CFIRA Lauds President’s Choice of Walter as New SEC Chair
Washington, D.C. — November 26, 2012 — President Obama’s aim to nominate Elisse Walter as the next chair of the Securities and Exchange Commission will be “positive” for the crowdfund investing industry, says Candace Klein, Co-Chair of the Crowdfund Intermediary Regulatory Advocates (CFIRA). Congress assigned the SEC the task of implementing rules to govern crowdfund investing under the Jumpstart Our Business Startups Act (JOBS Act).
Moments after Mary Schapiro announced that she would step down as the SEC’s Chair on December 14, 2012, President Obama said he intends to appoint SEC Commissioner Elisse Walter as the new chair. Prior to her appointment as an SEC Commissioner, Ms. Walter served as Senior Executive Vice President, Regulatory Policy & Programs, for FINRA. She held the same position at NASD before its 2007 consolidation with NYSE Member Regulation.
CFIRA’s Candace Klein believes Commissioner Walter will be a strong advocate for implementing the JOBS Act. “We think she will be a very strong person in this position,” Ms. Klein points out. “Commissioner Walter has been open to listening to the industry, she has been willing to meet with us, and we’re excited to work with her. This is very positive for us.”
Ms. Schapiro became chairman of the SEC in the wake of the financial crisis in January 2009. She oversaw a more rigorous enforcement and examination program, and shaped new rules by which Wall Street must play. In a statement issued this morning, Ms. Schapiro announced that she would step down as SEC’s chair on December 14, 2012.
President Obama said, “I want to express my deep gratitude to Mary Schapiro for her steadfast leadership at the Securities and Exchange Commission. When Mary agreed to serve nearly four years ago, she was fully aware of the difficulties facing the SEC and our economy as a whole. But she accepted the challenge, and today, the SEC is stronger and our financial system is safer and better able to serve the American people – thanks in large part to Mary’s hard work.”
“I am also pleased to designate Elisse Walter as SEC Chairman after Mary’s departure,” President Obama added. “I’m confident that Elisse’s years of experience will serve her well in her new position, and I’m grateful she has agreed to help lead the agency.”
“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro in a statement released today by the SEC. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”“It has been an incredibly rewarding experience to work with so many dedicated SEC staff who strive every day to protect investors and ensure our markets operate with integrity,” said Chairman Schapiro. “Over the past four years we have brought a record number of enforcement actions, engaged in one of the busiest rulemaking periods, and gained greater authority from Congress to better fulfill our mission.”
President Obama signed the JOBS Act into law on April 5, 2012. The JOBS Act gives small businesses the opportunity to raise up to $ 1 Million per year online from small investors through equity crowdfunding portals.
The Crowdfund Intermediary Regulatory Advocates, or CFIRA, was established following the signing of the Jumpstart Our Business Startups (JOBS) Act. CFIRA is an organization formed by the crowdfunding industry’s leading platforms and experts. The group will work with the Securities & Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and other affected governmental and quasi-governmental entities to help establish industry standards and best practices. For more information, visit www.CFIRA.org.
Article by A. Brian Dengler