The Powell Perspective™

05/25/2025

Publius

Supreme Court Limits SEC's Administrative Enforcement in SEC v. Jarkesy

This article outlines the U.S. Supreme Court's landmark 6-3 decision in Securities and Exchange Commission v. Jarkesy, which ruled that defendants subject to SEC civil penalties for securities fraud have a constitutional right to a jury trial under the Seventh Amendment. The Court held that the SEC’s use of in-house administrative law judges to impose such penalties violates the Constitution, fundamentally restricting the agency’s enforcement tools and reshaping the administrative state’s regulatory framework. The decision also addressed issues of congressional delegation and the President’s removal powers in relation to SEC ALJs. This ruling has broad implications for government overreach, judicial precedent, and civil liberties by reinforcing constitutional protections against administrative adjudication without jury trials.
Full article - https://www.scotusblog.com/cases/case-files/securities-and-exchange-commission-v-jarkesy/

What Happens to the SEC's Administrative Proceedings After Jarkesy?

This article analyzes the consequences of the Supreme Court’s decision in SEC v. Jarkesy for the SEC's administrative enforcement process. It discusses how the ruling calls into question the constitutionality of the SEC’s in-house adjudications, highlighting that the SEC must now pursue civil penalties in federal court to afford defendants their jury trial rights. The article covers key constitutional challenges raised in Jarkesy, including the nondelegation doctrine, the Seventh Amendment, and presidential removal power under Article II. It explores strategic legal defense considerations for regulated entities facing SEC enforcement and the broader impact on regulatory frameworks and government oversight. This piece serves as a critical resource for understanding the evolving legal strategy and administrative law landscape post-Jarkesy.
Full article - https://www.cov.com/en/news-and-insights/insights/2024/04/what-happens-to-the-secs-administrative-proceedings-after-jarkesy

The RE Doctor

New ADU Laws & Regulations in California 2025

This article discusses the new laws and regulations concerning Accessory Dwelling Units (ADUs) in California. As of 2025, California has introduced several legislative changes aimed at lifting restrictions and making it easier to build ADUs. These changes include streamlined approval processes, expanded owner rights, and reduced fees for certain ADUs. The legislation also addresses unpermitted ADUs and encourages local agencies to adopt more flexible policies. Full article - https://www.ezplans.com/blog/2024/12/03/2025-guide-to-the-new-adu-laws-in-california/

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

This article provides insights into the updated ADU Handbook for California, highlighting changes in state laws and regulations. It emphasizes improved clarity on how ADU regulations interact with existing housing laws, such as Senate Bill 9. The handbook also addresses streamlined approval processes, expanded owner rights, and changes to impact fees. These updates aim to make ADU development more accessible and affordable for homeowners and developers. Full article - https://www.samara.com/insights/2025-accessory-dwelling-unit-handbook

Skier Tom

PSIA Certification for Snowsports Instructors

PSIA-AASI is a leading organization in the U.S. for the education and certification of professional ski and snowboard instructors. They develop standards and offer training across multiple disciplines, ensuring that instructors are well-equipped to teach various snowsports techniques. The certification process involves completing specific on-snow hours and familiarizing oneself with PSIA standards. For instance, the Alpine Level 1 certification requires 25 hours of on-snow teaching or training, and candidates must understand the PSIA Alpine teaching manuals[1][3].

Full article - https://thesnowpros.org

PSIA Junior Instructor Program

The PSIA Junior Instructor Program is designed for young skiers aged 12-14 who are interested in teaching skiing. This program offers national recognition as Junior Instructors, helping participants develop critical skills such as public speaking, instruction, and group management. The course includes online modules and on-snow training, providing a comprehensive introduction to outdoor leadership and instructor training. Participants must demonstrate basic skiing abilities and complete a course portfolio to graduate[8].

Full article - https://www.mapleskiridge.com/psia-junior-instructor-ski-program

Founder's Paradox

Start Smart: Founder-Proof Your Startup

This article discusses the importance of founder-proofing in startups, emphasizing the need for effective corporate governance to ensure long-term success and stability. It highlights key strategies such as establishing a strong board of directors, maintaining formal governance practices, and avoiding passive directors. Additionally, it stresses the importance of balancing power and fostering objective decision-making to secure investor confidence.

Full article - https://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 overemphasizing founder influence in startups, particularly in the context of venture-backed companies. It underscores the importance of early adoption of governance standards, ethics codes, and thorough due diligence by venture capital firms. The article also cautions against abandoning traditional board structures in favor of innovative but risky alternatives. It emphasizes that founder worship should not override legal and regulatory compliance.

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

Secrets of Capital Raising

Global Private Markets Report 2025

This article provides a comprehensive overview of the current state of private equity and other private markets in 2025, highlighting how private equity is beginning to recover from recent challenges with increased resilience and durability. It notes that 30 percent of Limited Partners (LPs) plan to raise their private equity allocations over the next year. The report also discusses innovation in fund structures, including separately managed accounts, co-investments, and the increased involvement of high-net-worth investors through more accessible vehicles. This evolution is boosting global private equity assets under management, despite a slight decline in traditional fund metrics. The article offers insights into capital raising trends, capital structuring, and strategic funding approaches in private equity today.
Full article - www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report

Private equity 2025: Market shifts and investor priorities

This article explores the shifting landscape of private equity in 2025, emphasizing a market in transition due to evolving economic conditions and regulatory uncertainty. It highlights how private equity firms and investors are adapting through strategic funding, focusing on sectors like direct lending, value-add real estate, and co-investments, as well as themes such as climate, blockchain, and AI. The piece also covers investor relations dynamics, noting LPs’ prioritization of strong teams and transparent carry structures when selecting General Partners (GPs). Additionally, it touches upon fundraising tactics and capital structuring in light of slower M&A activity and potential recession risks, providing a detailed view of current investment strategies.
Full article - www.ocorian.com/insights/private-equity-2025-market-shifts-and-investor-priorities