Jay Clayton Sworn in as SEC Chairman

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.

Jay Clayton/SEC

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.

Latest Content

Schedule 13D/13F Clarity on ETF Issues

Do I need to file a 13D or 13G if my client accounts hold in excess of 5% of an ETF? Generally, no. The SEC has granted no-action relief to ETFs with respect to compliance with Section 13(d) of the Securities Exchange Act. Section 13(d) was designed to require disclosure when holders begin to accumulate … Continued

New Remedy Coming for SEC’s Custody Rule?

The SEC’s Custody Rule continues to be a common source of confusion and a landmine for noncompliance. Custodial paperwork has caused huge headaches for investment advisers, who are not a party to the agreement and may not even have a copy of the custodial new account paperwork. The issue with existing guidance is that it … Continued

SEC Issues MiFID II No-Action Relief

Some industry anxiety was assuaged on October 26 with three no-action letters that offer relief for some US regulated broker-dealers and investment advisers regarding European MiFID II regulations. The letters followed consultation with the European authorities, and are designed to address concerns that investors could lose access to valuable research. MiFID II is a series of regulations … Continued

Regulatory Changes Impacting RICs and Service Providers

A year ago, the SEC adopted Investment Company Reporting Modernization Rules and Forms, as well as rules pertaining to liquidity risk management programs and swing pricing. New forms N-Port and N-Cen along with amendments to Regulation S-X significantly change the current reporting regime for most registered investment companies (RICs) because they require more comprehensive disclosure and … Continued

Publicly Available Information Heightens Need for Cybersecurity Vigilance

For any business, “ports” that allow for communication generally need to be open (for example, ports 80 and 443 for websites, and port 500 for VPN access). While most of these ports allow you to engage in critical functions, there are often ports that remain open despite being unneeded or unused. These available ports present … Continued

Mailing List

Subscribe to the Ascendant Compliance email list for the latest compliance resources, conferences, ComplianceCasts™, and more.

Loading form...

Contact Us

Ascendant works together with clients to identify and assess critical needs through customized plans. If you need assistance with compliance functions, regulatory services, cybersecurity or technology tools, we’d love to speak with you.