SEC's BofA Stance May Turn Rubber Stamp Into Cudgel

Law360, New York (December 9, 2014, 4:56 PM EST) -- A push by U.S. Securities and Exchange Commission member Kara Stein to demand more from companies seeking waivers after enforcement actions likely adds to the uncertainty of negotiating a settlement with the agency.

The effort — which became public in April when Stein denounced a commission decision to let the Royal Bank of Scotland Group PLC retain its well-known seasoned issuer status after a unit pled guilty to manipulating a key benchmark rate — built to something of a climax late last month.

On Nov. 25, the SEC granted Bank of America Corp. and its Merrill Lynch broker-dealer business a temporary,...

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