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Jay Clayton is tired, you guys. So very, very tired. It’s not just that he’s worked harder over the last few months than he had in three years, or possibly longer. It’s that the work has been grueling, thankless and without the reward he was promised at the end of it. He could hardly have made this more clear, what with the pouting and throwing up of hands and literal counting of the days he has to stay SEC chairman. He simply can’t be bothered to do very much, aside perhaps from adding a bit more fuel to the Chinese trade war dumpster fire for warmth in this tremendously cold winter, as least for him and his ilk, so would America’s corporate executives and directors—especially those with a hand in, you know, lucratively saving the world—do him a solid and just cool it with the brazen and suspiciously-timed profit taking, if just for a few months, until this is Allison Lee's or Preet Bharara's or Gary Gensler’s problem?

Mr. Clayton called for a “cooling-off period” for so-called 10b5-1 plans, which allow company executives to sell stock at a predetermined time—even if they are in possession of important nonpublic information—without exposing themselves to insider-trading charges….

“For senior executive officers using 10b5-1 plans to sell stock, I do believe that a cooling-off period from the time that the plan is put in place or is materially changed, until the first transaction, is appropriate,” Mr. Clayton said at a Senate hearing. “Whether that’s four months so you cover a full quarter, or it’s six months—I can make arguments for either. I do think we should do it.”

Mr. Clayton also urged companies to use “additional hygiene” around stock buybacks to avoid the potential for insider trading.

SEC Chairman Urges Corporate Insiders to Avoid Quick Stock Sales [WSJ]
SEC Pursues Plan Requiring Chinese Firms to Use Auditors Overseen by U.S. [WSJ]
New Pfizer Results: Coronavirus Vaccine Is Safe and 95% Effective [NYT]


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Jay Clayton Wheeling-And-Dealing His Way Out The Door

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Jay Clayton Really Making Up For Three Years Of Procrastination

Gut shareholder democracy? Check. Put a crimp in whistleblowing? Check.


Gary Gensler To Do More In First Months Than Jay Clayton Did In Four Years

The little regulator that could has 10b5-1 plans, SPACs, Twitter, accounting and chief compliance officers in his sights.

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Serial Bummer Jay Clayton Takes The Fun Out Of Coronavirus Bailouts

The first rule of bailout money is: Talk a lot about what you’re doing with your bailout money.

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An accredited investor definition that keeps their numbers about constant and decreases the likelihood of people coming crying to the SEC? It’s perfect.

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Jay Clayton Not At All Happy With Asset Class He’s Eager To Open To More Marks, Er, Investors

Private equity guys, you’re on notice from a guy with one foot out the door. Or not.

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Jay Clayton’s Homecoming Plans Hit A Snag

A prestigious job he’s not qualified for may not be in the cards, but hey: At least it’s incompetence and not corruption.

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Jay Clayton Making Sure Next SEC Chair Doesn’t Have To Pay As Much To Whistleblowers As He Has

He’s working hard to make life hard on tattletales right until the end.