SEC slammed by own commissioner for RBS Libor step-down

Big banks 'too big to bar', says commissioner Kara Stein


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

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