Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
Securities and Exchange Commission Chairman nominee Jay Clayton’s work representing a Swedish telecom giant didn’t involve deep ties to Russia or Foreign Corrupt Practices Act violations, he said in response to a lawmaker inquiry.
As an attorney at Sullivan & Cromwell LLP, Clayton represented Telia Company AB in related initial public offerings, SEC registration and its investments and divestments in other companies and assets, he said in a March 22 response letter to Sen. Catherine Cortez Masto (D-Nev.).
Cortez Masto wrote Clayton earlier in March asking for clarity on his involvement with Telia’s attempts to sell to a Russian oligarch part of a stake in Russian telecom company Megafon, as well as a potential pending settlement with U.S. authorities over FCPA violations.
One Telia transaction involving Megafon “did not move forward,” Clayton said, and his firm “did not represent Telia in connection with other Megafon-related matters referenced in your letter.”
The firm hasn’t represented Telia on FCPA matters, Clayton said.
Cortez Masto also asked Clayton to elaborate on the SEC’s 2005 request to Telia for clarification of any dealings it had with Iran as part of more stringent disclosures “in light of [Iran’s] status as state sponsors of terrorism.”
In response, he pointed to a 2006 filing from Telia noting that its involvement with Iran, through a small stake in a Turkish telecom company, was so tangential that “further disclosure” wouldn’t be required under U.S. regulations.
The Senate Banking Committee held Clayton’s confirmation hearing March 23, but Cortez Masto, a member of the committee, didn’t press Clayton on the Telia transactions. During the hearing, she focused on the nominee’s general approach to enforcement.
Cortez Masto told Bloomberg BNA she hasn’t decided how she will vote on his nomination.
To contact the reporter on this story: Rob Tricchinelli in Washington at email@example.com
For Clayton's response letter, visit http://src.bna.com/niW
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to firstname.lastname@example.org.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to email@example.com.
Put me on standing order
Notify me when new releases are available (no standing order will be created)