SEC slammed by own commissioner for RBS Libor step-down

Stein blasts SEC for waiving RBS's disqualification as a 'well-known seasoned issuer'

Securities and Exchange Commission (SEC) commissioner Kara Stein has publicly dissented from an order by the SEC to overturn the automatic disqualification of RBS as a ‘well-known seasoned issuer' (WKSI).

In January this year, a subsidiary of the Edinburgh-headquartered bank – RBS Securities Japan – was criminally convicted over its participation in the Libor scandal. Under US federal securities laws and regulations, the conviction automatically precludes RBS from eligibility as a WKSI and the