Trump has announced his nomination of Walter ‘Jay’ Clayton, a man who is leaning towards less regulation, to be the head of the U.S. Securities Exchange Commission.
Donald Trump said of Clayton, “Jay Clayton is a highly talented expert on many aspects of financial and regulatory law, and he will ensure our financial institutions can thrive and create jobs while playing by the rules at the same time.”
Clayton is currently a partner at Sullivan and Cromwell, a Wall Street law firm. According to the firm’s website, Clayton’s “practice involves public and private mergers and acquisitions transactions, capital markets offerings, regulatory and enforcement proceedings, and other matters where multidisciplinary advice and experience is valued.” To avoid any conflicts with his new position, Clayton will be required to avoid participating in matters that involve former clients for two years. He would also be recused indefinitely if any deal he participated in is brought up in SEC Litigation.
Clayton will be replacing Mary Jo White, the current SEC Chairwoman. White’s SEC term was not due to expire until 2019, but she announced in January that she would be stepping down after Trump won the election.
Change seems to be inevitable, so as a company, Colonial Stock Transfer is here to make your job more efficient and stress free as we take the reins of the new administration’s changes to the SEC and integrate them smoothly for you and your company.