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SEC Chair Clayton Details Eight Guiding Principles for Enforcement and Agency Strategies for Their Implementation

Amid widespread anticipation about the contours of the regulatory landscape and the tenor of securities law enforcement under the new U.S. presidential administration, SEC Chair Jay Clayton has sought to detail a vision of his agency’s enforcement priorities and goals. See “SEC Chair’s Budget Testimony Emphasizes Strong Agency Focus on Oversight and Enforcement in Trump Era” (Jul. 13, 2017). In doing so, he has charted a new course for the SEC while simultaneously displaying fidelity to many of the initiatives and priorities touted by his predecessor, Mary Jo White. In a recent speech, Clayton set forth eight guiding principles for the SEC in coming months, including an emphasis on “Main Street” investors and the role of technology in monitoring and enforcing applicable regulations. This address provides valuable insight into the agency’s priorities so that fund managers can adjust their practices to avoid entering the SEC’s enforcement crosshairs. This article summarizes the principles detailed in Clayton’s speech, as well as some of the strategies he presented for implementing these principles. For coverage of a speech by former Chair White, see “Outgoing SEC Chair Outlines New Model for Enforcement Priorities in 2017 and Beyond” (Jan. 12, 2017). For additional analysis of SEC priorities and goals, see “Former SEC Senior Counsel Offers Insight on SEC Enforcement Focus and Priorities” (Sep. 1, 2016).

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