The Powell Perspective™

06/05/2025

Publius

SEC v. Jarkesy: A Constitutional Challenge to Administrative Proceedings

The Supreme Court's decision in SEC v. Jarkesy has had significant implications for the Securities and Exchange Commission's (SEC) ability to impose civil penalties in administrative proceedings. The Court ruled that the SEC's actions violated the Seventh Amendment by denying defendants the right to a jury trial in cases involving civil penalties for securities fraud. This decision limits the SEC's authority to pursue civil penalties in administrative forums and may lead to a shift towards more judicial oversight. Full article - https://www.yalejreg.com/nc/the-unfolding-meaning-of-jarkesy-by-matthew-strada/

The Impact of Jarkesy on Regulatory Frameworks

The Jarkesy case has sparked discussions about potential extensions of its logic to other regulatory bodies, such as the EPA. If the principles established in Jarkesy are applied more broadly, defendants in similar administrative proceedings could claim a right to a jury trial, potentially altering the enforcement landscape across various government agencies. This could lead to increased judicial oversight and changes in how regulatory actions are pursued. Full article - https://www.tba.org/?pg=Hastings2025SecondPlace

The RE Doctor

This article discusses the outlook for commercial real estate in 2025, focusing on trends and challenges such as interest rate uncertainty, affordable housing growth, and the impact of natural disasters. It highlights the positive momentum in the industrial sector and the potential opportunities for investors in multifamily and mixed-use developments. The overall outlook is optimistic despite persistent concerns about climate change and cybersecurity threats. Full article - www.jpmorgan.com/insights/real-estate/commercial-real-estate/commercial-real-estate-trends

California's 2025 ADU Laws

This article explains the significant changes in California's laws regarding Accessory Dwelling Units (ADUs) as of 2025. Key updates include the ability to build up to eight detached ADUs on multifamily properties, streamlined permitting processes, and relaxed owner-occupancy rules. These changes aim to address housing shortages by providing more options for rental homes and simplifying the construction process. Full article - www.ikkonic.com/learn/californias-2025-adu-laws-what-homeowners-need-to-know

Skier Tom

PSIA Junior Instructor Program

The PSIA Junior Instructor Program is designed to help young skiers and snowboarders become certified instructors. Participants complete online modules and a 12-hour on-snow training course, shadow lessons, and demonstrate skiing ability on green terrain. This program offers a pathway to a guaranteed instructor position at Maple Ski Ridge for those who complete it and meet the age requirement. Full article - https://www.mapleskiridge.com/psia-junior-instructor-ski-program

Introduction to Outdoor Leader Skills

The Introduction to Outdoor Leader Skills (IOLS) is a hands-on program for adult leaders in Scouts BSA units. It provides practical outdoor skills training and teaches the patrol method, equipping leaders to confidently guide youth in outdoor settings. The course emphasizes hands-on participation and models effective teaching methods used in Scouting programs. Full article - https://www.utahscouts.org/IOLS

Founder's Paradox

The Perils of Founder Worship

This article discusses the risks associated with elevating founders to near mythical status, often leading to a lack of effective governance in startups. It highlights the importance of adopting basic governance mechanisms early on and conducting thorough due diligence to ensure legal accountability. The piece also emphasizes the need for traditional board structures and regulatory compliance, especially in high-risk sectors, to prevent scenarios like the FTX saga. Full article - The Perils of Founder Worship

The Reality of Corporate Governance for Start-ups

This article explores the challenges startups face in implementing corporate governance and offers strategies to scale governance alongside the company's growth. It emphasizes starting simple with a board of advisors, building a formal board early, and adopting key policies to mitigate risks. The piece highlights that governance is not about slowing down but rather about providing strategic oversight and decision support, allowing startups to thrive without losing their innovative edge. Full article - The Reality of Corporate Governance for Start-ups

Secrets of Capital Raising

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

This article discusses the current state of the private equity market, highlighting a potential recovery. It notes that while deal-making rebounded in 2024, regaining fund-raising momentum may take longer. The report emphasizes the evolving landscape of private equity investments and strategies for navigating current market conditions. Full article - https://www.bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025/

This article delves into the trends shaping the private equity landscape in 2025. Key themes include sector specialization, strategic exits, and evolving regulations. It highlights how sector-focused funds attract investors seeking targeted diversification and how strategic exits are crucial for optimizing returns and liquidity. Full article - https://www.dfinsolutions.com/knowledge-hub/thought-leadership/knowledge-resources/private-equity-trends