The Powell Perspective™

05/26/2025

Publius

The Unfolding Meaning of Jarkesy

This article discusses the implications of the Supreme Court's decision in Securities and Exchange Commission v. Jarkesy, which held that defendants in SEC administrative proceedings seeking civil penalties are entitled to a jury trial under the Seventh Amendment. The decision challenges the administrative state by limiting the SEC's power to impose penalties through in-house tribunals, potentially affecting other federal agencies' enforcement practices. The ruling has sparked debate about its broader implications for regulatory frameworks and constitutional law.
Full article: https://www.yalejreg.com/nc/the-unfolding-meaning-of-jarkesy-by-matthew-strada/

The Post-Jarkesy, Atkins SEC

This article explores the aftermath of the SEC v. Jarkesy decision and its impact on the SEC's enforcement strategies under the new leadership of Chairman Paul Atkins. The ruling has forced the SEC to reconsider its approach to securities fraud cases, as civil penalties must now be pursued in federal court, potentially leading to more complex and lengthy litigation. This shift raises questions about the future effectiveness of the SEC's enforcement actions and possible changes in regulatory policies.
Full article: https://www.dandodiary.com/2025/05/articles/securities-enforcement/the-post-jarkesy-atkins-sec/

The RE Doctor

California’s New ADU Handbook: What’s Changed for 2025

California has updated its Accessory Dwelling Unit (ADU) regulations for 2025, introducing streamlined approval processes and expanded owner rights. The new handbook clarifies how ADUs interact with housing laws like Senate Bill 9, eliminates owner-occupancy requirements, allows for condominium conversion where permitted, and restricts HOA influence on ADU development. The handbook also details new protections regarding impact fees and encourages pre-approved ADU plans, all aimed at increasing housing accessibility and overcoming regulatory barriers.
Full article – https://www.samara.com/insights/2025-accessory-dwelling-unit-handbook[3]


Commercial Real Estate in 2025: Hurdles and Horizons

This article explores the challenges and opportunities in the commercial real estate market for 2025. It highlights the robust demand for industrial and logistics properties driven by e-commerce, rising warehouse rents, and a shift toward high-quality, sustainable office spaces. The analysis also covers how industry professionals can leverage market data and financial projection tools to navigate supply chain shifts and identify optimal investment opportunities.
Full article – https://www.ccim.com/real-estate-insights/blog/commercial-real-estate-2025-hurdles-and-horizons[6]

Skier Tom

PSIA Certification for Snowsports Instructors

This article discusses the educational and certification standards for snowsports instructors through the PSIA-AASI. It outlines the process for becoming certified, including completing on-snow training and familiarizing oneself with PSIA standards. The article is relevant for those interested in a career as a professional ski or snowboard instructor. Full article - https://thesnowpros.org/get-certified/

Outdoor Leadership Experience

This article highlights an expeditionary, adventure-based leadership training course. It focuses on developing leadership skills through outdoor activities like hiking, backpacking, and climbing. Participants gain confidence and skills in a wilderness setting, making it a valuable experience for those interested in outdoor leadership. Full article - https://hhpr.robbins.baylor.edu/undergraduate/recreation-and-leisure-services/outdoor-leadership-experience

Founder's Paradox

Start Smart: Founder-Proof Your Startup

This article discusses the importance of implementing legal and organizational strategies to mitigate risks associated with founder dynamics in startups. It emphasizes the role of effective corporate governance, including the establishment of a balanced board of directors, and the need for regular formal governance practices to ensure long-term success and stability. The article highlights the importance of removing passive directors and avoiding disproportionate power among founders.

Full article - www.svrlawyers.com/news-highlights-posts/2025/2/6/start-smart-founder-proof-your-startup

The Perils of Founder Worship

This article explores the dangers of "founder worship" in the startup world, where founders are often elevated to a status that can overshadow the importance of corporate governance. It argues that early adoption of governance standards, ethics codes, and stronger VC due diligence are crucial to prevent the kind of failures seen in cases like FTX. The article emphasizes the need for traditional board structures and regulatory compliance to ensure legal accountability and protect stakeholders.

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

Secrets of Capital Raising

McKinsey Global Private Markets Report 2025

McKinsey's Global Private Markets Report 2025 highlights the challenges faced by private markets, including a decline in fundraising for traditional commingled vehicles. This marks the third consecutive year of decline, with fundraising down 24% year over year. The report provides insights into the current state of private equity and venture capital, reflecting on trends and strategies in the face of economic uncertainty. Full article - https://www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report

Private Equity Outlook 2025 by Bain

Bain's Private Equity Outlook 2025 explores whether a recovery is taking shape in the private equity market. The report notes that while deal-making rebounded in 2024, regaining momentum in fundraising might take longer. It discusses the evolving landscape of private equity, including challenges such as dry powder and wide bid/ask spreads, and highlights strategic opportunities like direct lending and value-add real estate. Full article - https://www.bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025/