In her Keynote Address at the Annual Awards Dinner of the New York Financial Writers’ Association in New York on June 18, the Securities and Exchange Commission Chairman Mary Schapiro delivered prepared remarks and responded to audience questions about the regulatory reform proposals and the current focus of the SEC. The Chairman cited four areas in which the SEC is considering the need for reform or additional regulatory oversight. These are (i) disclosure and operation of Target Date Funds; (ii) offering and ongoing reporting relating to municipal securities; (iii) fiduciary duties of broker-dealers that provide investment advice to retail investors; and (iv) the operation and effect on the public trade execution systems of “dark pools,” which, she explained, are alternative trading systems that do not display their prices in the public quote stream. In response to audience questions, Schapiro indicated that the SEC and Commodity Futures Trading Commission are prepared to work together on harmonization, where appropriate, of futures and securities regulation and on regulation of OTC derivatives as requested in the Department of the Treasury’s financial regulatory reform plan.