About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Finra’s Goldschmid Calls for Major Changes at SEC, Including Merger with CFTC

Subscribe to our newsletter

Originally appeared in MiFID Monitor

Harvey Goldschmid, a member of the board of the Financial Industry Regulatory Authority (Finra) and former Securities and Exchange Commission (SEC) commissioner, has called for wide ranging changes to the regulatory body, including a merger with the Commodity Futures Trading Commission (CFTC). He discussed the matter at a recent conference in New York sponsored by law firm Labaton Sucharow on the future of financial services regulation and told delegates the new administration of the SEC would have to deal with an “enormous morale problem”.

Goldschmid, who is rumoured to be Christopher Cox’s successor, said that there are no grounds for the SEC to be abolished but stressed that it is in need of serious “rehabilitation”. He blamed private sector pressure for rollbacks and the “deregulation mythology” for the recent financial crisis, as well as the run down state of the SEC’s risk assessment capabilities.

In order to tackle the challenges of this economic downturn, the US government needs to develop a centralised institution in order to monitor risk in the market, said Goldschmid. He suggested that the CFTC be subsumed into the SEC, which could then become a much larger and more powerful organisation. “Renew and revitalize, but don’t dismantle,” he concluded.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

CFTC File Format Change to Impact Futures Data Management Teams

For futures commission merchants, clearing members, proprietary trading firms, and banks with material futures and options exposure, the transition of CFTC Part 17 Large Trader Reporting to FIX Markup Language (FIXML) is a test of data management maturity. This change directly affects firms responsible for aggregating, validating, and submitting large trader position data, often across...

EVENT

RepRisk Sustainability Breakfast Roundtable London

The London sustainability breakfast is part of the global roundtable thought leadership event series hosted by RepRisk in key markets, including, New York, Toronto, London, Frankfurt, Oslo, Copenhagen, Stockholm, Hong Kong and Singapore in 2026.

GUIDE

Valuations – Toward On-Demand Evaluated Pricing

Risk and regulatory imperatives are demanding access to the latest portfolio information, placing new pressures on the pricing and valuation function. And the front office increasingly wants up-to-date valuations of hard-to-price securities. These developments are driving a push toward on-demand evaluated pricing capabilities, with pricing teams seeking to provide access to valuations at higher frequency...