The Powell Perspective™

06/01/2025

Publius

The Unfolding Meaning of Jarkesy

The article "The Unfolding Meaning of Jarkesy" by Matthew Strada discusses the implications of the Supreme Court's decision in Securities and Exchange Commission v. Jarkesy. The ruling held that SEC administrative proceedings seeking civil penalties violate the Seventh Amendment by denying defendants a jury trial. This decision has significant implications for the administrative state, challenging the constitutionality of similar agency proceedings and potentially limiting agency enforcement functions. The article explores how lower courts are interpreting the decision and the broader impact on the relationship between federal agencies and constitutional rights. Full article - www.yalejreg.com/nc/the-unfolding-meaning-of-jarkesy-by-matthew-strada

U.S. Supreme Court Decision Limits SEC's Ability to Use Administrative Proceedings

The U.S. Supreme Court's decision in SEC v. Jarkesy fundamentally changes the SEC's enforcement strategy by requiring it to pursue civil penalty cases in federal court. This ruling, which was issued in June 2024, held that the SEC's use of in-house tribunals to adjudicate fraud actions violates the Seventh Amendment's guarantee of a jury trial. The decision has significant implications for the SEC's future enforcement efforts and raises questions about the constitutionality of administrative proceedings by other federal agencies. Full article - www.jacksonlewis.com/insights/us-supreme-court-decision-limits-secs-ability-use-administrative-proceedings-fraud-cases

The RE Doctor

Ohio Cities Explore ADUs for Affordable Housing

Ohio cities are increasingly turning to Accessory Dwelling Units (ADUs) as a solution to expand affordable housing options. By relaxing zoning laws, cities like Columbus aim to facilitate the creation of ADUs, which can double the number of dwellings on single-family lots. This approach is part of broader efforts to address housing needs and promote community growth through more flexible urban planning policies. Full article - https://www.statenews.org/section/the-ohio-newsroom/2025-01-08/ohio-cities-want-more-housing-options-could-the-solution-be-in-their-backyards

The commercial real estate market in 2025 is expected to experience positive momentum, driven by sectors like industrial and multifamily. Despite challenges such as interest rate uncertainty and climate change concerns, there are opportunities for growth in areas like affordable housing. The outlook is optimistic, with potential for investment in sectors that are less vulnerable to market fluctuations. Full article - https://www.jpmorgan.com/insights/real-estate/commercial-real-estate/commercial-real-estate-trends

Skier Tom

12 Week PSIA Level 1 & 2 Certification Course | Ski | USA

This course offered by Snow Trainers prepares participants for internationally recognized PSIA-RM Level 1 and Level 2 ski instructor certifications. It includes professional ski instructor training, video analysis sessions, lift-line priority, access to an employee cafeteria, accommodation in Frisco near Copper and Breckenridge, and free local transport. The comprehensive program is designed to develop skiing and teaching skills for those seeking certification and career advancement in ski instruction. Full article - www.snowtrainers.com/product/12-week-level-1-2-certification-course-ski-usa/

PSIA Junior Instructor Program - Maple Ski Ridge

This PSIA-affiliated program targets young skiers aged 12 to 14 who are interested in teaching skiing. It offers a Junior Instructor Certificate involving e-learning modules, on-snow training, lesson shadowing, and skill demonstrations. The program helps develop important career skills such as communication, professionalism, and group management. Graduates are guaranteed an instructor position at Maple Ski Ridge the following season if age requirements are met, providing a pathway into the outdoor sports industry. Full article - www.mapleskiridge.com/psia-junior-instructor-ski-program

Founder's Paradox

The Perils of Founder Worship

This article discusses the risks associated with "founder worship," particularly in the startup world where founders are often elevated to high status. It highlights the need for early adoption of governance standards and ethics codes in startups, emphasizing the importance of thorough due diligence by venture capital firms. The case study of FTX and its founder, Sam Bankman-Fried, illustrates the dangers of neglecting traditional governance structures in the pursuit of innovation. The article concludes that startups should not circumvent legal norms and should prioritize regulatory compliance to ensure accountability.

Full article - https://clsbluesky.law.columbia.edu/2025/05/20/the-perils-of-founder-worship/

The Reality of Corporate Governance for Start-ups

This article addresses the importance of corporate governance in startups, emphasizing that governance should be both lightweight and adaptable in the early stages but grow in sophistication as the company develops. It suggests starting with a simple board of advisors and gradually evolving into a more formal board structure. The article advocates for building a board early on to provide diverse perspectives and ensure that the company stays focused on key milestones and growth goals. Key policies should also be adopted to mitigate potential legal and financial risks.

Full article - https://www.chrysalix.com/news_insights/the-reality-of-corporate-governance-for-start-ups

Secrets of Capital Raising

Global Private Markets Report 2025 – McKinsey

The latest McKinsey report highlights evolving investor sentiment and capital deployment strategies within the private markets. Notably, 30% of survey respondents intend to increase their private equity allocations over the next year, reflecting a cautious optimism and a focus on diversification. The article discusses how these trends are shaping fundraising priorities, sector-focused strategies, and the broader implications for private capital allocation and investor relations. Full article – mckinsey.com/industries/private-capital/our-insights/global-private-markets-report[1].


Private Equity Outlook 2025: Is a Recovery Starting to Take Shape? – Bain

Bain’s 2025 outlook explores the current state of private equity investment, noting that global buyout funds raised 23% less capital than in the previous year. The article examines how macroeconomic stabilization and pent-up demand may fuel a recovery in deal activity, particularly in the context of evolving investor expectations, strategic exits, and increased focus on value creation in mid-market companies. Full article – bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025/[2].