Today, SEC Chairman Jay Clayton announced that he will be stepping down from his role at the end of 2020. His term was set to expire in June 2021.
His resignation comes as the SEC’s Temporary Conditional Exemption for MA’s is set to expire on December 31st, a provision that Chair Clayton personally favored in meetings with the BDA.
We believe Chair Clayton’s resignation increases the likelihood that TCE will not re-emerge in 2021. Since mid-2019, this continues to be a priority issue for BDA.
Chair Clayton prioritized fixed income throughout his tenure, including the creation of the FIMSAC. The forum allowed for a wide-ranging discussion on topics leading to BDA advocacy on items such as the TRACE Pilot and retail note disclosure. Clayton’s actions have set the table for continued improvement of issuer disclosure, and transparency throughout the industry.
The BDA will continue to provide updates as they become available