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SEC Chairman Weighs in on Waiver Dispute

Joe Mont | March 12, 2015

For more than a year, members of the Securities and Exchange Commission have been divided over the use of waivers that allow an individual or firm to engage in certain capital raising activities despite an enforcement action. Speaking publically on the matter for the first time on Thursday, SEC Chairman Mary Jo White attempted a Solomonic compromise, agreeing with commissioners who say the waivers should not be wielded as an enforcement tool, but also opining that no institution is “too-big-to-bar."

Companies that violate federal securities laws or enter into a settlement of SEC charges lose their Regulation A and Regulation D exemptions for Rule 506 eligible private placements, as well as the opportunity to register as “Well-Known Seasoned Issuers...

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