6.3.2009 SEC Commissioner Luis Aguilar spoke at the Compliance Week Annual Conference on regulatory reform and noted that “the regulatory discussion is not being properly oriented” and that “[t]here is a need to shift the dialogue from the discussion of how best to preserve financial institutions to what is best for investors.” Commissioner Aguilar stated that the following must happen:
- There must be a searching inquiry into the causes of the crisis;
- There must be a reversal of the philosophy that resulted in the affirmative decisions that forced gaps in, and otherwise undercut, regulatory protections in order to favor the industry; and
- There needs to be an assessment of whether the current regulatory reform proposals will protect investors and promote market integrity.
Click http://www.sec.gov/news/speech/2009/spch060309laa.htm to access Commissioner Aguilar’s speech.