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ARTICLE · 21 JANUARY 2021

2020 Year-End Securities Enforcement Update

Gibson, Dunn & Crutcher
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This year's update marks the end of the Trump administration and the beginning of the Biden administration. The change in leadership of the Securities and Exchange Commission has already begun

United StatesCorporate/Commercial Law
Gibson, Dunn & Crutcher
Gibson, Dunn & Crutcher

I. Introduction: Themes and Notable Developments

This year's update marks the end of the Trump administration and the beginning of the Biden administration. The change in leadership of the Securities and Exchange Commission has already begun. In December, Jay Clayton stepped down as Chairman, and this week the Biden administration nominated Gary Gensler to be the new Chairman. Mr. Gensler was Chairman of the Commodity Futures Trading Commission in the Obama administration and presided over a period of heightened financial regulation and aggressive enforcement against major financial institutions. The Wall Street Journal predicts that Mr. Gensler could give Wall Street its "most aggressive regulator in two decades."1 In addition to a new Chairman, 2021 will also bring new senior leadership to the Division of Enforcement, as the Division's Co-Directors have also left the agency.

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