SEC Chairman Mary Schapiro to Step Down; Commissioner Elisse Walter to Become Chairman

The SEC announced that after nearly four years in office, SEC Chairman Mary L. Schapiro will step down on December 14, 2012.  Schapiro became Chairman in the wake of the financial crisis in January 2009 — appointed by President Barack Obama on January 20, 2009, and unanimously confirmed by the Senate.

Schapiro’s replacement will be current SEC Commissioner Elisse Walter.  Commissioner Walter was appointed by President George W. Bush in 2008.  She had previously served as Senior Executive Vice President, Regulatory Policy and Programs, at FINRA/NASD, and served as General Counsel at the CFTC.

Lofchie Comment:  We have provided links below to a number of Commissioner Walter’s speeches on areas that seem to be in her particular focus.  Also, in the gray box at the bottom of the page, we have provided links to a number of recent Cabinet news items concerning her activities. 
       As both her speeches and the recent news items demonstrate, the Commissioner has been extremely focused on issues involving municipal securities, pushing for both more regulation and legislation in this area.  As Chairman, she will likely continue focus in this direction, continuing her already established momentum in this area. 
       Commissioner Walter has also done quite a bit of work with non-US regulators.  In one of the news stories linked below, I had commented on the different tones taken by CFTC Chairman Gensler and soon-to-be SEC Chairman Walter in their approaches to international regulators, with Chairman Gensler essentially chiding non-U.S. regulators for not following his leadership and Commissioner Walter espousing a more cooperative approach.   Her approach to international cooperation is not limited to matters involving swaps; for example, in the February 24, 2010 speech linked below, she speaks enthusiastically in favor of global accounting standards.  (Commissioner Walter is also particularly interested in accounting issues.)
        Lastly, I note that Commissioner Walter is engaged with the question of the “fiduciary” obligations that broker-dealers and advisers owe to their clients. 


Recent Speeches by Commissioner Walter:


Oct. 2, 2012

Remarks to American Bar Association International Section

May 16, 2012

Remarks at the 37th International Organization of Securities Commissions Annual Conference

Nov. 18, 2011

Remarks at the Closing of the International Institute for Securities Enforcement and Market Oversight, Washington, D.C.

Sep. 12, 2011

Remarks before the North American Securities Administrators Association 2011 Annual Conference, Wichita, Kansas

Jul. 6, 2010

Supervisory Cooperation: The Next Frontier for International Securities Regulation, Washington, D.C.

Feb. 24, 2010

Statement at SEC Open Meeting – Statement in Support of Convergence and Global Accounting Standards, Washington, D.C.

Municipal Securities Market

Oct. 19, 2012

Enhancing Disclosure in the Municipal Securities Market: What Now?

Oct. 1, 2012

Bringing Municipal Bond Trading into the Light

Jul. 31, 2012

Remarks on News Conference Call About the SEC’s Report on the Municipal Securities Market

Jul. 29, 2011

Statement at SEC Field Hearing on the State of the Municipal Securities Market, Birmingham, Alabama

May 4, 2011

Keynote Address at the National Federation of Municipal Analysts (NFMA) Twenty-Eighth Annual Conference, Charleston, South Carolina

Dec. 7, 2010

Statement at SEC Field Hearing on the State of the Municipal Securities Market, Washington, D.C.

Oct. 29, 2010

Remarks before the 43rd Annual Securities Regulation Seminar, Los Angeles, California

Oct. 28, 2010

Key Note Address at the National Association of Bond Lawyers (NABL) 35th Bond Attorneys’ Workshop, San Antonio, Texas

Sep. 21, 2010

Statement at SEC Field Hearing on the State of the Municipal Securities Market, San Francisco, California

Jun. 30, 2010

Statement at SEC Open Meeting, Washington, D.C.

May 26, 2010

Statement at SEC Open Meeting – Municipal Securities Disclosure, Washington, D.C.

Investment Management

Feb. 10, 2011

A Tale of Two Studies: Investment Management Institute Keynote Remarks, New York, New York

Jan. 19, 2011

Statement on Study Enhancing Investment Adviser Examinations, Washington, D.C.
See Also:  Study

Jul. 21, 2010

Statement at SEC Open Meeting-Form ADV, Washington, D.C.

Feb. 26, 2010

Remarks at 2010 Investment Adviser Compliance Forum, Arlington, Virginia

See: SEC Press ReleaseStatement by President Barack Obama; Statement by House Financial Services Committee Chairman Spencer Bachus; Statement by SIFMA; Statement by FINRA.
See also: Related stories and commentary on Commissioner Walter’s work on cross-border regulation (October 11), municipal bond trading (October 2), and enhanced disclosure in the municipal securities market (October 25).