SEC slammed by own commissioner for RBS Libor step-down

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

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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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