[burkaman]

The risk is not that Ensign Peak will keep doing this, it's that other people who are committing the same violation as we speak will now continue to do it until they're caught because they know there will be no noticeable penalty.

If it's easier to understand, just consider how much the SEC had to spend litigating this for 4 years. Now every time they come across this particular crime they'll have to spend at least that much, because the perpetrators will know there is no risk in fighting them, and nobody will preemptively stop before an investigation.

[yieldcrv]

so what? the SEC can easily fuck around and get their entire charter invalidated by Congress or the court if they go after the wrong organization, nearly every creature of the New Deal got the same fate and the SEC operates right at the edge of its authority and constitutional rationality already.

and its not even clear if 13F filings are that important, aside from "its mandated by the SEC", Ensign Peak didn't challenge this, they got a tap on the shoulders after their lawyer's solution was questioned, and they changed their tactics. Leave it up to someone else to actually challenge it.

A tiny settlement is best. Its a joke, I agree with that, but it is also rational.