Mary Jo White is stepping down this month as Chair of the Securities and Exchange Commission (“SEC”), and the new Trump appointee Jay Clayton, a Wall Street lawyer, could result in a shift back to a more helpful SEC. Restoring the U.S. public markets from the uncertainty of ever-expanding regulations should result in a more active public market in 2017 and reverse the recent flight of capital to the Canadian public markets. Perhaps, part of the U.S. market’s rise since the election of Mr.Trump anticipates this new environment.