ANTICORRUPTION DEVELOPMENTS
SEC Chairman Nominee Jay Clayton Receives Confirmation Hearing
On March 23, 2017, SEC Chairman Nominee Jay Clayton testified before the Senate Banking Committee at his confirmation hearing. Clayton, a partner in a prominent law firm with a history of representing Wall Street clients, was asked what advice he would give companies seeking to enter markets known for corruption. In response,
Clayton testified that he would "tell the client to think long and hard about whether you want to have the potential exposure [and] there are some jurisdictions where in the vast majority of the cases it may...make sense just not to participate." When asked about individual accountability, Clayton testified that "individual accountability drives behavior more than corporate accountability." The Senate Banking Committee is scheduled to vote on Clayton's nomination on April 4, 2017.
For more information, see The Wall Street Journal's coverage here and The New York Times' coverage here.
Download - Red Notice Newsletter - March 2017
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