom’s Basement?’

Selections from the cutting-room floor of Gary Gensler’s Senate Banking Committee testimony.