Chairman Clayton Clarifies Role of SEC Staff Views

September 18, 2018

On September 13, 2018, Chairman Jay Clayton issued a statement indicating that all staff statements are nonbinding and do not create enforceable legal rights or obligations. The statement highlighted the distinction between the SEC’s rules and regulations, on the one hand, and staff views on the other.

The statement noted that staff views may be reflected in written statements, compliance guides, letters, speeches, and responses to frequently asked questions and responses, among other things.


Exchange-Traded Funds (ETFs), Investment Advisers, Investment Companies, Mutual Funds, Regulatory, Speeches & Testimony