WASHINGTON — Peter Chan, the architect of the Securities and Exchange Commission's Municipalities Continuing Disclosure Cooperation initiative, has joined Morgan, Lewis & Bockius as a partner in its Chicago office, the firm announced Thursday.
Chan spent nearly 20 years at the SEC, and in 2010 became assistant regional director of the commission's Chicago office. He emerged as a major figure among muni lawyers earlier this year due to his leadership on the MCDC initiative, which has ignited a whirlwind of debate and discussion about legal issues such as materiality in primary offering disclosures. He has also investigated and litigated a range of SEC enforcement cases, including cases alleging fraud, insider trading, broker-dealer misconduct, and other wrongdoing.
Chan said it was not difficult to leave the SEC before the MCDC program ends. Issuers have until Dec. 1 to self-report any time in the past five years in which they offered bonds while failing to properly disclose past continuing disclosure missteps. Dealers had to respond by Sept. 9.
"The process of the MCDC is well along its way," Chan told The Bond Buyer. "It's in good hands."
Morgan Lewis leaders said Chan's extensive SEC experience will be an asset to the firm.
"We are thrilled to welcome Peter to the firm's growing securities enforcement practice," said the firm's chair Jami McKeon. "His experience will contribute significantly to our considerable capabilities in this area at a time of increasing regulatory scrutiny of financial institutions and public companies."
"Peter's addition strengthens the firm's ability to assist clients in navigating and defending against SEC enforcement actions," said Merri Jo Gillette, former director of the SEC's Chicago regional office who now leads the firm's securities litigation and enforcement practice. "His in-depth knowledge of the federal securities laws and extensive exposure to regulatory compliance issues will prove invaluable to clients and bolster the firm's well-positioned practice."
Chan said he must observe a one-year restriction on communicating with SEC staff on behalf of a client, but may work on cases involving the SEC as long as he was not part of that investigation while at the commission.
