Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Tuesday, September 26, 2017

Reuters: U.S. SEC Chair Grilled by Senate Panel Over Cyber Breach, Equifax

Michelle Price and Pete Schroeder of Reuters have authored an article, U.S. SEC Chair Grilled by Senate Panel Over Cyber Breach, Equifax, reporting on Chair Clayton's testimony today before the Senate Banking Committee.  Their story states in part:

The chairman of the U.S. Securities and Exchange Commission (SEC) told a congressional committee on Tuesday he did not believe his predecessor Mary Jo White knew of a 2016 cyber breach to the regulator’s corporate disclosure system, the exact timing of which could not be known “for sure.”

Jay Clayton, who was formally appointed to his role in May, also said listed companies should disclose more detailed information on cyber breaches “sooner,” and that the U.S. regulator was working on new guidelines to ensure this.

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