來源 | 繼民財經匯

SEC主席傑伊·克萊頓（Jay Clayton）確認計劃在年底結束任期

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

（中文翻譯僅供參考、英文原文為準）

克萊頓（Clayton）領導的機構經歷了歷史生產力和前所未有的挑戰；歐盟委員會再次關注長期主要街道投資者的利益，確保資本市場發揮更高的效率，彈性和透明度

即將發佈2020-284

華盛頓特區，2020年11月16日 – 

證券交易委員會主席傑伊·克萊頓（Jay Clayton）今天證實，在任職三年半以上之後，他將在今年年底結束任期。 

董事長克萊頓於2017年5月4日宣誓就職，並將離開SEC，成為其任職時間最長的主席之一。在任職期間，克萊頓董事長通過促進經濟增長，投資機會，市場誠信和投資者保護的舉措，將該機構的資源集中於提升大街投資者的利益。在克萊頓董事長的領導下，委員會在強大而有效的投資者保護下，增強了各種規模企業在我們的公共和私人市場上籌集資金的能力。 

委員會還加強了審查和執法方案，創下了各種年度記錄。在克萊頓（Clayton）主席任期內，委員會獲得了超過140億美元的貨幣補償令，其中包括2020財年創紀錄的46.8億美元，並向受害投資者返還了約35億美元。委員會進行了10,000多次考試，其中包括2018財年投資顧問考試次數的記錄。此外，在克萊頓主席任職期間，委員會向舉報人支付了約5.65億美元，包括該計劃歷史上最大的單筆獎金（114美元百萬）。有關委員會工作範圍的更多詳細信息，請點擊此處。  

克萊頓董事長說：「與SEC的才華橫溢，有進取心的男女一起工作是我職業生涯的重頭戲。」 「我為我們為推進SEC三方使命的每個部分而做出的集體努力感到自豪，並時刻關注着我們主要街道投資者的利益。美國資本市場生態系統是世界上最強大，最靈活的系統，並且由於SEC多元化和包容性團隊的辛勤工作，我們改善了投資者保護，促進了小型和大型企業的資本形成，並使我們的市場能夠運轉更透明，更有效。」 

克萊頓主席繼續說：「我要感謝特朗普總統為領導SEC男女工作提供的機會，支持和自由。」 「此外，財政部部長姆努欽及其團隊，鮑威爾主席，誇勒副主席以及美聯儲同事，吉安卡洛和塔伯特主席以及CFTC主席，麥克威廉姆斯和聯邦存款保險公司的合作與協助，以及我們其他的聯邦金融監管機構也非常出色。我還要感謝我的前任瑪麗·喬·懷特和委員會所有前任主席。我們擁有的機會是他們的努力和管理的結果。我還要感謝我的其他專員和SEC工作人員的奉獻精神。通過他們的持續服務，   

監督具有歷史意義的規則制定議程

在克萊頓（Clayton）主席的領導下，該機構經歷了具有歷史意義的規則制定時期，迄今為止，從委員會政策部門和辦公室推進了65多項最終規則，其中許多都是經過現代化和改進的規則集，幾十年來一直沒有進行審查和更新。為了提高透明度和與市場參與者的互動，克萊頓董事長確立了使用該機構的國會授權近期議程作為明年委員會監管工作的透明路線圖的做法。在主席克萊頓（Clayton）的領導下，美國證券交易委員會（SEC）迄今已按時推進了近期議程中平均86％的舉措。

對透明度和現代化的強調幫助推動了該機構在克萊頓主席領導下的大量重要規則制定和其他政策改進。重點包括：   

• 通過《最大利益條例》，實質上提高了經紀人與零售客戶打交道時所需的行為標準，並闡明了投資顧問對客戶的信託義務；[1] 
• 通過新的Form CRS為散戶投資者提供有關其與金融專業人士關係性質的簡單，易於理解的信息；
• 簡化，改進和協調中小企業和初創企業使用的「補綴品」免稅證券發行框架；
• 促進公司在受到強大投資者保護的情況下轉變為公眾身份的能力，包括現代化和簡化公司披露（包括財務披露）， 擴大 符合規模化披露要求和其他要求的小型上市公司的範圍，以及 擴大 JOBS使其他上市公司受益，同時總體上改善了首次公開發行的審核程序；
• 通過使場外證券報價規則現代化並發佈有關綜合賬戶的指導，加強對散戶投資者的保護，以防止微型股票欺詐；
• 加強委員會的舉報人計劃規則，以增加透明度，透明度和效率，使委員會能夠以更快的速度將更大的獎項授予舉報人；
• 確立《多德-弗蘭克法案》第VII標題所規定的監管基於證券的掉期交易的綜合框架；
• 改進披露內容要求，以更廣泛地反映技術，業務運營和我們經濟的變化，包括首次添加人力資本描述作為特定的披露要求；
• 建立一致的框架 來啟動某些類型的ETF，促進創新和競爭；
• 現代化公司和投資基金的披露程序，以更有效地向投資者提供重要信息；
• 現代化股東參與流程，包括股東提案流程和 投資顧問使用 代理投票諮詢業務；
• 完善國家市場體系（NMS）和規範證券交易和替代交易系統的規則，以使投資者受益；和
• 增強交易的透明度，包括替代交易系統 和 市政債券市場中的特定舉措 。

加強委員會的執法和考試計劃

克萊頓（Clayton）主席專註於長期的Main Street投資者的利益也反映在委員會檢查和執行計劃的健全性上。在克萊頓主席任職期間，美國證券交易委員會提高了投資顧問考試的覆蓋率，2019年的年度考試總數比2016年增長了25％以上。專註於網絡安全，為註冊者發佈一系列風險警報，以幫助他們為新興的網絡威脅做好準備並做出響應。

在克萊頓董事長的領導下，美國證券交易委員會（SEC）執行部門成立了零售策略工作隊，教師倡議和軍事服務人員倡議，以集中力量打擊欺詐並教育投資者。執法部門還提起了成千上萬起具有影響力的案件，追究個人責任，對大約68％的案件提起訴訟。

自2017年5月以來，委員會：

• 提出了2,750項執法行動，
• 獲得了超過140億美元的財務救濟，
• 向受害投資者分配了約35億美元，以及
• 向舉報人支付了約5.65億美元的賠償金。

在克萊頓主席（Clayton）的領導下，SEC取得了創紀錄的金融補救年（2019，2020），並獲得了三年最高的舉報人獎項（2018，2019，2020）。自從該機構於2012年開始追蹤這一指標以來，SEC在2017年和2019年向投資者分配的資金也超過了任何一年。[2]   

應對市場變化和COVID-19大流行

SEC還着重處理影響投資者和市場的一些未預料到的問題。最值得注意的是，克萊頓主席及其才華橫溢的部門和辦公室領導團隊有效地指導了該機構應對COVID-19大流行帶來的挑戰，優先考慮代理機構員工和市場參與者的健康與安全，同時力求確保證券市場的完整性。在克萊頓（Clayton）主席的領導下，該機構致力於確保市場在波動加劇時繼續發揮作用，包括與市場中介機構，投資者，其他市場參與者以及國內外監管機構密切協調。該機構提供了救濟，使市場參與者能夠適應不斷變化的挑戰，但要遵守保護投資者的適當條件。隨着與COVID-19鬥爭的努力，該機構還努力促進發行人就其運營和財務狀況進行強有力的披露，包括前瞻性披露。 

除了全球COVID-19大流行之外，SEC在主席克萊頓（Clayton）任職期間還有效地應對了市場，國家和世界上的其他重要發展。 

從2017年開始，美國資本市場經歷了首次代幣發行（ICO）的激增，這些產品雖然可能代表着金融的新領域，但也吸引了大量欺詐活動。在克萊頓董事長的領導下，該機構迅速果斷地採取行動，打擊欺詐並為創新鋪平了道路。執法部門（包括通過新組建的網絡部門）共同努力，對那些違反聯邦證券法的部門迅速採取了行動，而公司財務，投資管理以及交易和市場部門則通過一系列措施向投資者和市場專業人士提供了清晰的信息。衡量而及時的行動。

董事長克萊頓（Clayton）主席還指導該機構進行了幾項重大的全球金融監管變化，其中一些變化仍在發展之中，例如歐盟採用了MiFID II改革，從倫敦銀行同業拆借利率（LIBOR）過渡和英國退歐。

促進多樣性，包容性和機會的主要努力

在克萊頓董事長的領導下，證交會在推動機構內部及其監管行業內的多樣性，包容性和機會方面取得了長足的進步。克萊頓（Clayton）主席曾擔任美國證券交易委員會（SEC）多元化委員會主席和美國證券交易委員會（SEC）非裔美國人委員會（African American Council）發起人。西班牙裔和拉丁美洲裔機會，領導和宣傳委員會；和退伍軍人委員會。他還領導了全機構範圍的圓桌會議和市政廳進行指導。無意識的偏見；多樣性，包容性和機會。克萊頓主席認為，多樣性，包容性和機會不僅是正確的事情，而且對這些原則的集體承諾可以增強並提高組織的績效。在克萊頓主席任職期間提出的其他舉措中，該機構：

• 發佈了SEC的首個《多元化和包容性戰略計劃》，其中概述了繼續建立可履行SEC使命的員工隊伍的具體目標和戰略；
• 建立並實施了全機構範圍的指導計劃；
• 建立了多元化和包容性高級政策顧問的新職位；和
• 發起了許多進一步的舉措，以促進整個機構的多樣性，包容性和機會，包括通過增加招聘委員會和面試小組的多樣性；促進公平和and選機會擔任高級領導職務；通過提供更多的領導力發展機會來改善繼任計劃；並增強殘疾同事的包容性。

克萊頓主席及其工作人員還參加了許多致力於多樣性，包容性和機會的公共活動，包括與美國證券專業人士協會，SIFMA，非裔美國財務顧問協會和新美國聯盟的合作。此外，SEC的幾個諮詢委員會還舉行了專門會議，致力於促進各自行業的多樣性，包容性和機會。有關SEC過去和正在努力促進多樣性，包容性和機會的更多信息，請點擊此處。

克萊頓董事長出生於弗吉尼亞州紐波特紐斯的尤斯蒂斯堡，主要在賓夕法尼亞州中部和東南部長大。在他的職業生涯中，他住在費城，紐約，倫敦和華盛頓特區。加入委員會之前，克萊頓董事長曾是Sullivan＆Cromwell LLP的合伙人，在那裡他是該公司管理委員會的成員和該公司企業業務的聯席主管。從2009年到2017年，克萊頓（Clayton）主席是賓夕法尼亞大學法學院的法學講師兼兼職教授。

在加入Sullivan＆Cromwell之前，克萊頓（Clayton）主席曾擔任賓夕法尼亞州東區美國地方法院議員馬文·卡茨（Marvin Katz）的律師。Clayton主席是紐約和華盛頓特區律師協會的成員，擁有賓夕法尼亞大學的工程學學士學位（優等生），劍橋大學的經濟學學士和碩士學位（Thouron Scholar），以及法學博士學位。賓夕法尼亞大學法學院（榮譽稱號，科夫勳章）。

 

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[1]首次，無論投資者選擇經紀交易商還是投資顧問，投資者都有權獲得符合投資者最佳利益且不影響企業或金融利益的建議專業領先於投資者。

[2]參見SEC執行部門2020年度報告，網址為https://www.sec.gov/files/enforcement-annual-report-2020.pdf。在克萊頓（Clayton）主席的領導下，這些關於執法部門績效的年度報告於2017年首次發佈。訂購補救措施的歷史記錄至少始於2002年，距該機構可靠地追蹤該指標很久。

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).

 

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[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.

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