Watch the highlights of this event.
Commissioner of the U.S. Securities and Exchange Commission (SEC), Michael Piwowar, provided various insights into the visible domestic and global impacts of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Commissioner reiterated the significance of the Dodd-Frank Act in transforming the financial regulatory structure of the United States, but nevertheless highlighted that the regulations involved constituted the beginning, rather than the end, of the conversation concerning financial regulatory reform. With roughly half of the regulations left to promulgate, many of the effects of Dodd-Frank are ongoing or remain to be seen.
The Commissioner outlined the fragmented nature of the US regulatory system, labelling it the 'rolling hills' model, involving multiple prudential regulators and market regulators. After discussing contemporary cyber-security concerns, the Commissioner turned to the critical importance of regulatory transparency and the provision of comprehensive data to regulators, particularly in areas such as the OTC swaps markets.