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Beyond the breach: SEC’s Clayton on clawbacks, fiduciary rules, and materiality

Joe Mont | October 3, 2017

With more than four months as chairman of the Securities and Exchange Commission under his belt, Jay Clayton has, thus far, been pretty quiet.

Although staff guidance and enforcement actions churn along, he and his fellow commissioners have resisted formally meeting. New and proposed rulemaking alike is in virtual abeyance with two open seats on the Commission remaining unconfirmed and unfilled.

Clayton’s personal expression of topical views has been limited, aside from occasional pledges to promote capital and reinvigorate the flagging IPO market.

Although much of a Sept. 26 hearing before the Senate Banking Committee focused on a recently discovered breach at the agency, it was also an opportunity for Clayton to delve into a variety of topics with the authority of chairman, beyond the careful parsing of a nominee.

Regarding the SEC’s breach, Sen. Mike Crapo (R-Idaho), chairman of the committee, expressed concerns about “growing data collection... To get the full story, subscribe now.