When a big bank or large financial firm breaks the law, should the institutional punishment be extended to its ability to register securities offerings and access capital markets? In recent years, that question has sparked a war of words at the Securities and Exchange Commission, but we may be on the cusp of greater clarity (and perhaps yet another wave of controversy) regarding the effect of enforcement actions on registration exemption.
SEC Chairman Jay Clayton, in a public statement last week, argued that qualifications for certain waivers might no longer be delayed due to lingering accusations of misconduct.
