June 18, 2019

June 17, 2019

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SEC Chairman Clayton Issues Statement About SEC Staff Views

On September 13, 2018, SEC Chairman Jay Clayton issued a public statement about the “important distinction between the Commission’s rules and regulations, on the one hand, and staff views on the other.”  Specifically, he noted the Commission’s “longstanding position” is that the views of the staff—whether communicated in written statements, compliance guides, letters, speeches, responses to frequently asked questions or responses to specific requests for assistance—are “nonbinding and create no enforceable legal rights or obligations of the Commission or other parties.”  Chairman Clayton added that the SEC staff “[has] been and will continue to review whether prior staff statements and staff documents should be modified, rescinded or supplemented in light of market or other developments.”

Chairman Clayton’s statement is available at: https://www.sec.gov/news/public-statement/statement-clayton-091318

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Vedder Price P.C. attorneys provide a full range of services to a diverse financial services clientele. Attorneys practicing in the firm’s Investment Services Group are experienced in all aspects of investment company and investment adviser securities regulations, broker-dealer regulatory and compliance matters, derivatives and financial product matters, and ERISA and tax matters. Clients include mutual fund complexes, hedge and other private funds, money managers, broker-dealers, independent directors, and many other types of institutions such as banks, savings and loans,...