The Securities and Exchange Commission's Office of Compliance Inspections and Examinations recently released its 2017 priorities. This year's areas of focus include examining for cybersecurity; investor protection initiatives; and identifying market-wide risks, including money market fund compliance with new rules and systems compliance integrity. Patomak Global Partners has deep expertise in risk management and compliance to help firms evaluate and enhance existing compliance programs.
Wall Street Journal Tatyana Shumsky reporter writes:
The Securities and Exchange Commission is likely to get a new chairman no matter who wins Tuesday's presidential election, raising doubts about the agency's priorities....
...The SEC says it already has completed nearly 80% of the rulemaking under the Dodd-Frank financial overhaul law, which was enacted in 2010. The agency's remaining tasks under the law include completing rules requiring companies to report how executive pay is linked to performance and to outline their policies on clawback and hedging and how they are enforced...
"A Trump chairman could go look at what's been done and go back and amend things," said Daniel Gallagher, a former Republican SEC Commissioner and now a partner at Washington-based consulting firm Patomak Global Partners LLC.
Paul Atkins, Patomak Global Partners CEO, writes in an op/ed in Forbes: Even amidst the rancor and divisiveness that currently blanket Washington, the federal government has a bipartisan opportunity to reduce costs and improve disclosure for investors, while in the process helping the environment, and eliminating expensive, unnecessary papershuffling. Unfortunately, the Securities and Exchange Commission (SEC) struck out on an opportunity to get it done at its public meeting last month.
"Information wants to be free," the technology activist Steward Brand once said. "Information also wants to be expensive."
That is proving true on Wall Street, where stock exchanges - in particular the New York Stock Exchange and Nasdaq - both publicly traded and for-profit, stand accused by rivals and some users of unfairly increasing the price of market data.
The debate centers on whether that data is essential - some customers and rivals say it is, the exchanges say otherwise - and whether there is any competition in the market for that data...
... "My take is that there have been some abusive practices - the flucation, the aribitrariness with which fees have been jacked up, and the monopolistic power that goes behind it - there is a problem," Dan Gallagher, an SEC Commissioner until 2015 who is now president of the consultant Patomak Global Partners, told Business Insider.
A former Securities and Exchange Commission (SEC) official has been appointed to monitor an overhaul of Deutsche Bank AG's systems for reporting trades in its giant derivatives book.
Paul Atkins was named to the role by a federal judge on Thursday, following a request by the Commodity Futures Trading Commission. Last year, that agency fined Deutsche Bank $2.5 million for failing to make timely and accurate reports of derivatives trades known as swaps.
Over the last eight years, American businesses, investors, and consumers have been buried under a mountain of costly red tape. Now, I do not need to tell you that the economy is not as good as it could be. One of the major reasons is the growth of legislation and consequent regulation emanating from Washington that has stymied growth.
SEC Chair Mary Jo White announced last week that the proposal for default e-delivery of funds' annual and semi-annual shareholder reports had been dropped from the final fund reporting modernization rule, but said she had instructed the agency's staff to "vigorously evaluate" the investor protection issues it raised and put forth a recommendation by year-end.
As part of the Kurtosys Insights series, Kurtosys caught up with Dan to get his views on the effects of the DOL's Fiduciary ruling, a potential Trump presidency, the UK's "Brexit" and Blockchain technology.
Under a recently-announced Securities and Exchange Commission initiative, broker-dealers have been invited by the agency to self-report potential violations of Rule 15c3-3, commonly known as the Customer Protection Rule, by November 1, 2016.
“Everything is more political, but (Mr. Cook is) used to the politics,” said Dan Gallagher, who briefly reported to Mr. Cook in 2010 and who later served as an SEC commissioner. “He's really brilliant, the whole package. And he's remembered very fondly at the SEC by those who worked with him. Replacing [Mr.] Ketchum, he has big shoes to fill but I can't think of anyone better than Robert.”
Regulatory harmonization sounds like a noble goal. But instead of facilitating cooperation among regulators from different jurisdictions, it has morphed into the imposition of one-size-fits-all regulatory standards.
Law360, New York, (May 17, 2016, 1:15pm ET) -- Former Securities and Exchange Commission member Daniel Gallagher and several other industry players threw their support Tuesday behind three proposed House Bills that would impose new requirements on the SEC and proxy adivsory firms and cut paperwork for private funds.