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SEC Chair Offers Observations on Culture at Fund Managers and the SEC

Various global regulators have emphasized the importance of promoting “good culture” at fund managers and other financial institutions. See “FCA Chief Executive Touts Senior Managers Regime and Remuneration Restrictions As Important Incentives to Promote Good Culture at Fund Managers” (Apr. 12, 2018). SEC Chair Jay Clayton has now joined his voice to the chorus. In a recent speech, Clayton offered his thoughts on the importance of developing, improving and reinforcing positive culture in financial institutions, as well as at the SEC. His remarks provide fund managers with valuable insight into the SEC and its expectations for creating and maintaining proper culture. This article summarizes the most salient points from Clayton’s address. For coverage of other speeches by Clayton, see “Approach to Dodd-Frank Rulemaking and Expectations for Fund ‘Gatekeepers’” (Feb. 15, 2018); and “Eight Guiding Principles for Enforcement and Agency Strategies for Their Implementation” (Aug. 10, 2017).

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