Published on August 10, 2014
Senior Fellow From Practice : George Mazin, JD, Partner, Dechert Guest Lecturers: Kathleen Casey, JD, Commissioner, Securities & Exchange Commission (Former) Troy Paredes, JD, Commissioner, Securities & Exchange Commission (Former) Roel Campos, JD, Commissioner, Securities & Exchange Commission (Former) Paul Atkins, JD, Commissioner, Securities & Exchange Commission (Former) : SEC Commissioners’ round table traversing the new horizon Senior Fellow From Practice : George Mazin , JD, Partner, Dechert Guest Lecturers: Kathleen Casey, JD, Commissioner, Securities & Exchange Commission (Former) Troy Paredes, JD, Commissioner, Securities & Exchange Commission (Former) Roel Campos, JD, Commissioner, Securities & Exchange Commission (Former) Paul Atkins, JD, Commissioner, Securities & Exchange Commission (Former ) Enforcement Priorities of SEC and CFTC: Enforcement Priorities of SEC and CFTC Is too much time/resources being devoted to insider trading cases? What are the regulatory concerns associated with high speed trading? What do you expect the enforcement priorities will be in the coming year or two? Is the new emphasis on admitting liability good public policy; will fewer cases be settled? Among other changes, the staff now has the ability to issue subpoenas. Does staff have too much discretion and control over the enforcement process; are cases too far along before they get to the Commission? Rule Making Process: Rule Making Process Describe the rule making process; how important are the public comments? What is the role of trade associations, law firms and others in influencing rule making? What is the current climate for new rule making initiatives? Is there regulatory exhaustion as a result of Dodd-Frank rule making? What are the remaining areas of unfinished business under Dodd-Frank? What do you expect the rule making priorities will be going forward? Have the courts imposed too high a bar in conducting adequate cost benefit analysis to support rule making actions? PowerPoint Presentation: CLE Code – J20140318J JOBS Act: : JOBS Act: Did the rulemaking come out the right way, or should additional investor protections have been built in? Will the SEC go forward with the pending Rule proposals (e.g., pre-filing of Form D, filing of offering materials)? Should the same rules apply to capital raising activities conducted by small businesses compared to the activities of private investment funds to raise capital? Will the Rule be effective in facilitating capital formation? Why haven’t more private fund managers taken advantage of it? Why hasn’t the CFTC acted to provide the necessary relief for funds that are private commodity pools? Role of Data in informing regulation: Role of Data in informing regulation Regulators receive far more data, as well as market and industry information than ever before (e.g., Form D, Form ADV, Form PF & PQR, and 13H.) Does the data help inform the market surveillance, examination activities or help identify prospective enforcement matters, or is it largely ignored? Is the data in a form that can be used; does it make the agencies more efficient and productive; can they now do more with less? Cross border/global regulation: Cross border/global regulation Are you satisfied with the level of cooperation on cross border regulatory initiatives? In an era of global markets, how can regulation be better harmonized between US and non US regulators? Has the SEC & CFTC achieved the right balance in its approach to the extraterritorial reach of its rules? Has the US been sufficiently proactive in response to the AIFMD to assure access by US managers to market their funds in Europe? FSOC; Volcker Rule: FSOC; Volcker Rule Are there circumstances in which a fund or an asset manager should be viewed as systemically important? What is the role of the SEC and CFTC on the FSOC? Do you have concerns about the final Volcker Rule? Will the limits on proprietary trading adversely affect market liquidity or limit competition? Do the rules go too far in preventing banks and their affiliates from being involved in private funds?