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In one of her first official actions as Acting Chair of the Securities and Exchange Commission (SEC or Commission), Allison Herren Lee reversed a major policy implemented by recently departed SEC Chairman Jay Clayton involving the SEC enforcement settlement process. This decision could significantly impact the SEC settlement process by causing uncertainty for settling entities as to the business consequences of a settlement. In a rare rebuke, two fellow SEC Commissioners promptly issued a statement decrying the Acting Chair’s decision.
Collateral Consequences of SEC Settlements
The federal securities laws contain provisions that impose restrictions on entities found to have violated certain statutes or regulations or that become subject to certain court-imposed injunctions or administrative orders. These restrictions, commonly referred to as “collateral consequences,” range from prohibiting a settling entity
Monday, February 8, 2021
The dust has settled on the 2020 election, and the Biden administration has begun pressing forward with its policy objectives. Critical to achieving such objectives is the Democrats’ control of both the House of Representatives and the Senate, albeit by the narrowest of margins after the Democratic senatorial candidates won their run-off elections in Georgia. As a result of the Georgia elections, Vice President Harris will be able to cast the tie-breaking vote in the case of a deadlock in the Senate. What does the change in administrations mean for SEC enforcement?
SEC Leadership
As part of the transition, Chairman Jay Clayton has already left the Commission, and President Biden has nominated Gary Gensler to replace him. Mr. Gensler, who served as chairman of the Commodity Future Trading Commission (“CFTC”) under the Obama Administration, was widely perceived as an aggressive CFTC chairman during the financial crisis. At that time, this agg
Kimberly Hamm, Chief Counsel to SEC Chairman, to Conclude Tenure
01/19/2021 | 05:50pm EDT
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Washington, D.C. (Newsfile Corp. - January 19, 2021) - The Securities and Exchange Commission today announced that Kimberly Hamm, Chief Counsel to the Chairman, will conclude her tenure at the agency in the coming weeks.
Ms. Hamm joined the SEC in April 2019 and was named Chief Counsel to Chairman Jay Clayton in August 2019. Ms. Hamm served as principal legal advisor to Chairman Clayton on the SEC s regulatory initiatives and rulemaking agenda and as a senior advisor to Chairman Clayton on cross-border regulatory activities, oversight of self-regulatory organizations, significant market events, and Commission operations and procedures, including by playing an integral role in the agency s response to the economic and market effects of COVID-19. Ms. Hamm coordinated the efforts of staff across the agency and worked closely with the policy division
Wednesday, January 20, 2021
As President Biden continues to assemble his economic team, reports have emerged that President Biden will nominate Gary Gensler as the next Chair of the SEC. The nomination of Mr. Gensler would clearly signal a more assertive SEC when it comes to both regulation and enforcement. And while it is too early to predict exactly what that will look like, one thing is virtually certain the SEC will likely adopt a more aggressive approach towards private funds and their managers, resulting in a marked increase in the number of enforcement actions.
In the Short-term
Until Mr. Gensler (or someone else) is confirmed as Chair, we expect that the SEC’s Enforcement program will remain largely unchanged. Pending confirmation of the next Chair, President Biden will likely appoint one of the Democratic Commissioners as acting Chair. It could be several months before Mr. Gensler is confirmed to be the next Chair – Chairman Clayton was nominated
FOR IMMEDIATE RELEASE Washington D.C., Jan. 19, 2021
The Securities and Exchange Commission today announced that Kimberly Hamm, Chief Counsel to the Chairman, will conclude her tenure at the agency in the coming weeks.
Ms. Hamm joined the SEC in April 2019 and was named Chief Counsel to Chairman Jay Clayton in August 2019. Ms. Hamm served as principal legal advisor to Chairman Clayton on the SEC s regulatory initiatives and rulemaking agenda and as a senior advisor to Chairman Clayton on cross-border regulatory activities, oversight of self-regulatory organizations, significant market events, and Commission operations and procedures, including by playing an integral role in the agency s response to the economic and market effects of COVID-19. Ms. Hamm coordinated the efforts of staff across the agency and worked closely with the policy divisions and offices within the SEC as well as the Office of the General Counsel. As Chief Counsel, Ms. Hamm also served