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U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton announced that December 23, 2020 would be his last day at the helm of the agency.
This leads to the likely outcome that SEC Commissioner Hester Peirce, or potentially Commissioner Elad Roisman, will serve as interim Chair until approximately January 20, 2021 when President-Elect Biden is sworn in as President. At that point, it is likely that SEC Commissioner Allison Lee will become acting Chair until a permanent Chair is nominated and confirmed. The nomination and confirmation process can take several months. For example, Chairman Clayton did not assume his role until May 2017, roughly four months after President Trump entered office.
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On December 18, 2020, President Trump signed the Holding Foreign
Companies Accountable Act (HFCAA) into law. Later that day, US
Securities and Exchange Commission (SEC) Chairman Jay Clayton
published a statement providing an update on a planned SEC
rulemaking in light of the enactment of the HFCAA. Noting the
significant overlap between the HFCAA and the planned SEC
rulemaking, Chairman Clayton has directed the staff to revise the
near-final rule proposal to incorporate the congressional
mandate.
The passage of the HFCAA, which mandates that the SEC adopt
SEC Chief of Staff Sean Memon Announces Plans to Conclude Tenure
Washington, D.C. (Newsfile Corp. - December 23, 2020) - The Securities and Exchange Commission today announced that Sean Memon will conclude his tenure as the agency s Chief of Staff in January 2021.
Mr. Memon joined the SEC as Deputy Chief of Staff in May 2017 and was named Chief of Staff in June 2019. As Chief of Staff, Mr. Memon served as principal advisor to Chairman Clayton on legal, policy and management matters affecting each aspect of the agency s mission, including rulemaking, enforcement, examinations and internal agency operations. Often representing the SEC in interagency policy initiatives, Mr. Memon worked closely with cross-divisional teams within the SEC and with other federal agencies and international bodies, including the Department of the Treasury, the Federal Reserve, the CFTC, the FDIC, and the OCC as well as the Financial Stability Oversight Council and Financial Stability Board. Mr. Memon play
FOR IMMEDIATE RELEASE Washington D.C., Dec. 23, 2020
The Securities and Exchange Commission today announced that Sean Memon will conclude his tenure as the agency s Chief of Staff in January 2021.
Mr. Memon joined the SEC as Deputy Chief of Staff in May 2017 and was named Chief of Staff in June 2019. As Chief of Staff, Mr. Memon served as principal advisor to Chairman Clayton on legal, policy and management matters affecting each aspect of the agency s mission, including rulemaking, enforcement, examinations and internal agency operations. Often representing the SEC in interagency policy initiatives, Mr. Memon worked closely with cross-divisional teams within the SEC and with other federal agencies and international bodies, including the Department of the Treasury, the Federal Reserve, the CFTC, the FDIC, and the OCC as well as the Financial Stability Oversight Council and Financial Stability Board. Mr. Memon played a key role in the SEC s efforts to ensur
Statement On The Tenure Of SEC Chairman Jay Clayton, Commissioner Elad L. Roisman, Dec. 23, 2020 Date
23/12/2020
It is hard to sum up my gratitude and admiration for Chairman Clayton’s leadership of this agency. During his tenure at the SEC, he has focused on bringing together its talented and dedicated staff to make major strides in advancing the Commission’s tri-partite mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation. Chairman Clayton made clear from the outset that this mission would guide every part of our work, and then he led us in developing and executing an agenda to effectively carry it out.