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Waters’ bill seeks to improve SEC waiver process

Joe Mont | August 2, 2017

Congresswoman Maxine Waters (D-Calif.), ranking member of the House Committee on Financial Services, has introduced the Bad Actor Disqualification Act of 2017. The bill would, in her words, ensure that the Securities and Exchange Commission “protects investors from bad actors by implementing a rigorous, fair, and public process for waiving automatic disqualification provisions in the law.”

“By waiving the consequences for bad actors, the SEC is sending the wrong message,” Waters said in a statement. “The SEC should not automatically give those who break the law a free pass by allowing them to continue to conduct business as usual.”

Certain provisions in securities laws allow law-abiding companies to engage in activities with less oversight, fewer disclosure requirements, and limited liability. However, companies that have been convicted of certain... To get the full story, subscribe now.