SEC Nominee Clayton to Face Senate Panel March 23

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...

By Andrew Ramonas

New York lawyer Jay Clayton will testify before the Senate Banking Committee March 23 in his bid for confirmation as Securities and Exchange Commission chairman.

Clayton, a partner at Sullivan & Cromwell LLP, was tapped by President Donald Trump in January to head the market regulator.

He has received praise from Republicans, while Democrats have expressed concern about his potential conflicts of interest stemming from representation of several major financial services firms, including Goldman Sachs Group Inc., Barclays PLC and Deutsche Bank AG.

At SEC headquarters, the two remaining commissioners will meet March 22 to vote on adopting a rule that would create a shorter time frame to settle trades. The regulation would require parties to most trades to settle them within two days of the transactions (T+2), instead of three days (T+3).

Agency officials also will make appearances at the Securities Industry and Financial Markets Association’s Compliance and Legal Society Annual Seminar in San Diego March 20 and 21. Acting Enforcement Division Director Stephanie Avakian and Scott Bauguess, acting director of the Division of Economic and Risk Analysis, will speak at the conference.

In Philadelphia, SEC Chief Accountant Wesley Bricker will deliver the keynote address at CBI’s Life Sciences Accounting and Reporting Congress March 21.

To contact the reporter on this story: Andrew Ramonas in Washington at aramonas@bna.com

To contact the editors responsible for this story: Phyllis Diamond at pdiamond@bna.com; Seth Stern at sstern@bna.com

Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.

Request Securities & Capital Markets on Bloomberg Law