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:
Cross-Border
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Oct. 2, 2012 |
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May 16, 2012 |
Remarks at the 37th International Organization of Securities Commissions Annual Conference |
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Nov. 18, 2011 |
Remarks at the Closing of the International Institute for Securities Enforcement and Market Oversight, Washington, D.C. |
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Sep. 12, 2011 |
Remarks before the North American Securities Administrators Association 2011 Annual Conference, Wichita, Kansas |
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Jul. 6, 2010 |
Supervisory Cooperation: The Next Frontier for International Securities Regulation, Washington, D.C. |
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Feb. 24, 2010 |
Statement at SEC Open Meeting – Statement in Support of Convergence and Global Accounting Standards, Washington, D.C. |
Municipal Securities Market
Investment Management
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Feb. 10, 2011 |
A Tale of Two Studies: Investment Management Institute Keynote Remarks, New York, New York |
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Jan. 19, 2011 |
Statement on Study Enhancing Investment Adviser Examinations, Washington, D.C. |
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Jul. 21, 2010 |
Statement at SEC Open Meeting-Form ADV, Washington, D.C. |
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Feb. 26, 2010 |
Remarks at 2010 Investment Adviser Compliance Forum, Arlington, Virginia |
See: SEC Press Release; Statement 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).