Lawyers are on high alert for a change of direction at the US’ chief markets watchdog after the Bush administration last week nominated ex-Latham & Watkins partner Chris Cox to take over as chairman of the Securities and Exchange Commission (SEC).
On 2 June, the Californian congressman was nominated by President George Bush to succeed current chief William Donaldson, who is stepping down at the end of June. Cox, who left Latham in 1984, must now be confirmed by the Senate before taking up the post.
