来源 | 继民财经汇

SEC主席杰伊·克莱顿（Jay Clayton）确认计划在年底结束任期

https://www.sec.gov/news/press-release/2020-284

（中文翻译仅供参考、英文原文为准）

克莱顿（Clayton）领导的机构经历了历史生产力和前所未有的挑战；欧盟委员会再次关注长期主要街道投资者的利益，确保资本市场发挥更高的效率，弹性和透明度

即将发布2020-284

华盛顿特区，2020年11月16日 – 

证券交易委员会主席杰伊·克莱顿（Jay Clayton）今天证实，在任职三年半以上之后，他将在今年年底结束任期。 

董事长克莱顿于2017年5月4日宣誓就职，并将离开SEC，成为其任职时间最长的主席之一。在任职期间，克莱顿董事长通过促进经济增长，投资机会，市场诚信和投资者保护的举措，将该机构的资源集中于提升大街投资者的利益。在克莱顿董事长的领导下，委员会在强大而有效的投资者保护下，增强了各种规模企业在我们的公共和私人市场上筹集资金的能力。 

委员会还加强了审查和执法方案，创下了各种年度记录。在克莱顿（Clayton）主席任期内，委员会获得了超过140亿美元的货币补偿令，其中包括2020财年创纪录的46.8亿美元，并向受害投资者返还了约35亿美元。委员会进行了10,000多次考试，其中包括2018财年投资顾问考试次数的记录。此外，在克莱顿主席任职期间，委员会向举报人支付了约5.65亿美元，包括该计划历史上最大的单笔奖金（114美元百万）。有关委员会工作范围的更多详细信息，请点击此处。  

克莱顿董事长说：“与SEC的才华横溢，有进取心的男女一起工作是我职业生涯的重头戏。” “我为我们为推进SEC三方使命的每个部分而做出的集体努力感到自豪，并时刻关注着我们主要街道投资者的利益。美国资本市场生态系统是世界上最强大，最灵活的系统，并且由于SEC多元化和包容性团队的辛勤工作，我们改善了投资者保护，促进了小型和大型企业的资本形成，并使我们的市场能够运转更透明，更有效。” 

克莱顿主席继续说：“我要感谢特朗普总统为领导SEC男女工作提供的机会，支持和自由。” “此外，财政部部长姆努钦及其团队，鲍威尔主席，夸勒副主席以及美联储同事，吉安卡洛和塔伯特主席以及CFTC主席，麦克威廉姆斯和联邦存款保险公司的合作与协助，以及我们其他的联邦金融监管机构也非常出色。我还要感谢我的前任玛丽·乔·怀特和委员会所有前任主席。我们拥有的机会是他们的努力和管理的结果。我还要感谢我的其他专员和SEC工作人员的奉献精神。通过他们的持续服务，   

监督具有历史意义的规则制定议程

在克莱顿（Clayton）主席的领导下，该机构经历了具有历史意义的规则制定时期，迄今为止，从委员会政策部门和办公室推进了65多项最终规则，其中许多都是经过现代化和改进的规则集，几十年来一直没有进行审查和更新。为了提高透明度和与市场参与者的互动，克莱顿董事长确立了使用该机构的国会授权近期议程作为明年委员会监管工作的透明路线图的做法。在主席克莱顿（Clayton）的领导下，美国证券交易委员会（SEC）迄今已按时推进了近期议程中平均86％的举措。

对透明度和现代化的强调帮助推动了该机构在克莱顿主席领导下的大量重要规则制定和其他政策改进。重点包括：   

• 通过《最大利益条例》，实质上提高了经纪人与零售客户打交道时所需的行为标准，并阐明了投资顾问对客户的信托义务；[1] 
• 通过新的Form CRS为散户投资者提供有关其与金融专业人士关系性质的简单，易于理解的信息；
• 简化，改进和协调中小企业和初创企业使用的“补缀品”免税证券发行框架；
• 促进公司在受到强大投资者保护的情况下转变为公众身份的能力，包括现代化和简化公司披露（包括财务披露）， 扩大 符合规模化披露要求和其他要求的小型上市公司的范围，以及 扩大 JOBS使其他上市公司受益，同时总体上改善了首次公开发行的审核程序；
• 通过使场外证券报价规则现代化并发布有关综合账户的指导，加强对散户投资者的保护，以防止微型股票欺诈；
• 加强委员会的举报人计划规则，以增加透明度，透明度和效率，使委员会能够以更快的速度将更大的奖项授予举报人；
• 确立《多德-弗兰克法案》第VII标题所规定的监管基于证券的掉期交易的综合框架；
• 改进披露内容要求，以更广泛地反映技术，业务运营和我们经济的变化，包括首次添加人力资本描述作为特定的披露要求；
• 建立一致的框架 来启动某些类型的ETF，促进创新和竞争；
• 现代化公司和投资基金的披露程序，以更有效地向投资者提供重要信息；
• 现代化股东参与流程，包括股东提案流程和 投资顾问使用 代理投票咨询业务；
• 完善国家市场体系（NMS）和规范证券交易和替代交易系统的规则，以使投资者受益；和
• 增强交易的透明度，包括替代交易系统 和 市政债券市场中的特定举措 。

加强委员会的执法和考试计划

克莱顿（Clayton）主席专注于长期的Main Street投资者的利益也反映在委员会检查和执行计划的健全性上。在克莱顿主席任职期间，美国证券交易委员会提高了投资顾问考试的覆盖率，2019年的年度考试总数比2016年增长了25％以上。专注于网络安全，为注册者发布一系列风险警报，以帮助他们为新兴的网络威胁做好准备并做出响应。

在克莱顿董事长的领导下，美国证券交易委员会（SEC）执行部门成立了零售策略工作队，教师倡议和军事服务人员倡议，以集中力量打击欺诈并教育投资者。执法部门还提起了成千上万起具有影响力的案件，追究个人责任，对大约68％的案件提起诉讼。

自2017年5月以来，委员会：

• 提出了2,750项执法行动，
• 获得了超过140亿美元的财务救济，
• 向受害投资者分配了约35亿美元，以及
• 向举报人支付了约5.65亿美元的赔偿金。

在克莱顿主席（Clayton）的领导下，SEC取得了创纪录的金融补救年（2019，2020），并获得了三年最高的举报人奖项（2018，2019，2020）。自从该机构于2012年开始追踪这一指标以来，SEC在2017年和2019年向投资者分配的资金也超过了任何一年。[2]   

应对市场变化和COVID-19大流行

SEC还着重处理影响投资者和市场的一些未预料到的问题。最值得注意的是，克莱顿主席及其才华横溢的部门和办公室领导团队有效地指导了该机构应对COVID-19大流行带来的挑战，优先考虑代理机构员工和市场参与者的健康与安全，同时力求确保证券市场的完整性。在克莱顿（Clayton）主席的领导下，该机构致力于确保市场在波动加剧时继续发挥作用，包括与市场中介机构，投资者，其他市场参与者以及国内外监管机构密切协调。该机构提供了救济，使市场参与者能够适应不断变化的挑战，但要遵守保护投资者的适当条件。随着与COVID-19斗争的努力，该机构还努力促进发行人就其运营和财务状况进行强有力的披露，包括前瞻性披露。 

除了全球COVID-19大流行之外，SEC在主席克莱顿（Clayton）任职期间还有效地应对了市场，国家和世界上的其他重要发展。 

从2017年开始，美国资本市场经历了首次代币发行（ICO）的激增，这些产品虽然可能代表着金融的新领域，但也吸引了大量欺诈活动。在克莱顿董事长的领导下，该机构迅速果断地采取行动，打击欺诈并为创新铺平了道路。执法部门（包括通过新组建的网络部门）共同努力，对那些违反联邦证券法的部门迅速采取了行动，而公司财务，投资管理以及交易和市场部门则通过一系列措施向投资者和市场专业人士提供了清晰的信息。衡量而及时的行动。

董事长克莱顿（Clayton）主席还指导该机构进行了几项重大的全球金融监管变化，其中一些变化仍在发展之中，例如欧盟采用了MiFID II改革，从伦敦银行同业拆借利率（LIBOR）过渡和英国退欧。

促进多样性，包容性和机会的主要努力

在克莱顿董事长的领导下，证交会在推动机构内部及其监管行业内的多样性，包容性和机会方面取得了长足的进步。克莱顿（Clayton）主席曾担任美国证券交易委员会（SEC）多元化委员会主席和美国证券交易委员会（SEC）非裔美国人委员会（African American Council）发起人。西班牙裔和拉丁美洲裔机会，领导和宣传委员会；和退伍军人委员会。他还领导了全机构范围的圆桌会议和市政厅进行指导。无意识的偏见；多样性，包容性和机会。克莱顿主席认为，多样性，包容性和机会不仅是正确的事情，而且对这些原则的集体承诺可以增强并提高组织的绩效。在克莱顿主席任职期间提出的其他举措中，该机构：

• 发布了SEC的首个《多元化和包容性战略计划》，其中概述了继续建立可履行SEC使命的员工队伍的具体目标和战略；
• 建立并实施了全机构范围的指导计划；
• 建立了多元化和包容性高级政策顾问的新职位；和
• 发起了许多进一步的举措，以促进整个机构的多样性，包容性和机会，包括通过增加招聘委员会和面试小组的多样性；促进公平和and选机会担任高级领导职务；通过提供更多的领导力发展机会来改善继任计划；并增强残疾同事的包容性。

克莱顿主席及其工作人员还参加了许多致力于多样性，包容性和机会的公共活动，包括与美国证券专业人士协会，SIFMA，非裔美国财务顾问协会和新美国联盟的合作。此外，SEC的几个咨询委员会还举行了专门会议，致力于促进各自行业的多样性，包容性和机会。有关SEC过去和正在努力促进多样性，包容性和机会的更多信息，请点击此处。

克莱顿董事长出生于弗吉尼亚州纽波特纽斯的尤斯蒂斯堡，主要在宾夕法尼亚州中部和东南部长大。在他的职业生涯中，他住在费城，纽约，伦敦和华盛顿特区。加入委员会之前，克莱顿董事长曾是Sullivan＆Cromwell LLP的合伙人，在那里他是该公司管理委员会的成员和该公司企业业务的联席主管。从2009年到2017年，克莱顿（Clayton）主席是宾夕法尼亚大学法学院的法学讲师兼兼职教授。

在加入Sullivan＆Cromwell之前，克莱顿（Clayton）主席曾担任宾夕法尼亚州东区美国地方法院议员马文·卡茨（Marvin Katz）的律师。Clayton主席是纽约和华盛顿特区律师协会的成员，拥有宾夕法尼亚大学的工程学学士学位（优等生），剑桥大学的经济学学士和硕士学位（Thouron Scholar），以及法学博士学位。宾夕法尼亚大学法学院（荣誉称号，科夫勋章）。

 

---

[1]首次，无论投资者选择经纪交易商还是投资顾问，投资者都有权获得符合投资者最佳利益且不影响企业或金融利益的建议专业领先于投资者。

[2]参见SEC执行部门2020年度报告，网址为https://www.sec.gov/files/enforcement-annual-report-2020.pdf。在克莱顿（Clayton）主席的领导下，这些关于执法部门绩效的年度报告于2017年首次发布。订购补救措施的历史记录至少始于2002年，距该机构可靠地追踪该指标很久。

SEC Chairman Jay Clayton Confirms Plans to Conclude Tenure at Year End

Clayton Led Agency Through Period of Historic Productivity and Unprecedented Challenges; Commission Redoubled Focus on Interests of Long-Term Main Street Investors, Ensured Capital Markets Functioned With Increased Efficiency, Resilience and Transparency

FOR IMMEDIATE RELEASE
2020-284

Washington D.C., Nov. 16, 2020 —

Jay Clayton, Chairman of the Securities and Exchange Commission, confirmed today that after serving for more than three and a half years, he will conclude his tenure at the end of this year. 

Chairman Clayton was sworn in on May 4, 2017, and will leave the SEC as one of its longest serving Chairs.  During his tenure, Chairman Clayton focused the agency’s resources on advancing the interests of Main Street investors through initiatives that promoted economic growth, investment opportunity, market integrity and investor protection.  Under Chairman Clayton’s leadership, the Commission enhanced the ability of businesses of all sizes to raise capital in our public and private markets, subject to strong and effective investor protections. 

The Commission also strengthened its examination and enforcement programs, setting various annual records.  During Chairman Clayton’s tenure the Commission obtained orders for over $14 billion in monetary remedies, including a record $4.68 billion in fiscal year 2020, and returned approximately $3.5 billion to harmed investors.  The Commission conducted over 10,000 exams, including a record for the number of investment adviser exams in fiscal year 2018.  In addition, during Chairman Clayton’s tenure, the Commission paid approximately $565 million to whistleblowers, including the largest single award in the program’s history ($114 million).  More detail on the scope of the Commission’s work is available here.  

“Working alongside the incredibly talented and driven women and men of the SEC has been the highlight of my career,” said Chairman Clayton.  “I am proud of our collective efforts to advance each part of the SEC’s tripartite mission, always with an eye on the interests of our Main Street investors.  The U.S. capital markets ecosystem is the strongest and most nimble in the world, and thanks to the hard work of the diverse and inclusive SEC team, we have improved investor protections, promoted capital formation for small and larger businesses, and enabled our markets to function more transparently and efficiently.” 

“I would like to thank President Trump for the opportunity, and the support and freedom, to lead the women and men of the SEC,” continued Chairman Clayton.  “In addition, the cooperation and assistance of Secretary Mnuchin and his team at the Department of the Treasury, Chair Powell and Vice Chair Quarles and their colleagues at the Federal Reserve, Chairmen Giancarlo and Tarbert and the CFTC, Chairman McWilliams and the FDIC, and our other fellow federal financial regulatory agencies have been remarkable.  I also want to thank my immediate predecessor, Mary Jo White, and all former Chairs of the Commission.  The opportunities we have had are a result of their efforts and stewardship.  I am also grateful to my fellow Commissioners and the SEC staff for their dedication.  Through their continued service, I know the SEC is well-positioned for prolonged success.”   

Overseeing a Historically Productive Rulemaking Agenda

Under Chairman Clayton’s leadership, the agency experienced a historically productive rulemaking period, advancing more than 65 final rules to date from the Commission’s policy divisions and offices, many of which modernized and improved rule sets that had not been reviewed and updated in decades.  To promote transparency and engagement with market participants, Chairman Clayton established the practice of using the agency’s congressionally-mandated near-term agendas as a transparent roadmap for Commission’s regulatory work over the next year.  Under Chairman Clayton, the SEC has to date timely advanced an average of 86% of the initiatives on the near-term agendas.

An emphasis on transparency and modernization helped propel the agency forward on a great number of significant rulemakings and other policy enhancements under Chairman Clayton’s leadership.  Highlights include:   

• Substantially enhancing, through Regulation Best Interest, the standard of conduct required for broker-dealers when dealing with retail customers, and clarifying the fiduciary duties owed by investment advisers to their clients;[1] 
• Providing retail investors with simple, easy-to-understand information about the nature of their relationship with their financial professional, through new Form CRS;
• Simplifying, improving and harmonizing the “patchwork” exempt securities offering frameworkutilized by smaller and medium-sized businesses and startups;
• Facilitating the ability of companies to transition to public status subject to strong investor protections, including through modernizing and simplifyingcorporate disclosures (including financial disclosures), expanding the scope of smaller public companies that qualify for scaled application of disclosure and other requirements, and expanding JOBS Act benefits to additional public companies while generally improving the review process for initial offerings;
• Increasing protections for retail investors against microcap fraud by modernizing the rule governing quotations in over-the-counter securities and issuing guidance regarding omnibus accounts;
• Enhancing the Commission’s whistleblower program rules to add clarity, transparency and efficiencies, allowing the Commission to get larger awards into the hands of whistleblowers at a faster pace;
• Standing up the comprehensive framework for the regulation of security-based swaps mandated by Title VII of the Dodd-Frank Act;
• Improving disclosure content requirements to reflect changes in technology, business operations and our economy more generally, including by adding a description of human capital resources as a specific disclosure requirement for the first time;
• Establishing a consistent framework to launch certain types of ETFs, promoting innovation and competition;
• Modernizing disclosure processes, both for companies and investment funds, to more effectively deliver material information to investors;
• Modernizing the shareholder engagement process, including the shareholder proposal process and the use of proxy voting advice businesses by investment advisers;
• Improving the National Market System (NMS) and rules governing securities exchanges and alternative trading systems to benefit investors; and
• Enhancing transparency in trading, including specific initiatives in alternative trading systems and the municipal bond market.

Strengthening the Commission’s Enforcement and Examination Programs

Chairman Clayton’s focus on the interests of long-term Main Street investors has also been reflected in the robustness of the Commission’s examination and enforcement programs.  During Chairman Clayton’s tenure, the SEC increased the coverage rate of investment adviser examinations, with the total number of annual examinations in 2019 up more than 25% from 2016.  The Office of Compliance Inspections and Examinations, together with colleagues across the agency, increased its focus on cybersecurity, publishing a number of risk alerts for registrants to help them prepare for and respond to emerging cyber threats.

Under Chairman Clayton’s leadership, the SEC’s Division of Enforcement established a Retail Strategy Task Force, Teachers’ Initiative, and Military Service Members’ Initiative to concentrate efforts to combat fraud and educate investors.  The Enforcement Division also brought thousands of impactful cases and held individuals accountable, bringing charges against individuals in approximately 68 percent of its cases.

Since May 2017, the Commission:

• brought over 2,750 enforcement actions,
• obtained more than $14 billion in financial remedies,
• distributed approximately $3.5 billion to harmed investors, and
• paid awards of approximately $565 million to whistleblowers.

Under Chairman Clayton’s leadership, the SEC achieved record years in financial remedies ordered (2019, 2020) and its three highest years of whistleblower awards (2018, 2019, 2020).  The SEC also distributed more funds to investors in 2017 and 2019 than any other year since the agency began tracking this metric in 2012.[2]   

Navigating Changes in Our Markets and the COVID-19 Pandemic

The SEC also pivoted to deal with several unanticipated issues affecting investors and markets.  Most notably, Chairman Clayton and his team of talented Division and Office leaders effectively steered the agency through the challenges posed by the COVID-19 pandemic, placing a priority on the health and safety of agency employees and market participants while seeking to ensure the integrity of the securities markets.  Under Chairman Clayton’s leadership, the agency worked to ensure that markets continued to function in times of heightened volatility, including by closely coordinating with market intermediaries, investors, other market participants, and domestic and international regulators.  The agency provided relief to allow market participants to adapt to evolving challenges, subject to appropriate conditions for the protection of investors.  The agency also worked to promote robust disclosures from issuers on their operations and financial condition – including forward-looking disclosures – as efforts to fight COVID-19 progressed. 

In addition to the global COVID-19 pandemic, the SEC effectively navigated several other significant developments in the markets, the country and the world during Chairman Clayton’s tenure. 

Beginning in 2017, U.S. capital markets experienced a sudden proliferation of initial coin offerings (ICOs), products that, while potentially representing new frontiers in finance, also attracted substantial fraudulent activity.  Under Chairman Clayton’s leadership the agency acted quickly and decisively to combat fraud and pave the way for innovation.  Working together, the Division of Enforcement – including through its newly formed Cyber Unit –brought swift actions against those violating the federal securities laws while the Divisions of Corporation Finance, Investment Management and Trading and Markets provided clarity to investors and market professionals through a series of measured yet timely actions.

Chairman Clayton also has guided the agency through several major global shifts in financial regulation – some of which are still evolving –such as the European Union’s adoption of the MiFID II reforms, the transition away from LIBOR, and Brexit.

Leading Efforts to Promote Diversity, Inclusion and Opportunity

Under Chairman Clayton’s leadership, the SEC made great strides toward promoting diversity, inclusion and opportunity both within the agency and in the industries it regulates.  Chairman Clayton served as Chair of the SEC’s Diversity Council and sponsor of the SEC’s African American Council; Hispanic and Latino Opportunity, Leadership, and Advocacy Committee; and Veterans Committee.  He also led agency-wide roundtables and town halls on mentorship; unconscious bias; and diversity, inclusion and opportunity.  It is Chairman Clayton’s view that diversity, inclusion and opportunity are not only the right thing, but that a collective commitment to these principles strengthens and enhances the performance of an organization.  Among other initiatives advanced during Chairman Clayton’s tenure, the agency:

• released the SEC’s first-ever Diversity and Inclusion Strategic Plan, which outlines specific goals and strategies for continuing to build a workforce that will deliver on the SEC’s mission;
• created and implemented an agency-wide mentoring program;
• created the new position of Senior Policy Advisor on Diversity and Inclusion; and
• launched a number of further initiatives to promote diversity, inclusion and opportunity throughout the agency, including through enhancing diversity on hiring committees and interview panels; promoting equity and opportunity for selection to senior leadership positions; improving succession planning by providing more leadership development opportunities; and enhancing inclusion for colleagues with disabilities.

Chairman Clayton and his staff also participated in numerous public events dedicated to diversity, inclusion and opportunity, including with the National Association of Securities Professionals, SIFMA, the Association of African-American Financial Advisors, and the New America Alliance.  In addition, several of the SEC’s advisory committees held special meetings dedicated to promoting diversity, inclusion and opportunity in their respective industries.  More about the SEC’s past and ongoing efforts to promote diversity, inclusion and opportunity is available here.

Chairman Clayton was born at Fort Eustis in Newport News, Virginia, and was raised primarily in central and southeastern Pennsylvania. In his professional career, he has lived in Philadelphia, New York, London, and Washington, DC. Prior to joining the Commission, Chairman Clayton was a partner at Sullivan & Cromwell LLP, where he was a member of the firm’s Management Committee and co-head of the firm’s corporate practice. From 2009 to 2017, Chairman Clayton was a Lecturer in Law and Adjunct Professor at the University of Pennsylvania Law School.

Prior to joining Sullivan & Cromwell, Chairman Clayton served as a law clerk for the Honorable Marvin Katz of the U.S. District Court for the Eastern District of Pennsylvania. A member of the New York and Washington, DC bars, Chairman Clayton earned a BS in Engineering from the University of Pennsylvania (summa cum laude), a BA and MA in Economics from the University of Cambridge (Thouron Scholar), and a JD from the University of Pennsylvania Law School (cum laude, Order of the Coif).

 

---

[1] For the first time, regardless of whether an investor chooses a broker-dealer or an investment adviser, the investor is entitled to a recommendation that is in the investor’s best interest and that does not place the interests of the firm or the financial professional ahead of the investor.

[2] See SEC Division of Enforcement 2020 Annual Report, available at https://www.sec.gov/files/enforcement-annual-report-2020.pdf.  Under Chairman Clayton’s leadership, these annual reports on the Enforcement Division’s performance were first issued beginning in 2017.  Record years for remedies ordered were since at least 2002, which is as far back as the agency reliably tracks this metric.

版权声明：所有瑞恩资本Ryanben Capital的原创文章，转载须联系授权，并在文首/文末注明来源、作者、微信ID，否则瑞恩将向其追究法律责任。部分文章推送时未能与原作者或公众号平台取得联系。若涉及版权问题，敬请原作者联系我们。

更多香港IPO上市资讯：www.ryanbencapital.com

相关阅读

美国证监会主席：支持无审计核查就将中国企业从美国退市的立法

美国SEC、PCAOB联合声明：警示投资风险，审慎投资中概股

2020年在美国IPO上市的中国企业盘点(26家、募资82亿美元)

香港IPO市场(2020年前十个月)：上市120家，募资2,491亿港元

香港 IPO中介机构排行榜 (过去24个月：2018年11月-2020年10月)