December 14, 2018

December 14, 2018

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December 13, 2018

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December 12, 2018

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SEC Commissioner Jackson Gives Speech Regarding the State of America’s Stock Exchanges

On September 19, Commissioner Robert J. Jackson, Jr. of the Securities and Exchange Commission gave a speech related to the state of the SEC’s regulation of the nation’s 13 stock exchanges in light of the transition of the exchanges from not-for-profit entities to for-profit corporations, with both regulatory and profit-seeking mandates, about a decade ago. Commissioner Jackson opined that “in for-profit hands, SEC oversight for not-for-profit exchanges can be dangerous” and asserted that the stock markets are taxing American investors with hidden fees and conflicts of interest.

He called on the SEC to start asking hard questions about the country’s stock market structure and noted several steps that the SEC is taking to begin to re-evaluate market structure. Commissioner Jackson noted several areas of focus for the SEC in this area including, but not limited to, a uniform approach to the disclosure of exchange revenues and the effect of rebates on market conditions.

The text of the speech is available here.

©2018 Katten Muchin Rosenman LLP

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About this Author

Michael T. Foley, Katten, Lawyer, Finance, FINRA, Chicago
Special Counsel

Michael Foley represents broker-dealers, investment advisers and other financial services industry participants with respect to a broad spectrum of legal and regulatory matters arising under the federal securities laws.

Michael has nearly 20 years of experience in private practice and in-house at both a large, full-service broker-dealer and at an online discount broker-dealer, advising broker-dealers and other financial institutions regarding compliance with the federal securities and commodities laws, and with the regulations of the US Securities and Exchange...

312-902-5452
Stanley V. Polit, Katten Muchin, Financial Services lawyer, Corporate Regulatory Matters Attorney
Associate

Stanley Polit concentrates his practice in transactional, corporate and regulatory aspects of financial services matters. Stan is able to provide legal services to a wide variety of clients including proprietary trading firms, hedge funds, broker-dealers, registered investment advisers, commodity trading advisers, financial institutions and general corporate clients.

Prior to joining Katten, Stan served as a council member for a national crisis management firm, where he specialized in crisis communication and merged media strategies. He has lectured extensively and conducted trainings related to these topics at numerous national and international conferences, including the National Communication Association's National Convention, the International Crisis and Risk Communication Conference and the Disaster Recovery Journal's World Business Continuity Conference.

312.902.5420