How Proposed Law Could Affect SEC Disqualification Waivers

Law360 (July 11, 2019, 3:51 PM EDT) -- Earlier this month, House Financial Services Committee Chairwoman Maxine Waters, D-Calif., introduced a bill that, if passed, would radically reshape the U.S. Securities and Exchange Commission’s process for waiving disqualifications automatically triggered by the resolution of certain types of government enforcement actions. 

The proposed legislation, entitled the “Bad Actor Disqualification Act of 2019,” revives discussion of what had become a polarizing issue for the SEC in the aftermath of the financial crisis: whether, and under what circumstances, the SEC should grant such waivers. 

Putting aside questions about what appears to be the central premise of the draft bill — namely, that...

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