Relatively radical in part, the US Securities and Exchange Commission (SEC) has adopted an approach to defining best interests that has been likened to a ruling on the test for obscenity in the Jacobellis v Ohio court case in 1964, when Justice Potter Stewart of the US Supreme Court encapsulated the test as, 'I know it when I see it'. While it might be odd to compare a test for obscenity with one for best interests, the principle of judging in hindsight is a sound one, although not useful for p

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