It is such a pleasure to deliver the Brodsky Family Lecture. Northwestern Law and the Kellogg School have earned their places in the top ranks of American education by giving talented, motivated students tools to succeed. This push for innovation constantly changes the face of the financial industry, as smart minds discover new ways to create wealth or manage risk. No doubt, great good can come from this.
Remarks at the Eighth Annual A. Sommer, Jr. Before I get started, and as all of you will expect, I need to tell you that the comments that I am about to make are my own and do not necessarily reflect official SEC policy or the opinions of my fellow Commissioners. It is a true honor to be here with you today.
Over the last eight years, this lecture has become a prominent feature in the ongoing dialogue among securities regulators, practitioners, and the regulated community.
That is fitting given that the lecture honors the legacy of former SEC Commissioner, and former securities law practitioner, Al Sommer. The SEC has seen many Commissioners come and go over the last 73 years, and it would be difficult for even the most seasoned SEC veteran to name them all, much less point out their legacy.
But I am sure that many of even the newest securities practitioners have heard of Al Sommer and his legacy at the Commission. At the SEC, Commissioner Sommer was extremely well-regarded for his efforts to eliminate fixed commissions in the brokerage industry, and his work in creating and overseeing an advisory committee on corporate disclosure that eventually resulted in the promulgation of Regulation S-K.
Among other things, Regulation S-K was a much-needed rationalization of the corporate disclosure rules — for once, there was essentially one place to go to find a set of integrated requirements.
From a personal perspective, I very much enjoyed working with Al. When I worked for Chairman Richard Breeden in the early s, Al was a great advisor and always was ready to help us accomplish what needed to be done.
For example, you might not think of Al as party planner, but when we were searching for a way to be able to host the 16th annual conference of the International Organization of Securities Commissions, Al stepped in to head up a private committee that hosted several events to showcase the best and brightest of the American capital markets for several hundred international guests.
At the time, the SEC had no budget for such things. Al also was immensely kind. After I left the SEC, he continued to be a kind and helpful friend and advisor.
I am honored to deliver this lecture tonight in Commissioner Sommer's memory, particularly in the presence of his widow, Starr Sommer, his daughter, and son-in-law. This evening I would like to talk about an issue that barely preceded, but substantially affected, Commissioner Sommer's tenure at the SEC.
Before I reveal the topic, though, some background is in order. The SEC is fast approaching the seventy-fifth anniversary of its creation. Next year, of course, marks the 75th anniversary of the Securities Act of Thereafter, the Securities and Exchange Act of established the SEC to keep the Federal Trade Commission out of the securities markets, which is a story full of political intrigue itself, and endowed it with a wide array of powers.
Through legislative amendments, those powers have expanded sinceand the Commission was also charged with the administration of the other federal securities statutes. That is a lot of statutory responsibility, but at least we finally were able to shed responsibility for the now-dead Public Utility Holding Company Act of The SEC was created to be, and remains, primarily a disclosure agency.
In pursuing its statutory missions of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, the SEC since its inception has mandated public disclosure of current and accurate information from issuers and regulated entities.
The theory behind a rigorous disclosure regime is that investors should have current, materially complete, and accurate information in order to make educated, informed investment decisions.
At the same time, however, investors should enter the markets knowing that there is no governmental insurance policy protecting them from unwise decisions. Often, however, despite Commissioner Sommer's legacy in Regulation S-K and efforts by others to promote transparency, disclosure rules are not enough.
Therefore, a necessary corollary to a disclosure regime is a program of strong enforcement. If you make materially false disclosures, or if you omit required disclosures, the SEC has, and can bring, a cause of action against you.
With that in mind, Congress has given the SEC strong enforcement powers in the federal securities laws. These powers have evolved — and increased — over time through legislation, regulation just look at Rule 10b-5and judicial interpretations.
Start studying Chapter 2 Test Sociology Learn vocabulary, terms, and more with flashcards, games, and other study tools. Selecting a seat in a large lecture hall where you do not know your fellow students When a professor is delivering a lecture and some students begin to whisper back and forth, the professor may stop the lecture. Oct 09, · Remarks at the Eighth Annual A. A. Sommer, Jr. Corporate, Securities and Financial Law Lecture by Commissioner Paul S. Atkins U.S. Securities and Exchange Commission Fordham University Law School New York, New York October 9, Thank you, Ben, for that kind introduction. Thank you also Dean Treanor, [Professor] Jill [Fisch], and Mrs. Sommer. Students at the City University of New York (CUNY) Law School protested and attempted to shut down a lecture on free speech by accusing the speaker of holding racist views and belittling his Author: Jack Crowe.
To be sure, the arsenal of enforcement remedies possessed by today's SEC, including the ability to penalize corporations, is markedly different from the stop orders and injunctions of 70 years ago.
The current SEC enforcement program is highly visible and highly regarded. The Division of Enforcement now has over eleven hundred staff members located in the home office in Washington and in the eleven regional offices.
The staff brings hundreds of enforcement recommendations to the Commission each year who's counting, right? The enforcement staff investigates and recommends cases involving a wide range of activities, including Ponzi and pyramid schemes, bogus offerings, untrue disclosure, insider trading, market manipulation, a new wave of internet intrusion matters, and the more esoteric, often controversial accounting cases.
In every substantive area, and in all of the SEC's far-flung offices, the staff of the Division of Enforcement prove themselves every day to be professionals of the first rate. It comes as a surprise to many when they hear that the SEC has had a stand-alone Division of Enforcement only for 35 years — since For the preceding 38 years of the Commission's existence, enforcement was a function handled within each of the various regulatory divisions, but primarily in the Division of Trading and Markets.
I will not go into a whole lot of detail about the first 38 years of the Commission's enforcement efforts. The article, which you can find on the historical society's website, 1 is very comprehensive. Many thanks to Dan Hawke for producing such an excellent piece — the quality of his work certainly comes as no surprise to me.
I would like to focus on one event in the history of the SEC's enforcement program that may have been the "big bang" from which the current Division of Enforcement was born.Start studying speech test 3. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Search. the systematic study of the quantifiable characteristics of a large group.
sameness, delivering a message that will keep their attention. remain objective to report on a social or personal problem. Feb 06, · This lecture, which will be followed by a question-and-answer session, will explore the state of free speech on campus as the media and critics report and distort it, as students experience it, and how it looks from a historical perspective.
It will also consider ways that colleges and universities can enhance freedom of speech. Syracuse University Report September i Executive Summary Introduction During the Spring semester, Syracuse University conducted a comprehensive survey of all students, faculty and staff for the purpose of developing a better understanding of the learning, living and working environment on campus.
Nov 03, · Board of Visitors Faculty Panel Discussion about the meaning of the “Intense Liberal Arts Experience” MODERATOR: Gerry Greenberg, Sr. Associate Dean, Academi. A Report on a Large Group Lecture Consisting of a Speech from Professor Deb Notsky from the Syracuse University and a Small Group Lecture with Computer Exercises.
words. 2 pages. An Introduction to the School Bus Industry and a Competition in North America. 3, words. Students at the City University of New York (CUNY) Law School protested and attempted to shut down a lecture on free speech by accusing the speaker of holding racist views and belittling his Author: Jack Crowe.