{"id":5173,"date":"2011-05-24T00:00:00","date_gmt":"2011-05-24T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2011\/05\/sec_has_lax_revolving_door_pol"},"modified":"2022-05-19T13:36:04","modified_gmt":"2022-05-19T18:36:04","slug":"sec-has-lax-revolving-door-pol","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/","title":{"rendered":"SEC Has Lax Revolving Door Policy, Says POGO"},"content":{"rendered":"<p>According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. The independent nonprofit issued a report early this month and is calling on the agency and Congress to \u201cstrengthen and simplify\u201d restrictions post-employment.<\/p>\n<p>POGO says that even though the SEC appears to have strict restrictions when it comes to former employees representing entities that the Commission oversees, many ex-employees can start representing clients within days of resigning from the SEC as long as they submit a post-employment statement.<\/p>\n<p>POGO says it reviewed five years of post-employment statements submitted by ex-SEC employees who wanted to represent a client within two years of resigning from the federal agency. Between 2006 and 2010, 789 ex-employees filed post-employment statements noting their plans to represent an outside client before the SEC. 131 employers were named on these statements. The firms that recruited the most ex-SEC employees during this time were ACA Compliance Group, Deloitte &amp; Touche LLP, Ernst &amp; Young, O\u2019Melveny &amp; Myers, LLP, Wilmer Cutler Pickering Hale and Dorr, LLP, DLA Piper, KPMG, LLP, Morrison &amp; Foerster, LLP, FTI Consulting, Inc., Kirkpatrick &amp; Lockhart Preston Gates Ellis, LLP, and Sidley Austin, LLP.<\/p>\n<p>In addition to simplifying and strengthening post employment restrictions, POGO says that SEC and Congress need to:<\/p>\n<p>\u2022 Verify the accuracy and completeness of the statements.<br \/>\n\u2022 Allow post-employment statements to be made publicly accessible online.<br \/>\n\u2022 Publicly disclose the commission\u2019s ethics waivers and recusal database<br \/>\n\u2022 Utilize and strengthen ethics enforcement authority.<br \/>\n\u2022 Review confidential treatment procedures and Freedom of Information Act Exemptions.<br \/>\n\u2022 Make post-employment restrictions also applicable to other financial regulators.<\/p>\n<p>Our <a href=\"https:\/\/www.securities-fraud-attorneys.com\/\">securities fraud attorneys <\/a>represent institutional investors in the US and abroad.<\/p>\n<p><strong>More Blog Posts:<\/strong><\/p>\n<p><a href=\"https:\/\/www.investorlawyers.com\/blog\/2011\/05\/sec_to_up_dollar_thresholds_fo\">SEC to Up Dollar Thresholds for When an Investment Adviser Can Charge Investors Performance Fees<\/a>, Stokbroker Fraud Blog, May 24, 2011<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/#more-5173\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. The independent nonprofit issued a report early this month and is calling on the agency and Congress to \u201cstrengthen and simplify\u201d restrictions post-employment. POGO says that even though the SEC appears to have strict restrictions when [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3761],"tags":[],"class_list":["post-5173","post","type-post","status-publish","format-standard","hentry","category-securities-and-exchange-commis"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Has Lax Revolving Door Policy, Says POGO &#8212; Investor Lawyers Blog &#8212; May 24, 2011<\/title>\n<meta name=\"description\" content=\"According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. The independent &#8212; May 24, 2011\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Has Lax Revolving Door Policy, Says POGO &#8212; Investor Lawyers Blog &#8212; May 24, 2011\" \/>\n<meta name=\"twitter:description\" content=\"According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. The independent &#8212; May 24, 2011\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"SEC Has Lax Revolving Door Policy, Says POGO &#8212; Investor Lawyers Blog &#8212; May 24, 2011","description":"According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. 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The independent &#8212; May 24, 2011","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"SEC Has Lax Revolving Door Policy, Says POGO","datePublished":"2011-05-24T05:00:00+00:00","dateModified":"2022-05-19T18:36:04+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/"},"wordCount":312,"articleSection":["Securities and Exchange Commission"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/","url":"https:\/\/www.investorlawyers.com\/blog\/sec-has-lax-revolving-door-pol\/","name":"SEC Has Lax Revolving Door Policy, Says POGO &#8212; Investor Lawyers Blog &#8212; May 24, 2011","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2011-05-24T05:00:00+00:00","dateModified":"2022-05-19T18:36:04+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"According to the Project on Government Oversight, the Securities and Exchange Commission has too loose of a revolving-door policy. 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