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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 ti ....
SEC Enforcement and Exams Likely to Focus More on Private Funds in the New Administration For the next several weeks and months, intense focus will be trained on determining the priorities of the Biden administration. We believe that at the Securities and Exchange Commission (“SEC”), the new administration will ramp up examinations and investigations of investment advisers, and specifically advisers to private funds. The industry has certainly been in growth mode. By the SEC’s own calculations, the number of private funds increased by nearly one third during the past four years (from 26,840 funds in the first quarter of 2016 to 34,858 in the first quarter of 2020), and the aggregate net asset value increased likewise (from $6.9 trillion in the first quarter of 2016 to $9.5 trillion in the first quarter of 2020). ....
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 wa ....
Gary Gensler Fiduciary Advocates Hail Biden s Pick for SEC Chair As chair of Maryland s Financial Consumer Protection Commission, Gary Gensler advocated for a client-first fiduciary standard for broker/dealers as well as anyone who holds themselves out as an advisor. President-elect Joe Biden officially named Gary Gensler as his nominee for chairman of the Securities and Exchange Commission on Monday, confirming previous reports. If confirmed by the Senate, Gensler would join the other four commissioners and take over from Jay Clayton, who left the position at the end of last year. Gensler s nomination was among a number of announcements on the administration s posts, including the choice of Rohit Chopra as director of the Consumer Financial Protection Bureau. ....