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August 22 2017
On July 27, 2017, Ranking Member of the House Committee on Financial Services, Congresswoman Maxine Waters, introduced the Bad Actor Disqualification Act of 2017. This draft legislation directs the SEC to implement more rigorous and public processes for granting waivers that restore certain benefits to bad actors. These benefits include reduced oversight, reduced disclosure requirements and limited liability. The current draft of the bill specifically requires:
This legislation follows the Congresswoman's previous legislation from 2015 aimed at reforming the SEC's waiver approval process, which was in response to a 2014 study that concluded that 82% of waivers were granted to financial firms in the last 11 years.
The full text of the bill can be found here.
For further information on this topic please contact Carlos Juarez at Morrison & Foerster LLP by telephone (+1 212 468 8000) or email (firstname.lastname@example.org). The Morrison & Foerster LLP website can be accessed at www.mofo.com.
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