5.8.2009 Chairman Mary L. Schapiro spoke at the ICI’s general membership meeting and took the opportunity to give a “regulatory update,” including covering what the SEC is doing—acting aggressively, revitalizing its enforcement program, and proposing new rules. Chairman Schapiro then provided a list of “principles” that should be followed, such as the SEC being for investor protection, the system of regulation being to facilitate fair and efficient financial markets, the system promoting and preserving public trust in financial markets, and investors being able to trust intermediaries that they are dealing with. Chairman Schapiro then proposed a new system of financial regulation to accommodate these principles and be responsible for regulating banking institutions, for monitoring and averting risks to the financial system as a whole, and for resolution of troubled institutions.

Click http://www.sec.gov/news/speech/2009/spch050809mls.htm to access Chairman Schapiro’s full remarks.