2 New Hires & 2 MicroCap Events for the SEC

 

The last 10 days has been action packed for the SEC. Not only was Jay Clayton sworn in as chairman but William Hinman was named Director of SEC’s Division of Corporation Finance, the SEC hosted a Meeting of the Advisory Committee on Small and Emerging Companies, and the SEC co hosted a Dialogue on Reviving the U.S. IPO Market.

New Chairman

Jay Clayton was sworn into office on May 4th by U.S. Supreme Court Justice Anthony M. Kennedy as the 32nd Chairman of the Securities and Exchange Commission.
 
Mr. Clayton was nominated to chair the U.S. Securities and Exchange Commission on January 20, 2017, by President Donald Trump and confirmed by the U.S. Senate on May 2, 2017.
 
Prior to joining the Commission, Mr. Clayton was a partner at Sullivan & Cromwell LLP, where for over 20 years he advised public and private companies on a wide range of matters, including securities offerings, mergers and acquisitions, corporate governance, and regulatory and enforcement proceedings. His experience includes counseling companies in various industries and advising market participants on capital raising and trading matters in the United States and abroad, including while resident in Europe for five years.

New Director of SEC’s Division of Corporation Finance

On May 9th, the Securities and Exchange Commission announced that William H. Hinman will be named the new director of the agency’s Division of Corporation Finance.
 
Mr. Hinman recently retired as a partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP, where he was a recognized leader in advising public and private companies in corporate finance matters.  He has advised a wide range of issuers and underwriters in capital-raising transactions and corporate acquisitions, including in the technology, e-commerce, health care, and biopharmaceutical areas. 
Mr. Hinman also is respected for his advice to public companies and their boards on public reporting, governance, and other corporate matters, and he has significant experience regarding derivatives, novel securities, and private placements.  He has spoken on these subjects at the Annual Institutes on Securities Laws sponsored by the Practising Law Institute and has taught International Securities Regulation at Stanford Law School and the U.C. Berkeley School of Law.

SEC Hosts Meeting of the Advisory Committee on Small and Emerging Companies

On May 10th, the SEC hosted a Meeting of the Advisory Committee on Small and Emerging Companies.

The committee discussed the underwriting of small offerings and will receive updates from SEC staff about the tick size pilot program and from state securities regulators about their latest enforcement report.  The committee also considered recommendations on secondary market liquidity for Regulation A, Tier 2 securities and the treatment of so-called “finders” that assist companies in capital raising activities.

SEC-NYU Dialogue on Securities Market Regulation: Reviving the U.S. IPO Market

 the SEC and New York University’s Salomon Center hosted a forum on reviving the IPO market to help drive the economy and create jobs. 
 
The forum asked and explored 1. why has the number of initial public offerings (IPOs) decreased in recent years? and 2. What are the consequences of this trend on investors?

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Jay Clayton

SEC Chairman

Securities and Exchange Commission

SEC

Advisory Committee on Small and Emerging Companies

ACSEC

IPO

NYU

William H. Hinman

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