SEC Chair Shares Views on Waiver Policy


SEC Chair, Mary Jo White addressed concerns about disqualifications, exemptions and waivers under the federal securities laws during the Corporate Counsel Institute at Georgetown University in Washington D.C. on Thursday, March 12.

White explained, "My bottom line is that as we have been doing, we must carefully scrutinize each waiver decision, faithfully apply the applicable legal standards and always keep in mind the purpose of the inquiry – to determine whether the entity or individual, going forward, can engage responsibly and lawfully in the activity at issue in the particular disqualification. If the answer is “no” at the end of that analysis, we should deny the waiver, no matter the size of the institution or consequences. But waivers were never intended to be, and we should not use them as, an additional enforcement tool designed to address misconduct or as an unjustified mechanism for deterring misconduct."

Full Remarks available on the SEC website.

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