The U.S. Senate confirmed new CFTC Commissioners Republican Dawn DeBerry Stump and Democrat Dan Berkovitz.
Ms. Stump worked previously as Executive Director of the Americas Advisory Board at the FIA. Before that, she served as a senior professional staff member of the U.S. Senate Committee on Agriculture, Nutrition and Forestry.
Mr. Berkovitz was previously a partner and Co-Chair of the Futures and Derivatives Practice at Wilmer Cutler Pickering Hale and Dorr LLP. Before that, he served as a General Counsel for the CFTC, and in various other governmental positions.
As the 10-year anniversary of the global financial crisis approaches, assessment of key events before, during, and since is essential for understanding varying dimensions of the crisis.
The CFS Financial Timeline, created and managed by senior fellow Yubo Wang, seamlessly links financial markets, financial institutions, and public policies. It:
- Covers more than 1,100 international events from early 2007 to the present.
- Provides an actively maintained, free, and easy-to-use resource to help track developments in markets, the financial system, and forces that impact financial stability.
- Curates essential inputs on a real time basis from established public sources.
Since 2010, the Timeline has become an integral part of the work done by scholars, students, government officials, and market analysts. View the Timeline.
We hope you find it of use and interest.
In a speech at the Nashville 36|86 Entrepreneurship Festival, SEC Chair Jay Clayton outlined recent agency efforts to encourage capital formation for public companies and companies that are considering going public.
Mr. Clayton highlighted three specific categories of SEC actions: (i) a scaled disclosure framework for smaller companies (including adjusting the thresholds for companies deemed to be “smaller reporting companies” and eligible to provide more limited “scaled disclosures”), (ii) disclosure modernization and simplification (i.e., revising GAAP and S-K disclosure requirements to minimize duplication) and (iii) staff guidance to facilitate the initial public offering (“IPO”) process.
Mr. Clayton suggested that the SEC undertake a review of the current framework for exempt offerings. In particular, he stated that the SEC should:
- examine the “complexity” of the current exemption framework for issuers and investors, and decide on changes to streamline it;
- consider whether rules regarding who can invest in certain offerings should be expanded to focus on criteria such as the sophistication of the investor and the specific amount of the investment; and
- permit issuers to transition more readily from one exemption to another, or to a public offering.
Mr. Clayton also discussed the SEC’s approach to distributed ledger technology, digital assets and initial coin offerings. He asserted that efforts in those particular areas reflect the two abiding principles of the SEC: (i) embrace new technologies that reduce costs while also offering new investment opportunities and (ii) require that retail investors have access to necessary information to make sound investment decisions.