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Statement on the Matter of John W. Lawton

Commissioner Daniel M. Gallagher

Aug. 5, 2014

Today, I am issuing my opinion in the Matter of John W. Lawton, SEC Administrative Proceeding File No. 3-14162, concurring in part and dissenting in part from the Commission’s majority opinion with respect to the bars from association with municipal advisors and nationally recognized statistical rating organizations (“NRSROs”).  While I concur with the judgment in this matter, I respectfully disagree with the majority’s retroactive application of such bars to conduct that predated their creation.

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