Occupy Central plans to continue its work through public debates, community education and funding democracy groups.
Many countries would prefer that the United States not fund democracy or human rights activities.
Unlike the other main practitioners around the world, though, in the American case it is an un(der)funded social democracy.
Mercer Bullard, president of Fund Democracy, an advocacy group, and a former commission lawyer, says that in this case, as in others before, both clearly failed.
"A potential obligation is not an independent basis for saving documents," said Mercer Bullard, who runs Fund Democracy, a mutual fund advocacy group at the School of Law at the University of Mississippi.
Mr. Bullard, who now runs Fund Democracy, a fund shareholder advocacy group, said that if he was still at the S.E.C., "I would refer it to an enforcement liaison".
The panel discussion, which focused on the disclosure issue, was sponsored by Fund Democracy, a fund shareholder advocacy group founded by Mercer Bullard, a former lawyer for the S.E.C.'s enforcement division.
"Smith failed to do his job as a fund director, which makes it a little surprising that he is being put in that position at Putnam," said Mercer Bullard, a securities law professor at the University of Mississippi and president of Fund Democracy, a fund watchdog group.
Investor advocate Mercer Bullard of Fund Democracy adds: "The SEC has said prospectuses already are overburdened.
