On Monday, we looked ahead to how the Securities and Exchange Commission will likely evolve with Chairman Mary L. Schapiro at the helm. Today, I'd like to delve a bit deeper into how companies should act so that the SEC focuses its attention on others; and not on you - an especially important effort at a time when enhanced enforcement measures are the agency's top priority.
A week ago today, Chairman Schapiro gave a speech before the Practising Law Institute in which she outlined the specific steps that the agency will take to reinvent itself in the wake of its reputational crisis. Included along with talk of market transparency, corporate accountability, and investor protection was a sentence that points the way forward. "The regulated need not wait for regulator' s reforms," Chairman Schapiro said. "At a time when investors are appalled at the ways of Wall Street, it is there that change must begin."
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