- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2020-11-16T22:42:00
SEC Chairman Jay Clayton will step down from his post at the end of the year, allowing the Biden administration to choose his successor immediately upon taking over the White House.
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Jay Clayton, former chairman of the Securities and Exchange Commission, will be returning to Sullivan & Cromwell as senior policy advisor and of counsel in the firm’s New York office.
Gary Gensler, former chairman of the Commodity Futures Trading Commission, has been picked to be the next chairman of the Securities and Exchange Commission by President-elect Joe Biden.
Marc Berger, who has served as acting director of the Division of Enforcement at the SEC for a few short weeks, will leave the agency later this month.
The U.S. Supreme Court extended the statute of limitations for businesses attempting to challenge some federal regulations, allowing regulated entities a longer timeline to appeal a decision.
The Supreme Court of the United States overturned a long-held precedent in which courts deferred to federal agencies in interpreting complex or ambiguous regulations–a decision that could make thousands of federal regulations more vulnerable to legal challenges.
Financial institutions would be required to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs under a new rule proposed by the Treasury Department’s Financial Crimes Enforcement Network.
