The U.S. Securities and Exchange Commission (SEC)'s new Chairman, Christopher Cox, made his first address to the entire SEC staff. The address was webcast to the public on www.sec.gov. An archived version of the webcast will be made available here and we understand a copy of the address will be posted here.
Summary
In his remarks to the SEC staff, Chairman Cox stated he was proud to have been appointed chairman of the SEC which plays such a vital role in ensuring confidence in the U.S. capital markets, which in turn play a critical role in our country's infrastructure , and which many other countries seek to emulate. He acknowledged the role of the SEC's highly professional staff, and said he would go to bat for them, so that they are "appreciated, respected and listened to." Responding to the debate among "pundits" as to whether he would be on business's side or the investor's side, Chairman Cox stated the SEC's role is to be the investor's advocate, and it is the role of the Department of Commerce to be business's advocate. He further cautioned that "anyone trying to put a wedge" between the SEC and investors would find itself with a "relentless adversary". At the same time, Chairman Cox said, being the investor's advocate and business's advocate are not mutually exclusive. Among the issues facing the SEC, he emphasized the importance of using plain English in SEC rulemaking and filings.
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