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On February 11, 2021, the Acting Chair of the U.S.
Securities and Exchange Commission ( SEC or
Commission ), Allison Herren Lee, announced that the
Division of Enforcement will no longer recommend to the Commission
settlement offers conditioned upon waivers of certain automatic
disqualifications that arise following violations of federal
securities laws.
1 The announcement marks a return to the
Commission s long-standing, prior practice of segregating the
waiver application process from settlement negotiations. This
practice was briefly abandoned beginning in July 2019 when then-SEC
Chairman Jay Clayton announced that settling parties may submit ....

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