SEC Nominee Jay Clayton Testifies Before Senate Banking Committee

Jay Clayton, the Sullivan & Cromwell partner tapped by President Trump to lead the U.S. Securities and Exchange Commission (SEC), said last Thursday at his confirmation hearing before the Senate Banking Committee that if confirmed, he will conduct a review of Dodd-Frank, although he doesn’t have "any specific plans for an attack" on the law and would allow existing rules mandated by the law to "go forward", according to a Corporate Counsel article.

However, Clayton also stated, "I do believe it [Dodd-Frank] should be looked at, [the] rules that are in place, on whether they are achieving their objectives," later adding that the "the question of whether Dodd-Frank has been effective is on the minds of the administration."

Clayton also noted during the hearing that he sees "a problem with regulations that are unnecessarily complex," noting that it’s "very costly to address them and it creates loopholes and an opportunity for ‘gotcha’ enforcement."

SFIG looks forward to continuing to work with the SEC and engaging with staff. SFIG recently met with Acting Chairman Piwowar's senior staff and will continue to monitor, in particular, Regulation AB II developments.

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