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

Upcoming Webinar: Practical considerations for regulatory change management

Date: 18 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Regulatory change management has become a norm across financial markets but a challenge for financial institutions that must monitor, manage and adapt to ensure compliance with both minor and major adjustments to obligations. This year is particularly troublesome, with...

BLOG

European Firms Ready for Next Week’s UPI Regulatory Reporting Deadline

The Derivatives Service Bureau (DSB) has released data on industry readiness for European Unique Product Identifier (UPI) regulatory reporting requirements that are part of EU EMIR Refit regulations. The EU will implement UPI reporting from 29 April 2024, the second G20 jurisdiction to do so following the US that went live from 29 January 2024,...

EVENT

RegTech Summit New York

Now in its 8th year, the RegTech Summit in New York will bring together the regtech ecosystem to explore how the North American capital markets financial industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Regulatory Data Handbook – Fourth Edition

Need to know all the essentials about the regulations impacting data management? Welcome to the Fourth edition of our A-Team Regulatory Data Handbook which provides all the essentials about regulations impacting data management. A-Team’s series of Regulatory Data Handbooks are a great way to see at-a-glance: All the regulations that are impacting data management today A...