Business Optimism over SEC ‘Reforms’ – That is, to Dismantle Securities Regulations!

Washington lawyer Peggy Blake, who recently joined Winston & Strawn as a corporate partner, reports her foreign financial services clients are “very optimistic” about the movement afoot at the Securities and Exchange Commission to adopt a mutual recognition regime.

Yet, during recent trips to London and Geneva, she found a number of her foreign bank clients have some reservations about “how the whole thing will play out.” Blake advises clietns on application of U.S. securities laws to non-U.S. financial service providers. As part of her practice, she works with clients to design their compliance programs.

Her goal, along with those on Wall Street, in the White Houst and at the SEC, is to dismantle U.S. securities regulations governing corporations, their executives, securities firms, accounting firms and others.

U.S. securities regulations began 75 years ago, after the crash of 1929 and during the Great Depression. Since then, the U.S. securities markets have flourished and become the envy of others around the world. Conventional wisdom has been that our framework of securities regulations gives comfort to investors that they have protection to deter fraud and other unfair practices.

Blake was an attorney-adviser in the Office of Risk Management and Control in the SEC’s Division of Market Regulation during the 1990s. She later served as special counsel in the Office of Market Supervision. She was with the SEC back when it thought of itself as the “thin blue line” between investors and those who seek to victimize them. Her new job — well, it likely pays better.

Shepherd Smith and Edwards represents investors nationwide in claims for losses against those in the securities industry. If you, your firm or your pension fund has sustained losses as a result of fraud, negligence or other wrongdoing contact us to arrange a free consultation with one of our attorneys.