Walter Cites Dodd-Frank And The JOBS Act As Priorities In Her First Communication As SEC Head

Tuesday, January 22, 2013 08:35
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Walter Cites Dodd-Frank And The JOBS Act As Priorities In Her First Communication As SEC Head

Tags: Dodd-Frank | Advisor businesses | sec

Elisse Walter identified Dodd-Frank and the Jumpstart Our Business Startups (JOBS) Act as top priorities for 2013 in her first speech as head of the SEC.
 
Despite currently being short one of the five needed commissioners, she is confident that she, the commissioners, and SEC staff will find common ground.

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She is busy prioritizing the many tasks ahead and creating a timeline for addressing them.
 
The fiduciary standard was not mentioned but SIFMA head Ken Bentsen stated that sometime during the first quarter, the SEC is expected to release what will be called a concept release that will also be a request for information.
 
Walter stated that a forthcoming cross-border swap proposal will head the SEC’s to-do list. She considers this to be a linchpin in finalizing derivatives rules as mandated by the Dodd-Frank Act.
 
She noted that Dodd-Frank and the JOBS Act are reshaping the regulatory terrain. Only 21 months after Dodd-Frank was enacted, the Investor Advisory Committee was formed and the JOBS Act is shifting how companies raise capital and the way investors participate in that process.
 
She acknowledged and thanked the SEC staff for its first set of recommendations on the JOBS Act designed to create rules that will lift the existing prohibition on general solicitation in certain private placements.

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