SEC Chairman Elisse Walter Calls for More International Co-operation

Elisse B. Walter Chairman of SECCurrent SEC Chairman Elisse Walter will be delivering a speech to the Australian Securities & Investments Commission (ASIC) via video this week where she will address issues of  international co-operation amongst security regulators.  According to The Australian, she was originally to attend the conference but due to budget cuts or the “sequester” she canceled the trip.

Ms. Walter mentioned varied areas of interest and concern and commented on the importance of Greg Medcraft, currently chairman of the ASIC, as he takes up his role as the chairman of the International Organisation of Securities Commissions (IOSCO).

IOSCO’s mandate is “to cooperate in developing, implementing and promoting adherence to internationally recognised and consistent standards of regulation, oversight and enforcement in order to protect investors, maintain fair, efficient and transparent markets, and seek to address systemic risks”.  The agency also strives to enhance investor protection.

ASICMs. Walter also touched upon crowdfunding.  Australia and the Australian Small Scale Offerings Board (ASSOB) has been, in many respects, leaders of crowdfunding – having raised $132 Million to date.  The article stated;

Ms Walter said other financial innovations included “crowdfunding”, which was more akin to donations but still required regulatory protection. “It is in the non-securities area where you are not talking about selling investments; you are talking about either contributions or donations or, in essence, buying products. It can be an effective form of financing but there are a variety of investor protection concerns.

Ms. Walter is the outgoing Chairman of the SEC.  Expectations for the industry that incoming  SEC  Chairman Mary Jo White will finally tackle remaining issues regarding the legislation which legalized crowdfunding last year.  The original date for regulatory finalization was January 1st of 2013.

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