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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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NEWSLETTERS & ALERTS
SEC Nominee Clayton Vows Recusal on Matters Involved Former Clients - Please Clarify
At Wednesday's confirmation hearings, SEC Chair nominee Jay Clayton said he will recuse himself from matters involving Sullivan & Cromwell, along with Barclays Bank, Deutsche Bank, Royal Bank of Canada, Ally Financial, Pershing Square, Paul Tudor Jones and other clients he's recently represented if confirmed as Chair of the SEC. [His confirmation hearing is scheduled for March 23.]
Which raises two issues.
ISSUE ONE. Presuming that Clayton is confirmed, how quickly can (or will) the Trump administration fill the other 2 open Commissioner positions on the SEC? The 2 current Commissioners - Republican Michael Piwowar and Democrat Kara Stein - are often at loggerheads on on policy matters. Without a full complement of Commissioners - particularly when Clayton must recuse himself - deadlocks could become the norm rather than the exception. [Not to mention the absence of more diverse views on issues before the SEC.]
ISSUE TWO. When Clayton says he will recuse himself on matters involving former Sullivan & Cromwell clients, is he referring to both DIRECT and INDIRECT matters? Direct matters - e.g., consideration of guilt or innocence and possible sanctions for, say, Barclays Bank - is an obvious instance for recusal. But what happens when the SEC considers revising a rule that principally applies to big banks and not necessarily impacts smaller banks? The opportunity is such cases to ease the financial and/or administrative burdens of big banks would seem to raise grounds for recusal.
It's uncertain that either issue will be addressed, but they should because they're relevant.