SEC Chair Reviews Efforts to Modernize Regulatory Framework (Part Two of Two)

SEC Chairman Jay Clayton recently delivered a speech that reviewed the SEC’s actions over the preceding year, including its “organic and transparent” approach to agenda setting and progress with respect to the SEC’s Fall 2018 Regulatory Flexibility (Reg Flex) agenda. In addition, Clayton looked forward, providing a preview of the Fall 2019 Reg Flex Agenda. This two-part series provides the highlights from Clayton’s speech. This article outlines the SEC’s engagement agenda with a particular focus on market monitoring; discusses how the SEC’s mission, market realities, statutory constructs and other factors inform its efforts; and examines the relationship between the SEC’s scope of authority, actions and independence. The first article explored Clayton’s discussion of the SEC’s rulemaking agenda and summarized the items on the Fall 2019 Reg Flex short-term and long-term agendas of particular interest to private fund managers. For coverage of another speech by Clayton, see “Approach to Dodd-Frank Rulemaking and Expectations for Fund ‘Gatekeepers’” (Feb. 15, 2018).

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