DOJ Antitrust Division and SEC Sign Precedential MOU

The DOJ and SEC signed a first-ever memorandum of understanding ("MOU") aimed at advancing collaboration and communication between the agencies for the goal of improving securities industry competition. According to the SEC, the MOU pioneers a framework for both agencies to maintain regular discourse regarding law enforcement and regulations impacting securities industry competition. Additionally, the SEC stated the MOU will facilitate the exchange of potentially useful information among the agencies that may be relevant to their supervisory and enforcement obligations, as legally appropriate.

SEC Chair Jay Clayton emphasized the overlap of the agencies’ missions and that " by formalizing the exchange of knowledge," the agencies can collaborate to ascertain that "efficient and competitive markets that American investors rely on" are maintained. Antitrust Division Assistant Attorney General Makan Delrahim agreed with Mr. Clayton regarding the benefit of the MOU to "both agencies’ enforcement missions."