January 25, 2013

Obama Taps a New SEC Chair: Mary Jo White

Yesterday, President Obama named Mary Jo White as the new SEC Chair. Mary Jo served for nearly a decade as the US Attorney for the Southern District of New York, the first woman to hold that post – and more recently has served as the head of Debevoise & Plimpton’s litigation practice. It’s been a while since a “cop” has been the SEC Chair (maybe ever, as this NPR piece says she is the first former prosecutor to be the Chair) so it should be interesting to see how her tenure might differ from recent Chairs. The confirmation hearings could be interesting due to revolving door concerns, as noted in this article – but also see this article that praises her from all corners. Note that Mary Jo is married to Cravath’s John White, who was Corp Fin Director not all that long ago…

When Mary Jo is confirmed, Elisse will go back to her Commissioner job. During her short tenure, Elisse began to lay out her priorities, as noted in this article and this article.

By the way, former SEC General Counsel Dan Goelzer – who was a founding member of the PCAOB (and a long-serving member) – is rejoining Baker & McKenzie in Washington.

The SEC at a Crossroads: Can Things Be Turned Around?

I’m a guest blogger on Columbia Law School’s new blog – called “The CLS Blue Sky Blog” – with an entry entitled “The SEC at a Crossroads: Can Things Be Turned Around?” Check it out!

Meanwhile, Keith Bishop weighs in on legal issues he’s detected about how the Investor Advisory Committee has functioned so far…

January-February Issue: Deal Lawyers Print Newsletter

This January-February issue of the Deal Lawyers print newsletter was just sent to the printer and includes articles on:

– Billion Dollar Companies: Not Too Big for Hostile Shareholder Activism
– News from the SEC: Tender Offer Funding Conditions & Dual Track Processes
– Runaway MAC Carve-Outs
– Delaware Enjoins “Don’t Ask, Don’t Waive” Standstill Provision & Holds Not Per Se Unenforceable (But Use & Effect Should Be Disclosed)

If you’re not yet a subscriber, try a 2013 no-risk trial to get a non-blurred version of this issue on a complimentary basis.

– Broc Romanek