Washington, D.C. – SEC Commissioner Hester Peirce cited Boyden Gray PLLC Managing Partner Jonathan Berry’s Congressional testimony in her dissent from the recent beneficial ownership reporting rule before the House Financial Services Subcommittee on Capital Markets. 

Peirce used the testimony to demonstrate flaws in the new rule and ask questions, namely, “Is the group guidance unnecessarily accommodating to activists whose objectives are not to increase the value of the company at issue, but to further a cause that is either neutral or detrimental to the value of the company?” 

Berry’s testimony illustrates the ways in which another SEC rule has enabled agendas contrary to the interests of retail investors.