Jay Clayton has taken over the reins of the SEC after being sworn in as the 32nd Chair of the Commission in a May 4 ceremony.
He had been nominated on Jan. 20 and confirmed by the U.S. Senate on May 2.
Prior to his confirmation, he worked for 20 years as a partner at Sullivan & Cromwell LLP, advising public and private companies on securities offerings, mergers and acquisitions, corporate governance, and regulatory and enforcement proceedings. He had also served as an adjunct professor at the University of Pennsylvania Law School from 2009 to 2017.
“The work of the SEC is fundamental to growing the economy, creating jobs, and providing investors and entrepreneurs with a share of the American Dream,” he said in a statement. “I would like to thank Acting Chairman Piwowar for his leadership, and I look forward to working with my fellow Commissioners and the talented SEC staff to ensure that our markets remain the safest and most vibrant markets in the world.”
Prior to joining Sullivan & Cromwell, Mr. Clayton served as a law clerk in the U.S. District Court for the Eastern District of Pennsylvania. He earned a B.S. in Engineering from the University of Pennsylvania, a B.A. and M.A. in Economics from the University of Cambridge, and a J.D. from the University of Pennsylvania Law School.
Clayton succeeds Mary Jo White, who held the post from April 2013 to January 2017. He joins current commissioners Michael Piwowar and Kara Stein, leaving the current presidential administration two more slots to fill.
Written by: Ascendant Compliance Management