『Securities Regulation and Enforcement Series – Congress Puts the SROs Under the Microscope: SEC Oversight, Transparency, and Reform』のカバーアート

Securities Regulation and Enforcement Series – Congress Puts the SROs Under the Microscope: SEC Oversight, Transparency, and Reform

Securities Regulation and Enforcement Series – Congress Puts the SROs Under the Microscope: SEC Oversight, Transparency, and Reform

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概要

 In this Season 3 episode, co-hosts Valerie Mirko, Partner at Armstrong Teasdale LLP and leader of the firm’s Securities Regulation and Litigation Practice, and William Nelson, Director of Public Policy and Associate General Counsel at the Investment Adviser Association, break down a timely set of regulatory and legislative developments shaping today’s securities landscape.The episode celebrates Valerie recently testifying before the House Financial Services Subcommittee on Capital Markets at the March 5, 2026 hearing titled The Role of Self-Regulatory Organizations in U.S. Markets: Examining FINRA and the MSRB. The hearing explored the governance, accountability, and enforcement practices of the Financial Industry Regulatory Authority (FINRA) and the Municipal Securities Rulemaking Board (MSRB), as well as broader questions about the effectiveness of the self-regulatory organization (SRO) framework. In her written testimony, Valerie outlined ten recommendations for reform, including strengthening SEC and board oversight of SRO governance, addressing fairness and due process concerns, eliminating inefficiencies and regulatory duplication, improving the SRO rulemaking process, and correcting weaknesses in FINRA’s arbitration system. Because SROs exercise significant delegated regulatory authority from the SEC, strong Commission oversight is essential to ensure accountability, transparency, and fairness in how that authority is exercised. In her oral testimony, Valerie specifically emphasized the importance of this delegated authority framework and the need for robust SEC oversight to ensure SROs remain accountable to the public interest. Valerie also spoke at length about due process and enforcement issues, as well as delegated authority in the securities industry. Valerie’s testimony builds on earlier thought leadership, including a white paper and supplemental letter she co-authored with Peter Chan on behalf of the Financial Services Institute recommending steps the SEC could take to prevent regulation by enforcement. Valerie and William also chat about some of the nuances of Congressional testimony generally and this hearing in particular. This episode is a must-listen for securities lawyers, compliance professionals, regulators, and anyone navigating today’s rapidly evolving regulatory landscape.Recent Past Episodes of this Series:Congress Puts the SEC Under the Microscope: Accountability, Due Process, and Reform (2/11/2026)⁠A Study in Contrasts: Innovation and Crypto versus the Crypto Fraud Landscape⁠ (1/21/2026)⁠⁠A Year of Change, Challenges, and What Comes Next⁠⁠ (12/17/2025)⁠⁠⁠When Washington Stops: What the 2025 Shutdown Means for the SEC and Congress Going Forward⁠⁠⁠ (11/19/2025)⁠⁠⁠⁠⁠The SEC’s New Direction: Enforcement and Governance in Focus⁠⁠⁠⁠⁠ (10/22/25) ⁠⁠⁠⁠⁠⁠From Memecoins to Custody: What Firms Need to Know About Crypto⁠⁠⁠⁠⁠⁠ (9/24/25)⁠⁠⁠⁠⁠⁠⁠Corp Fin in Flux: What the SEC’s Latest Moves Mean for Issuers and Investors⁠⁠⁠⁠⁠⁠⁠ (8/13/25)Please note, the positions and opinions expressed by the speakers are strictly their own, and do not necessarily represent the views of their employers, nor those of the D.C. Bar, its Board of Governors or co-sponsoring Communities and organizations.
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