Annette Nazareth is head of Davis Polk’s Washington DC office and leads the Trading and Markets practice within the firm’s Financial Institutions Group. She regularly advises clients on a broad range of financial regulatory, legislative, governance and enforcement matters relating to securities, derivatives and futures. She also advises financial institutions and corporations on regulatory considerations for digital asset and blockchain businesses as well as on cybersecurity issues.
Annette has been a key player in financial services regulation for much of her career. She was a Commissioner of the U.S. Securities and Exchange Commission and Director of the Commission’s Division of Trading and Markets. During her tenure at the Commission, Annette worked on numerous groundbreaking initiatives, including execution quality disclosure rules, implementation of equities decimal pricing, short sale reforms and modernization of the national market system rules. Annette also served as the Commission’s representative on the Financial Stability Forum from 1999 to 2008.
Ms. Nazareth is recognized as a leading lawyer in various industry publications:
• Chambers USA:
• Securities: Regulation: Advisory, Band 1, 2017
• Financial Services Regulation: Broker Dealer (Compliance), Band 1, 2017
• Financial Services Regulation: Broker Dealer (Enforcement), Band 1, 2017
• IFLR1000 – Leading Lawyer, 2017
• BTI Client Service All-Star, 2013
Ms. Nazareth received the SIFMA Compliance & Legal Society 2019 Alfred J. Rauschman Award, in recognition of her significant contributions to the compliance and legal communities and her dedication to the securities industry. She received a Lifetime Achievement Award from Traders magazine's inaugural "Wall Street Women of Excellence" awards in 2011 and the Women in Finance Lifetime Achievement Award from Markets Media in 2016.
Ms. Nazareth is a graduate of Brown University and Columbia University School of Law.
Brett Redfearn was named the U.S. Securities and Exchange Commission's Director of the Division of Trading and Markets in October 2017.
Mr. Redfearn joins the SEC from J.P. Morgan, where he was Global Head of Market Structure for the Corporate and Investment Bank.
Mr. Redfearn has a long history in the U.S. equity markets, having worked with investors, exchanges and broker-dealers. During his career, he has focused on how technology, regulation and business trends are changing trading patterns across asset classes and geographic regions. He has helped build electronic trading products, worked closely with exchanges and other trading venues as these products evolved, and engaged with global asset managers on major regulatory developments. He has also been a frequent contributor at policy forums surrounding U.S. equity markets, and has been an active participant at several meetings of the SEC's Equity Market Structure Advisory Committee.
He has served as Chairman of SIFMA’s Equity Markets and Trading Committee and was a participant on the Security Traders Association (STA) Market Structure Analysts Committee and the Canadian STA (CSTA’s) Trading Issues Committee. Previously, Mr. Redfearn has served on the boards of Bats Global Markets, BATS Exchange, the National Organization of Investment Professionals, the Chicago Stock Exchange, and BIDS Trading.
Mr. Redfearn earned his M.A. in political science from the New School for Social Research and his B.A. from the Evergreen State College in Olympia, Washington.
Christian Sabella is Deputy Director of the Division of Trading and Markets at the U.S. Securities and Exchange Commission (SEC), where he is responsible for the Offices of Market Supervision and Clearance and Settlement. He joined the SEC in 2011 and has served in a number of roles, including as Associate Director for the Office of Clearance and Settlement. Mr. Sabella has a J.D. from Georgetown University Law Center and received his undergraduate degree from the University of Notre Dame.
Cynthia A. Glassman is a member of the Board of Discover Financial Services where she chairs the audit committee. She is also on the Board of Navigant Consulting, Inc. where she chairs the nominating and governance committee and serves on the audit committee. In addition, Dr. Glassman is a Senior Research Scholar focusing on corporate governance in the Institute for Corporate Responsibility at the GWU School of Business. She is also of a member of the Dow Jones five-person Special Committee, an independent body charged with safeguarding the editorial independence of The Wall Street Journal and Dow Jones, as well as their adherence to the highest ethical and professional standards.
Prior to her current roles, she was appointed by President Bush to serve as the Under Secretary for Economic Affairs at the U.S. Department of Commerce from 2006 to January 2009. In that role, she served as the principal economic advisor to the Secretary of Commerce and oversaw two major Federal statistical agencies. She was also the Secretary’s designated Board Representative to the Pension Benefit Guaranty Corporation (PBGC), where she was actively involved in PBGC investment policy and corporate governance matters.
Appointed by President Bush, Dr. Glassman served as a Commissioner of the U.S. Securities and Exchange Commission from 2002 to 2006 and served as Acting Chairman during the summer of 2005. As the only Commissioner with a doctorate in economics, Dr. Glassman brought a unique voice to the Commission, where she regularly sought greater rigor in the regulatory process. During her tenure, she was closely involved in developing and voting on the regulations implementing the requirements of the Sarbanes-Oxley Act, as well as a number of other regulations regarding corporate governance and financial markets. Her role also included voting on numerous enforcement actions.
Dr. Glassman has spent over 40 years in the public and private sectors focusing on financial services regulatory and public policy issues. Earlier in her career, she spent 12 years at the Federal Reserve and 15 years at consulting firms. She is currently on the Advisory Board of the Business and Finance Law Program at the George Washington University (GWU) Law School. She has served on the Boards of the Washington Tennis and Education Foundation WTEF), the SEC Historical Society, the Federal Reserve Board Credit Union, the National Economists Club, Women in Housing and Finance, the Commission on Savings and Investment in America, and Hopkins House, a preschool for low income families.
Dr. Glassman has written extensively on corporate governance, financial reporting, risk management and competitiveness issues. She has spoken nationally and internationally before professional and business groups. Dr. Glassman received her M.A. and Ph.D. in Economics from the University of Pennsylvania and her B.A. in Economics from Wellesley College. She was a supervisor in economics at the University of Cambridge, England, where she has been named an Honorary Fellow of Lucy Cavendish College.
Dalia Osman Blass is the Director of the Securities and Exchange Commission’s Division of Investment Management. The SEC's Division of Investment Management works to protect investors and to promote capital formation and innovation in investment products and services through oversight and regulation of the nation’s multi-trillion dollar investment management industry. The Division is responsible for the Commission's regulation of investment companies, variable insurance products, and federally registered investment advisers.
Ms. Blass previously served in a number of leadership roles in the Division of Investment Management. Ms. Blass returned to the SEC as Director of the Division of Investment Management in September, 2017 from private practice, where she advised on a broad range of investment fund, private equity, and regulatory matters. Earlier in her career, Ms. Blass practiced corporate law in New York and London.
Ms. Blass earned a J.D. from Columbia University School of Law. She received her B.A in international studies from the American University and studied political science at the American University in Cairo.
Daniel Gallagher was the Chief Legal Officer at Mylan N.V., a leading global pharmaceutical company, from 2017 until April 2, 2019. On March 29, 2019, WilmerHale announced that Mr. Gallagher is rejoining the firm as a partner and Deputy Chair of the Securities Department. Mr. Gallagher has extensive public and private sector experience in regulatory matters, financial markets, and corporate legal affairs and governance. He is a member of the advisory boards of both the Institute for Law and Economics at the University of Pennsylvania and the Center for Corporate Governance, Raj & Kamla Gupta Governance Institute, LeBow College of Business, Drexel University. Prior to joining Mylan in 2017, Gallagher served as president of Patomak Global Partners, a financial services consulting firm.
From Nov. 2011 to Oct. 2015, Mr. Gallagher served as a Commissioner of the U.S. Securities and Exchange Commission (SEC). In that position, he called for reform on various corporate governance issues, advocated for conducting a comprehensive holistic review of equity market structure issues, and encouraged building the Commission's fixed income market expertise.
Gallagher also served on the staff of the SEC in several capacities, including as counsel to both SEC Commissioner Paul Atkins and Chairman Christopher Cox, working on matters involving the Division of Enforcement and the Division of Trading and Markets. Gallagher served as deputy director and co-acting director of the Division of Trading and Markets from 2008 to 2010, where he was on the front lines of the agency's response to the financial crisis, including representing the Commission in the Lehman Brothers liquidation.
Gallagher has significant private sector experience, having been a partner in the Washington, D.C. office of WilmerHale, and senior vice president and general counsel of Fiserv Securities, Inc.
Daniel S. Kahl is Co-Deputy Director and Chief Counsel for the Office of Compliance Inspections and Examinations, U.S. Securities and Exchange Commission. Formerly, Mr. Kahl was Assistant Director in charge of the Investment Adviser Regulation Office in the Division of Investment Management at the SEC. Prior to joining the Commission in 2001, Dan worked for the Investment Adviser Association, FINRA, and the North American Securities Administrators Association. He received his B.S. from Penn State University, J.D. from Southern Methodist University, and LL.M. (Securities) from Georgetown University.
Dominick V. Freda is an Assistant General Counsel in the Office of the General Counsel at the Securities and Exchange Commission. Donnie has served as a member of the Office’s Appellate Group since December 2003. He joined the Commission’s staff from Jones Day, where he had been an associate in the firm’s Issues and Appeals practice group in Washington, D.C.
Donnie graduated cum laude from the University of Pennsylvania Law School in 1998, where he was a member of the University of Pennsylvania Law Review and the National Trial Advocacy Team. After graduating, he clerked for Judge Morton I. Greenberg of the United States Court of Appeals for the Third Circuit.
Edward H. Fleischman
Consultant on Corporate and Financial Markets Law
Admitted to the Bar of New York and of the US Supreme Court
Practice Areas: Business Entities; Financial Regulation; Capital Markets
Counsel/Consultant on US law and regulations applicable to business entities and to participants in the US
securities and derivatives markets, including investment banks, securities broker/dealers, futures commission
merchants, investment advisers and commodity trading advisors, both within and across borders into the US
1956 - 1959 Columbia University Law School, LL.B., Harlan Fiske Stone Scholar
1949 - 1953 Harvard College, B.A. cum laude
Career to Date:
2011 to date: Independent Consultant; Consulting Editor (2014) to Metropolitan Corporate Counsel
1994 - 2010: Senior Counsel, Linklaters LLP (resident in New York)
1992 - 1994: Partner, Rosenman & Colin, New York
1986 - 1992: Commissioner, US Securities & Exchange Commission, Washington DC
1959 - 1985: Partner (previously Associate), Beekman & Bogue, New York
1998 - 2014: Chairman (Co-Chair fr.2011), Int’l. Law Ass’n. Committee on International Securities Regulation
1999 - 2002: Chairman, Amer. Bar Ass’n. Int’l Law Committee on Int’l Securities Transactions
1995 - 1999: Chairman, Amer. Bar Ass’n. Business Law Committee on Professional Responsibility
1990 - 1991: President, American College of Investment Counsel
1987 - 1991: Chairman, Amer. Bar Ass’n. Business Law Committee on Developments in Business Financing
1981 - 1984: Chairman, Amer. Bar Ass’n. Admin. Law Committee on Securities, Commodities & Exchanges
1980 - 1983: Chairman, Amer. Bar Ass’n. Business Law Subcommittee on Model Simplified Indenture
1973 - 1978: Chairman, Amer. Bar Ass’n. Business Law Subcommittee on Broker-Dealer Matters
1952 -1955: U.S. Army Military Intelligence (stationed in Nuremberg, Germany)
Elizabeth Murphy is Associate Director (Legal) in the Division of Corporation Finance at the U.S. Securities & Exchange Commission. She oversees the work of three offices within the Division: the Office of Rulemaking, Office of Small Business Policy, and Office of Enforcement Liaison. From 2009 until March 2014, Ms. Murphy served as the Secretary of the Commission, heading the office that prepares, reviews, and maintains records of Commission action and advises the Commission and the SEC staff on administrative practices and procedures. From 2000 until 2009, she was Chief of the Division of Corporation Finance’s Office of Rulemaking. In that role, she oversaw teams working on numerous rules, including many required by the Sarbanes-Oxley Act of 2002.
Ms. Murphy first joined the Division in 1986 as an attorney-advisor and was promoted to special counsel in 1987. She was made a special counsel in the Division’s Office of the Chief Counsel in 1996 and later served as counsel to Commissioner Laura S. Unger. She also has served as an adjunct professor in the LLM Degree Program at the Georgetown University Law Center.
She graduated with honors from the University of Virginia in 1982 and received her law degree from the University of Notre Dame in 1985. She is a member of the Virginia bar.
Heather Seidel, the Chief Counsel in the Division of Trading and Markets at the U.S. Securities and Exchange Commission, began serving as Acting Director of the Division in January 2017. Prior to being named as Chief Counsel in February 2015, Ms. Seidel served as an Associate Director in the Division’s Office of Market Supervision from October 2010. Before that, she worked in TM as an Assistant Director, Senior Special Counsel, and Attorney Fellow.
Before returning to the Commission in 2003, Ms. Seidel was Vice President in the Law Division at Morgan Stanley & Co., Incorporated, advising the institutional equity sales and trading business. Prior to that, Ms. Seidel was an associate at the law firm of Wilmer, Cutler & Pickering in the broker-dealer and investment management practice groups. Ms. Seidel began her career in securities law at the U.S. Securities and Exchange Commission, as a staff attorney and Special Counsel in the Division of Market Regulation and Senior Counsel in the Division of Investment Management.
Ms. Seidel received her J.D. from Georgetown University Law Center, and her B.S in Psychology from the University of Connecticut.
Jeff Rosenblum has served as the SEC’s Deputy General Counsel for General Law and Management since 2014. In this position he supervises, among other areas, attorney discipline, employment law, administrative litigation and professional responsibility. He previously worked for the Department of Justice for nine years, most recently as the General Counsel of the Executive Office for Immigration Review. Prior to the Department of Justice Jeff worked at the Department of Labor and in private practice. Jeff also teaches legal ethics and employment classes at George Mason law school, where he has been an Adjunct Professor since 2005. Jeff graduated from Loyola University Chicago School of Law in 1999 and he received his undergraduate degree from the University of Maryland in 1994.
Jeffrey Mooney is an Associate Director in the SEC's Division of Trading and Markets. He heads the Office of Clearance and Settlement where his responsibilities include developing regulatory standards for central counterparties, central securities depositories and other entities that provide clearance and settlement services. He also represents the SEC in domestic and international policy initiatives.
During his tenure, Jeffrey Mooney has served as counsel to former SEC Chairman Arthur Levitt, and co-chaired a working group of securities regulators and central bankers that developed the international standards for financial market infrastructures. He has also received several SEC awards, and has been a presenter at SEC Speaks, the SEC's International Institute, and various securities industry conferences and events. Jeffrey Mooney received a JD from Georgetown University Law Center and BA in Economics from Fisk University.
Jessica Kane is the Director of the Securities and Exchange Commission’s Office of Credit Ratings, which is charged with administering the Commission’s rules with respect to the practices of nationally recognized statistical rating organizations (NRSROs) in determining credit ratings for the protection of users of credit ratings and in the public interest; promoting accuracy in credit ratings issued by NRSROs; and working to ensure that credit ratings are not unduly influenced by conflicts of interest and that NRSROs provide greater transparency and disclosure to investors. Ms. Kane joined the Office of Credit Ratings in September 2017. She previously served as Director of the Office of Municipal Securities and played a leading role in the implementation and operation of the municipal advisor registration regime.
Ms. Kane first joined the SEC in 2007 in the Division of Corporation Finance where she worked on corporate securities disclosure matters until 2012. She worked in the agency’s Office of Legislative and Intergovernmental Affairs from 2012 to 2013.
Ms. Kane holds a bachelor’s degree from Georgetown University and received her law degree from George Mason University School of Law, where she was Executive Editor of the Civil Rights Law Journal.
Kristin Snyder is the Co-Deputy Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE) as well as OCIE’s National Associate Director of the Investment Adviser/Investment Company Examination Program. Ms. Snyder also serves as the Co-Acting Regional Director and Associate Regional Director for Examinations in the SEC’s San Francisco Regional Office, where she leads the examinations program. Ms. Snyder has worked at the SEC for more than fifteen years, and previously served as a Branch Chief and a Senior Counsel in the San Francisco office’s enforcement program. Prior to joining the SEC staff, Ms. Snyder practiced with Sidley Austin Brown & Wood LLP in San Francisco. She earned her law degree from the University of California Hastings College of the Law, and received her bachelor’s degree from the University of California at Davis.
Kyle Moffatt is Chief Accountant for the SEC’s Division of Corporation Finance. He previously served as an Associate Director responsible for oversight of the filing review program for public companies in the healthcare, insurance and financial services industries. Prior to joining the Division’s senior executive leadership team, Mr. Moffatt was an Associate Chief Accountant in the Division’s Office of the Chief Accountant where he provided accounting and reporting guidance to the financial services and telecommunications industry groups. He also previously served as an Accounting Branch Chief since joining the Division as a Professional Accounting Fellow in 2000.
Prior to joining the SEC, Mr. Moffatt was a Manager in the Assurance and Advisory Business Services group at Ernst & Young. He is a graduate of the University of Maryland at College Park and a member of the American Institute of CPAs.
Michael A. Conley is the Solicitor at the Securities and Exchange Commission, a position that he has held since October 2015. In that position, Mr. Conley oversees the agency’s appellate litigation and bankruptcy group. Between September 2011 and October 2015, he was a Deputy General Counsel and from October 2000 to September 2011, he was a member of the Appellate Group within the Commission’s Office of the General Counsel. Mr. Conley joined the Commission’s staff from Pillsbury Madison & Sutro LLP, where he had been a partner in the firm’s Washington, DC office.
Mr. Conley graduated in 1989 from Boston University School of Law, where he was editor-in-chief of the law review. He clerked for Judge Abner J. Mikva of the United States Court of Appeals for the District of Columbia Circuit and for Associate Justice Harry A. Blackmun of the Supreme Court of the United States.
Michele M. Anderson is an Associate Director in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. As a member of the Division’s senior leadership team, Ms. Anderson is responsible for oversight of the disclosure review program for public companies and the work of the division’s offices of Mergers and Acquisitions, International Corporate Finance, and Structured Finance. She also oversees rulemaking initiatives and no-action, interpretive, and exemptive positions taken by the Division on domestic and cross-border mergers and acquisitions transactions, multinational offerings, and offerings by foreign issuers in the United States.
Ms. Anderson has been a member of the staff at the SEC since 1998. From 2008 to 2015, she served as Chief of the Division of Corporation Finance’s Office of Mergers and Acquisitions, overseeing the regulation of domestic and cross-border M&A transactions as well as the statutory and regulatory interpretive functions of the SEC as they relate to tender offers, mergers, contested and other non-routine proxy solicitations, going private transactions, reorganizations, debt restructurings and beneficial ownership reporting. Prior to that, she served in a variety of positions in the Division, including branch chief of the group responsible for the review of the federal securities law filings, including registration statements, periodic reports and proxy materials, made by telecommunication companies and service providers.
In addition to her duties at the SEC, Ms. Anderson served as an Adjunct Professor of Law at the Georgetown University Law Center, where she taught the course “Takeovers, Mergers and Acquisitions.” She received her B.A., magna cum laude, Phi Beta Kappa, from the University of Colorado at Boulder and her Juris Doctorate from the University of Colorado Law School.
Mr. Brenner has been Chief Counsel of the SEC’s Enforcement Division since January 2011. He also is Adjunct Professor at the Columbus School of Law, Catholic University of America.
Prior to joining the SEC, he was a partner at Wilmer Cutler Pickering Hale and Dorr LLP. At WilmerHale, he was Vice-Chair of the firm’s Securities Department, and his practice focused on securities enforcement, related civil and criminal litigation, and internal corporate investigations.
Mr. Brenner served as a Court Law Clerk for the U.S. Court of Appeals for the District of Columbia Circuit. He graduated from Georgetown University Law Center, and received his undergraduate degree from Cornell University.
Pete Driscoll was named Director of the U.S. Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) in October 2017, after serving as Acting Director since January 2017. Before that, he served as OCIE’s first Chief Risk and Strategy Officer, and he was OCIE’s Managing Executive from 2013 through February 2016.
Mr. Driscoll joined the Agency in 2001 as a staff attorney in the Division of Enforcement in the Chicago Regional Office and was later a Branch Chief and Assistant Regional Director in OCIE’s Investment Adviser and Investment Company examination program.
Prior to the Agency, Mr. Driscoll began his career with Ernst & Young LLP and held several accounting positions in private industry. He received his B.S. in Accounting and law degree from St. Louis University. He is licensed as a certified public accountant and is a member of the Missouri Bar Association.
Robert B. Stebbins was named General Counsel of the Securities and Exchange Commission in May 2017. Prior to joining the Commission, Mr. Stebbins practiced law at Willkie Farr & Gallagher LLP since 1993, first as an associate and beginning in 2001 as a partner. At Willkie, Mr. Stebbins focused on mergers and acquisitions, private equity and venture capital, investment funds, and capital markets transactions. He also advised clients on SEC compliance issues and corporate governance matters.
Mr. Stebbins earned a J.D. from the University of Pennsylvania and a B.S. from Central Michigan University, where he was an Academic All-American football player.
Robert Cohen is the first Chief of the SEC Division of Enforcement’s Cyber Unit, which was created in 2017. Mr. Cohen supervises investigations concerning initial coin offerings and other conduct involving cryptocurrency; hacking to obtain material nonpublic information; cybersecurity events, controls and disclosures at broker-dealers, investment advisers, stock exchanges and public companies; and cyber-related market manipulations.
From 2015 to 2017, Mr. Cohen was Co-Chief of the SEC’s Market Abuse Unit. Mr. Cohen supervised market structure and trading investigations, including: violations by national securities exchanges, dark pools, and large broker-dealers; complex insider trading; and large-scale manipulation.
Mr. Cohen received his J.D. from the New York University School of Law, where he served on the Law Review, and received a B.S. from Cornell University.
Roel Campos is a partner in Hughes Hubbard & Reed LLP’s Washington, D.C. office and is Chair of the Securities Enforcement practice. Roel’s practice consists of advising and defending corporate officers and boards of directors with respect to SEC enforcement, FCPA and internal investigations, criminal prosecutions, securities and internal regulation and corporate governance.
Beginning in 2002, Roel was appointed twice by President George W. Bush and confirmed by the U.S. Senate as a Commissioner of the Securities and Exchange Commission (SEC), and served until 2007. Earlier in his career, he served as an Assistant U.S. Attorney in Los Angeles. Roel has also been an entrepreneur, and, with partners, raised capital from major investors and operated a successful broadcasting company. Roel currently serves on the corporate boards for public and private companies, and he is a recognized expert in financial regulation.
Roel received his B.S. from the U.S. Air Force Academy, his MBA from UCLA, and J.D. from Harvard Law School.
Stephanie Avakian was named Co-Director of the U.S. Securities and Exchange Commission’s Division of Enforcement in June 2017, after serving as Acting Director since December 2016. She was previously the Division of Enforcement’s Deputy Director, serving from June 2014 to December 2016.
Before being named Deputy Director, Ms. Avakian was a partner at Wilmer Cutler Pickering Hale and Dorr LLP, where she served as a vice chair of the firm’s securities practice and focused on representing financial institutions, public companies, boards, and individuals in a broad range of investigations and other matters before the SEC and other agencies.
Ms. Avakian previously worked in the Division of Enforcement as a branch chief in the SEC’s New York Regional Office, and later served as counsel to former SEC Commissioner Paul Carey.
Ms. Avakian received her bachelor’s degree from the College of New Jersey and a law degree from Temple University’s Beasley School of Law, both with high honors.
Steven Peikin was named Co-Director of the SEC’s Division of Enforcement in June 2017.
Before serving at the Commission, Mr. Peikin was Managing Partner of Sullivan & Cromwell LLP’s Criminal Defense and Investigations Group. His practice focused on white-collar criminal defense, regulatory enforcement, and internal investigations.
From 1996 to 2004, Mr. Peikin served as an Assistant U.S. Attorney in the Southern District of New York. He was Chief of the Office’s Securities and Commodities Fraud Task Force, where he supervised some of the nation’s highest profile prosecutions of accounting fraud, insider trading, market manipulation, and abuses in the foreign exchange market. As a prosecutor, Mr. Peikin also personally investigated and tried a wide variety of cases involving securities and commodities fraud, as well as other crimes.
Mr. Peikin received his bachelor’s degree from Yale University and a law degree from Harvard Law School, both magna cum laude. Following law school, he served as a law clerk to the Honorable J. Edward Lumbard, United States Circuit Judge, Second Circuit, and the Honorable Robert P. Patterson, Jr., United States District Judge, Southern District of New York.
Mr. Peikin is Adjunct Professor of Law at NYU Law School. He is President of the Board of Directors of the Center For Hearing and Communication, a non-profit health and human services agency that serves the deaf and hard of hearing.
Steven Wallman is founder and CEO of Folio Financial, Inc. (formerly known as FOLIOfn, Inc.) which, directly and through subsidiaries, offers various financial technology and related services including Folio Investing, Folio Institutional, VIAFolio, First Affirmative Financial Network, and The SRI Conference.
The Folio family delivers innovative tools and technology that benefit investors and those who serve them. Folio Investing is an online brokerage using its patented technology to help individuals invest in a more diversified, customized, and cost-efficient manner, and to benefit from one-of-a-kind tax management tools. Folio Institutional provides fully-integrated trading, custody, clearing, performance reporting, paperless account opening, state of the art digital engagement and robo/hybrid-advisor solutions along with a complete set of APIs and private label capabilities to investment advisors, banks, credit unions, insurance companies and other enterprise clients.
VIA Folio is a dynamic platform for capital raising by small to medium sized enterprises, and for those interested in investing in private securities and alternative investments, including non-traded REITs, Reg A+ offerings and others, all with transparency and ease.
First Affirmative offers investment advisory, portfolio management, and consulting services to investors seeking sustainable, responsible and impact investments, while The SRI Conference, now in its 30th year, is the premier event for advisors and others interested in SRI investing.
Before founding Folio Financial, Mr. Wallman was an SEC Commissioner from 1994 to 1997, appointed by President Bill Clinton. During Mr. Wallman’s tenure, he was a vocal advocate for individual investors and is now a recognized authority on securities markets, trading, and the application of technology to financial services. He frequently speaks at industry events and recently served on the SEC’s Investor Advisory Committee, where he chaired its Market Structure Subcommittee.
Previously, Mr. Wallman was a partner at the law firm of Covington & Burling. He earned his Juris Doctor from Columbia University, and holds two degrees from the Massachusetts Institute of Technology.
Tamara M. Brightwell serves as Deputy Chief Counsel in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. Ms. Brightwell oversees the work of the Office of Chief Counsel and advises on legal and policy matters related to the federal securities laws. Ms. Brightwell served previously as Senior Advisor to SEC Chair Mary Jo White, acting as principal advisor on all matters involving the work of the Division of Corporation Finance and the Commission’s Office of the Chief Accountant. Ms. Brightwell also has served in a variety of roles in the Division of Corporation Finance, including as Senior Advisor and Senior Special Counsel to the Director.
Ms. Brightwell received a B.S. in financial management, cum laude, from Clemson University, and a J.D. from the University of Notre Dame Law School.
Thomas K. McGowan is an Associate Director in the Office of Broker-Dealer Finances, Division of Trading and Markets at the Securities and Exchange Commission. Prior to joining the Commission, Mr. McGowan was an attorney with McGuire Woods Battle and Boothe. Mr. McGowan received a J.D. from the University of Virginia Law School and a B. S. in Economics from the Virginia Polytechnic Institute and State University.
Troy A. Paredes is the founder of Paredes Strategies LLC. From 2008-2013, Paredes was an SEC Commissioner, appointed by President George W. Bush.
Paredes advises on financial regulation, compliance, risk management, corporate governance, and regulatory strategy. He also serves as an expert and advisor in regulatory enforcement investigations and in private litigation involving securities law and corporate law. Paredes has brought his extensive government, compliance, enforcement, and regulatory experience to bear in serving as an independent compliance consultant/corporate monitor.
Paredes was a professor of law at Washington University in St. Louis. He also has been a Lecturer on Law at Harvard Law School and currently is a Distinguished Scholar in Residence at NYU School of Law.
Paredes co-hosts a podcast on fintech called “Appetite for Disruption.”
Paredes has served on the board of advisors and as a member of the board of directors at several companies.
Paredes holds a bachelor’s degree in economics from UC Berkeley and earned his J.D. from Yale Law School.
Tyler Raimo serves as Senior Special Counsel in the Office of Market Supervision in the Division of Trading and Markets, where he is responsible for the oversight of alternative trading systems (ATSs) and NMS Stock ATSs. Prior to joining the Division of Trading and Markets, Mr. Raimo served as a Branch Chief in the Office of Compliance Inspection and Examinations, where he was responsible for examining self-regulatory organizations, ATSs, and broker-dealers. Prior to joining the SEC in 2007, Mr. Raimo was in-house counsel for a publicly-traded information technology company with both government and commercial customers. Mr. Raimo received a B.A. from the University at Albany, State University of New York; a J.D. from American University, Washington College of Law; and an LL.M. in Securities and Financial Regulation from Georgetown University Law Center.
Bridget Fitzpatrick was named the Enforcement Division’s Chief Litigation Counsel in September 2017 after serving as Co Acting Chief Litigation Counsel since November 2016. She was previously a Supervisory Trial Counsel and an Assistant Chief Litigation Counsel in the Division of Enforcement. Ms. Fitzpatrick was awarded the Chairman’s Award for Excellence and George Washington University’s Arthur S. Flemming Award for Legal Achievement for her trial work at the Commission.
Before serving at the Commission, Ms. Fitzpatrick was an Assistant U.S. Attorney in Washington, D.C., where she worked in the domestic violence, appellate, and fraud and public corruption sections of the office. As a prosecutor, Ms. Fitzpatrick personally tried more than thirty cases to verdict.
Ms. Fitzpatrick received a bachelor’s degree from Cornell University and law degree from Georgetown University Law Center, both with honors.
Dan is the Associate Director over OCIE’s Office of Clearance and Settlement Examinations and has led that group since 2016. That group examines the controls and liquidity of clearing agencies critical to the nation’s markets for compliance with the Dodd-Frank act and federal securities laws applicable to clearing agencies. Dan is also the Associate Regional Director in charge of the Broker-Dealer Examination (BD Exam) Program in the Chicago Regional Office (CHRO) of the SEC and has led that group since 2014. He joined the CHRO BD Exam Program as an Assistant Regional Director in 2007, where he led some of the CHRO’s and Commissions’ largest and most complex fraud, sales practice and market structure exams of regulated entities. Prior to that, Dan spent 14 years with the SEC as an attorney in the CHRO’s Enforcement Group. There, he served as an Assistant Regional Director of Enforcement directing notable investigations and prosecutions of complex fraud and regulatory matters.
Dan has also co-chaired and subsequently sponsored the OCIE’s New and Structured Products Specialized Working Group, where he directed and then supported that group’s efforts to identify such products, educate the exam staff as to the issues associated with them, inform policy and undertake National Exam Initiatives. Dan has also represented the Commission internationally, providing technical assistance and training to securities regulators from developing markets regarding the foundations of effective compliance systems and examination programs.
Prior to joining the Commission, Dan spent seven years with private law firms in Chicago handling matters involving personal injury and commercial disputes, including commercial fraud claims. Dan received his Bachelor of Science in Business Administration and his Juris Doctor from the University of Illinois in 1983 and 1986 respectively.
David oversees the work of the Division’s Office of Chief Counsel. The office provides guidance to public companies on registration, reporting and other compliance matters. The office also annually responds to hundreds of requests to exclude shareholder proposals.
Previously, David was Assistant General Counsel in the SEC’s Office of General Counsel. There, he advised the Division and the Commission on a number of rulemakings, including implementation of the Sarbanes-Oxley Act, the Dodd-Frank Act, and the JOBS Act.
Before joining the Office of General Counsel in 1997, David spent three years as an enforcement attorney in the SEC’s San Francisco Regional Office. Prior to that, he spent eight years in private law practice.
David received his bachelor’s degree from the University of California at Berkeley in 1982 and his law degree from Georgetown University in 1986.
Hester M. Peirce was appointed by President Donald Trump to the U.S. Securities and Exchange Commission (SEC) and was sworn in on January 11, 2018.
Prior to joining the Commission, Commissioner Peirce served as Senior Research Fellow and Director of the Financial Markets Working Group at the Mercatus Center at George Mason University. While at the Mercatus Center, Commissioner Peirce’s research explored how financial markets foster economic growth and prosperity and the role well-designed regulation plays in protecting investors and consumers while promoting financial stability and innovation. Commissioner Peirce co-edited two books, authored publications, testified before Congress, and served on the SEC’s Investor Advisory Committee.
Before joining the Mercatus Center, Commissioner Peirce worked on Senator Richard Shelby’s Committee on Banking, Housing, and Urban Affairs staff as Senior Counsel. In that position, she oversaw financial regulatory reform efforts following the 2008 financial crisis and conducted oversight of the regulatory implementation of the Dodd-Frank Act.
From 2004 to 2008, Commissioner Peirce worked as counsel to SEC Commissioner Paul S. Atkins. Prior to serving Commissioner Atkins, Commissioner Peirce worked as a Staff Attorney in the Division of Investment Management.
Before working at the SEC, Commissioner Peirce was an associate at Wilmer, Cutler & Pickering (now WilmerHale) and clerked for Judge Roger Andewelt on the Court of Federal Claims.
Commissioner Peirce earned her B.A. in Economics from Case Western Reserve University and her J.D. from Yale Law School.
Laura serves on the Nomura Global Financial Products and Nomura Securities International Boards, as well as an independent director of three public company boards : CA Technologies Inc., CIT Group, and Navient Corporation.
Laura was a Special Advisor at Promontory Financial Group for four years and before that JP Morgan’s Independent Consultant for the Global Analyst Conflict Settlement for six years.Laura’s fourteen year government tenure included serving as the 78th member of the Securities and Exchange Commission (including six months as Acting Chairman), Securities Counsel to the United States Senate Banking Committee and as an attorney with the SEC’s Enforcement Division in Washington, D.C. and New York City.
Tom has worked in the SEC’s Office of the General Counsel since 1998, and has been an Assistant General Counsel since 2006. He helped draft the Part 205 attorney conduct rules, and is involved in investigating possible attorney misconduct and bringing administrative proceedings against attorneys pursuant to SEC Rule of Practice 102(e). Tom was also involved in drafting the anti-retaliation and other provisions of the Commission’s rules implementing its Dodd-Frank whistleblower program, and has worked on amicus briefs on whistleblower issues, including the United States’ brief in Lawson v. FMR, 571 U.S. 429 (2014), and Digital Realty Trust v. Somers, 138 S.Ct. 767 (2019).
He is a graduate of Harvard University and of the University of Virginia School of Law.
Wes is the Chief Accountant for the U.S. Securities and Exchange Commission. In the role, he serves as the principal advisor to the SEC on accounting and auditing matters. He consults with registrants, auditors and other industry representatives, and is responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Public Company Accounting Oversight Board (PCAOB), among the other duties of the Chief Accountant.
He joined the SEC from PricewaterhouseCoopers LLP, where he was a partner responsible for clients in the banking, capital markets, financial technology, and investment management sectors.
Earlier, he served as a professional accounting fellow in Office of the Chief Accountant and prior to that held various audit and professional practice positions at PwC, including in the firm’s national office during the global financial crisis advising on complex financial accounting matters.
Mr. Bricker is trained as an accountant and lawyer with degrees from Elizabethtown College and the American University Washington College of Law. He is licensed to practice as a certified public accountant in Virginia, Pennsylvania, and New Jersey and as an attorney in New York.
Shelley E. Parratt is Deputy Director of the SEC’s Division of Corporation Finance. In this capacity, Ms. Parratt oversees the Division’s disclosure review program, which is responsible for assisting over 7,000 reporting companies in meeting their disclosure obligations under the federal securities laws. Ms. Parratt also assists the Director in strategic planning for the Division and in developing Division policy and operational procedures.
Ms. Parratt served as Acting Director of the Division during the first half of 2017 and the first half of 2009, overseeing all disclosure review, rulemaking and other Division operations. She received a MBA from Syracuse University and a BA from St. Lawrence University.
William H. Hinman is Director of the SEC’s Division of Corporation Finance. The Division seeks to ensure that investors are provided with material information in order to make informed investment decisions, provides interpretive assistance to companies with respect to SEC rules, and makes recommendations to the Commission regarding new and existing rules.
Before serving at the Commission, Mr. Hinman was a partner in the Silicon Valley office of Simpson Thacher & Bartlett LLP, where he practiced in the corporate finance group. He has advised issuers and underwriters in capital raising transactions and corporate acquisitions in a wide range of industries, including technology, e-commerce, and the life-sciences.
Prior to joining Simpson Thacher in 2000, Mr. Hinman was the managing partner of Shearman & Sterling’s San Francisco and Menlo Park offices. He received his B.A. from Michigan State University with honors in 1977 and his J.D. in 1980 from Cornell University Law School, where he was a member of the Editorial Board of the Cornell Law Review. He is a member of the Bar Association of the State of California and the Association of the Bar of the City of New York. Mr. Hinman also is a fellow of the American Bar Foundation.
Andrew R. Bernstein is a Senior Special Counsel in the Office of Derivatives Policy in the Division of Trading and Markets, where he works on drafting new rules necessary to implement the OTC derivatives reforms in Title VII of the Dodd Frank Act. He also plays a leading role on the cross-divisional and interagency teams responsible for the Volcker Rule. In addition, Andrew provides interpretive advice on the regulatory treatment of novel derivatives products under the Securities Exchange Act of 1934, and administering new product provisions contained in the Dodd-Frank Act. Prior to holding his current position, Andrew was a Branch Chief in the Office of Chief Counsel and a Special Counsel in the Office of Clearance and Settlement, both of which are also in the Division of Trading and Markets.
Prior to joining the SEC in 2010, Andrew practiced securities and corporate law at Sullivan & Cromwell LLP. Andrew received a Bachelor of Science from the College of Agriculture and Life Science at Cornell University in 1995, and a Juris Doctor, magna cum laude, from American University Washington College of Law in 2005.
Anthony S. Kelly focuses his practice on trial, investigations and securities litigation, with an emphasis on matters concerning the asset management industry. As a former co-chief of the Enforcement Division’s Asset Management Unit at the U.S. Securities and Exchange Commission, Mr. Kelly has a thorough background in supervising investigations of misconduct by investment advisers and service providers to mutual funds, ETFs, hedge funds, private equity funds and other investment products. In recognition of his SEC service, he was awarded the Chairman’s Award for Excellence and the Ellen B. Ross Award, which acknowledge his exemplary commitment and performance in enforcing the federal securities laws.
During his time at the SEC, Mr. Kelly oversaw investigations and enforcement actions covering a wide range of asset management-related issues, including fund valuation, fund distribution and 12b-1 fees, conflicts of interest, fund governance, trading away and best execution, trade allocation, cross trading and principal transactions, investment adviser and broker-dealer registration, and whistleblower retaliation.
He also has extensive experience in parallel criminal and SEC investigations and insider trading investigations. He investigated a large-scale insider trading ring involving hedge fund traders and other industry professionals, as well as a serial insider trading scheme involving an investment banker and private equity firm associate.
Mr. Kelly has spoken at numerous industry and regulatory conferences, hosted by organizations such as the Investment Adviser Association, Investment Company Institute, Managed Funds Association, Mutual Fund Directors Forum, PLI, NYU Program on Corporate Compliance and Enforcement, and American Bar Association.
Charles Wright serves as the senior legal and policy advisor to the Division of Enforcement's Chief Accountant. In that position, he plays a key role in Enforcement matters involving accounting and auditing actions. Prior to his current position, he served as a member of a task force devoted to pursuing accounting frauds and as a senior counsel in the Division. Mr. Wright was a trial attorney at the CFTC and in private practice before joining the Commission. He received his law degree from the University of Virginia School of Law.
Christian T. Sandoe is Assistant Director of the Disclosure Review Office in the Division of Investment Management at the U.S. Securities and Exchange Commission. The Disclosure Review Office is primarily responsible for reviewing investment company registration statements and proxy materials. Mr. Sandoe has been at the Commission since 1996. Mr. Sandoe has been with Disclosure Review Office in the Division of Investment Management since 2000, initially as a Senior Counsel and subsequently as a Branch Chief and then Assistant Director.
Before joining the Division of Investment Management, he served as a Senior Counsel in the Division of Enforcement in the New York Regional Office. Mr. Sandoe graduated from Georgetown University Law Center (LL.M, Securities and Financial Regulation, with distinction, 1996), Suffolk University (J.D., cum laude, 1995) and Ithaca College (B.A. 1991).
David D. Lisitza is a member of the Securities and Exchange Commission's Appellate Group, where he writes and supervises the writing of briefs for federal appellate courts, orally argues cases before courts of appeals, and conducts regulatory analysis.
David’s focus is on insider trading, and he wrote the SEC's appellate briefs in Salman, Newman, Rajaratnam, Gupta, Payton, Obus, and Dorozhko.
David clerked for Judge Frank H. Easterbrook of the United States Court of Appeals for the Seventh Circuit. He worked in Mayer Brown’s Supreme Court and Appellate Practice group, and as an associate with Gibson Dunn.
David received both his J.D. and B.A. from the University of Chicago.
David Dimitrious is an attorney at the Securities and Exchange Commission in the Division of Trading & Markets’ Office of Market Supervision, where he focuses on market structure for equities, listed options and fixed income. Mr. Dimitrious also served as a Senior Advisor to former Chair Mary Jo White. Prior to the Commission, Mr. Dimitrious was an associate attorney in the Corporate Group at Fried Frank. Mr. Dimitrious graduated from the University of North Carolina at Chapel Hill and received his J.D., magna cum laude, from the American University Washington College of Law.
David H. Saltiel is the Associate Director in charge of the Office of Analytics and Research in the Division of Trading and Markets at the Securities and Exchange Commission (SEC). David is responsible for leading the quantitative research and data analysis related to the SEC’s policies on markets and market structure.
Prior to joining the SEC, David was the Chief Economist at the Municipal Securities Rulemaking Board (MSRB), the self-regulatory organization responsible for the rules governing participants in the municipal securities market. At the MSRB, David built an analytics program and led the development and execution the MSRB’s economic impact analysis efforts. David has served in senior financial, economic, and analytics positions in government and the private sector including at the U.S. Department of the Treasury’s Bureau of the Fiscal Service, the U.S. Department of Energy, Sandia National Laboratories, and AREVA, a multi-national energy company. David holds and M.Sc. from the University of Oxford and a B.A. from Williams College.
David Shillman is an Associate Director in the SEC’s Division of Trading and Markets, where he is responsible for oversight of the U.S. equity, options and fixed income markets. Prior to that time, he served in a variety of positions in the Division, including Counsel to the Director and International Counsel. Mr. Shillman was in private practice in New York and Washington, D.C. before joining the SEC in 1995. He is a graduate of Northwestern University and the University of Michigan Law School.
Diane Blizzard is an associate director in the SEC’s Division of Investment Management, where she leads a team responsible for developing policy recommendations and rule changes under the federal securities laws affecting investment companies and investment advisers. She rejoined the Commission in 2007 as an attorney fellow in the Office of Regulatory Policy, and later served as senior adviser to former Division Director Buddy Donohue and as managing executive of the Division before assuming her current duties in 2012. From 1995-2002, Diane was associate counsel with ICI Mutual Insurance Company. Before that, she held various positions in the Division including as a staff attorney in the Office of Disclosure and Adviser Regulation; as a member of the special task force that produced the 1992 staff report, Protecting Investors: A Half Century of Investment Company Regulation; and as assistant director of the Office of Regulatory Policy. She began her legal career as an associate at Crowell & Moring.
Diane graduated from Georgetown University Law Center (JD, cum laude) and Duke University (BA, cum laude), and is a member of the Maryland bar.
Dina B. Mishra is a member of the Securities and Exchange Commission’s Appellate Group. She handles appellate litigation for the Commission, primarily by drafting briefs for federal appellate courts and orally arguing before the federal courts of appeals. Her practice includes work in whistleblower cases. She joined the Commission in 2016.
Dina served as a judicial law clerk to Judge Michael Boudin of the United States Court of Appeals for the First Circuit and to Justices John Paul Stevens (retired) and Anthony M. Kennedy of the Supreme Court of the United States. She also worked as an attorney at the U.S. Department of Justice’s Civil Division, Appellate Staff; and in the Appellate & Supreme Court Litigation and Government & Regulatory Litigation practice groups at Wilmer Cutler Pickering Hale and Dorr LLP. In addition, she completed a one-year academic research fellowship at Georgetown University Law Center.
Dina received her J.D. from Yale Law School in 2009, after earlier receiving an A.B. in Economics from Harvard University.
Donna McCaffrey is a Special Trial Counsel in the Litigation and Administrative Practice Group of the SEC’s Office of the General Counsel. Ms. McCaffrey investigates and prosecutes attorney misconduct cases under SEC Rule of Practice 102(e) and Part 205 of the SEC’s Part 205 Standards of Professional Conduct for Attorneys Appearing and Practicing Before the Commission in the Representation of an Issuer. Ms. McCaffrey has a B.A. in Economics from the Catholic University of America and a J.D. from the College of William and Mary Marshall-Wythe School of Law.
Dr. Jeffrey H. Harris, former Securities and Exchange Commission’s Chief Economist and the Director of the Division of Economic and Risk Analysis. He is currently on leave from the Kogod School of Business at American University in Washington, D.C., where he is the Gary D. Cohn Goldman Sachs Chair in Finance. Dr. Harris has an extensive background in market microstructure and regulatory issues. He previously served as Chief Economist at the Commodity Futures Trading Commission (2007-2010), with prior experience as a Visiting Academic Fellow at the Nasdaq Stock Market (2000-2001) and at the SEC (1999-2000). Prior to joining American University, he held faculty appointments as the Dean’s Chair in Finance at the Whitman School of Management at Syracuse University, as the Collins Chair of Finance in the Cox School of Business at Southern Methodist University (visiting), and at the University of Delaware, the University of Notre Dame, and The Ohio State University.
Dr. Harris’s research has appeared in the Energy Journal, European Financial Management, Financial Management, The Financial Review, the Journal of Finance, the Journal of Investment Management, the Journal of Financial and Quantitative Analysis, the Journal of Financial Economics, the Journal of Futures Markets, the Review of Futures Markets and the Review of Financial Studies.
Dr. Harris holds an undergraduate degree and M.B.A. from the University of Iowa and a Ph.D. in Finance from The Ohio State University.
Harvey Pitt is CEO of global business consulting firm Kalorama Partners, and its law firm affiliate, Kalorama Legal Services. From 2001-03, Mr. Pitt was 26th SEC Chairman. Mr. Pitt served previously at the SEC (1968-78), including three years as General Counsel.
Mr. Pitt was a senior corporate partner at Fried, Frank LLP (1978-2001). He received his J.D. from St. John's University Law School (1968), and his B.A. from Brooklyn College (1965). He received an honorary St. John's LL.D. (2002).
Mr. Pitt serves on the PCAOB Advisory Council; is an independent director of Paulson & Co.’s international hedge funds and a member of their Audit Committees; is a member of both Millennium Capital’s and Balyasny Asset Management’s Advisory Councils. In 2017 he was appointed to the Advisory board of JBS USA Holdings, Inc.
James M. Daly is an Associate Director (Disclosure Operations) in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. In this position, he is a member of the Division’s senior management with responsibility for policy, operations and strategic decision-making for its full disclosure program. Prior to assuming this position, he served the Division in various capacities examining and supervising the review of disclosure documents in a wide variety of industries related to public sales of securities, periodic reporting, and transactions requiring shareholder approvals under the federal securities laws.
Mr. Daly earned a B.A. from Tulane University and a Masters of Business Administration in Finance from the University of New Orleans.
Jeffrey A. Berger is a Senior Litigation Counsel in the Office of the General Counsel at the Securities and Exchange Commission. Jeff has served as a member of the Office’s Appellate Group since December 2009. He joined the Commission’s staff from Mayer Brown, where he had been an associate in the firm’s Chicago and Washington, D.C. offices.
Jeff graduated magna cum laude from the Northwestern University School of Law, where he was editor-in-chief of the Northwestern University Law Review. After graduating in 2003, he clerked for Judge Karen Nelson Moore of the United States Court of Appeals for the Sixth Circuit.
John C. Roeser is an Associate Director in the Division of Trading and Markets. In this position, he is responsible for the administration of the Division’s regulatory oversight responsibilities of U.S. securities exchanges and FINRA, alternative trading systems, and addresses issues involving market participants, products, and market structure. Mr. Roeser joined the staff in 1998. During his tenure, Mr. Roeser has received numerous SEC awards, including the SEC’s Jay Manning Award in 2008, which is given annually to an employee in the Division of Trading and Markets who demonstrates an outstanding commitment to excellence in preserving fair and honest markets. Mr. Roeser holds a bachelor’s degree from Michigan State University and graduated cum laude from Michigan State University College of Law. He received a master of laws in securities and financial regulation from Georgetown University Law Center.
John Polise is the Associate Director, Broker-Dealer and Exchange (BDX) group in the SEC’s Office of Compliance Inspection and Examinations Market Oversight. John oversees a national staff of examiners which inspect registered broker-dealers, transfer agents, national securities exchanges, the MSRB and SIPIC. Previously, he was head of OCIE’s Market Oversight group. Mr. Polise has served as an Assistant Director in the SEC’s Division of Enforcement, the Division of Trading and Markets, and the Office of Compliance Inspections and Examinations. Mr. Polise was also Counsel to the Chairman of the CFTC and Counsel to the Director, Division of Enforcement at the CFTC. He also held positions at FINRA in both Enforcement and Member Regulation.
John began his career as an Associate at Cahill Gordon & Reindel in New York and clerked for the Honorable Stanley Sporkin, US District Court for the District of Columbia. He graduated from the University of Pennsylvania, magna cum laude in 1985 and is a 1988 graduate of New York University School of Law. He has been an adjunct professor in Securities Law at Georgetown University School of Law and the Antonin Scalia School of Law. Mr. Polise recently authored an article on equity market structure titled, A Bridge too Far: A Critical Analysis of the Securities And Exchange Commission's Approach to Equity Market Regulation, 11 Brook. J. Corp. Fin. & Com. L. 285 (2017).
Keith Cassidy is an Associate Director in the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) and the National Technology Controls Program (TCP) Director. In this role, Mr. Cassidy oversees a staff of technologists and attorneys responsible for conducting examinations of entities subject to Regulation Systems Compliance and Integrity (SCI). His staff also administers the SEC’s CyberWatch program, which is the primary intake point for information filed under Regulation SCI.
Before joining OCIE, Mr. Cassidy was the Director of the SEC’s Office of Legislative and Intergovernmental Affairs, where he worked directly for three separate Chairmen. Before coming to the Commission in 2010, Mr. Cassidy was Chief of Staff and Counsel at the Department of Justice’s Office of Legislative Affairs. Prior to his time at the Department of Justice, Mr. Cassidy worked in the United States Senate as a legislative assistant.
He received his law degree from the George Washington University Law School and his LL.M. in Securities and Financial Regulation from Georgetown Law Center. He holds a bachelor’s degree in History from the University of Virginia.
Mr. Cassidy is also an Infantry Officer in the U.S. Marine Corps Reserve, where he serves as the Commanding Officer of B Company, 4th Reconnaissance Battalion, and has earned numerous awards.
Kevin W. Goodman leads the U.S. Securities and Exchange Commission’s FINRA and Securities Industry Oversight group (“FSIO”), which is responsible for comprehensive oversight of FINRA, including conducting oversight examinations of broker-dealers to assess the quality of FINRA’s examinations, as well as inspecting all areas of FINRA’s operations. FSIO also oversees the MSRB. In addition, Mr. Goodman serves as a member of the Executive and Operating Committees for the SEC’s National Examination Program. Prior to assuming his current role, Mr. Goodman led the SEC’s National Broker-Dealer Examination Program for over three years. Mr. Goodman’s SEC experience also includes having served for six years as Associate Regional Director of the SEC’s Denver Regional Office, where he managed the examination program for the office. Mr. Goodman joined the SEC staff in Los Angeles in 1992 as an Attorney-Adviser, and later served as Branch Chief, Senior Special Counsel, and Assistant Director, all with the Investment Adviser/Investment Company Examination Program. Mr. Goodman graduated from Purdue University in 1982 with a degree in accounting and received his law degree from Indiana University in 1985. Prior to joining the SEC staff, Mr. Goodman practiced corporate and securities law in the private sector with an emphasis on mergers and acquisitions.
Mary Beth Breslin is the Legal Branch Chief in the Office of Healthcare and Insurance in the Division of Corporation Finance at the U.S. Securities and Exchange Commission. Ms. Breslin manages and supervises attorneys engaged in the analysis and review of filings made under the Securities Act of 1933 and the Securities Exchange Act of 1934. Previously, she worked in the Office of Electronics and Machinery and served as Special Counsel in the Office of Chief Counsel, both in the Division of Corporation Finance. Prior to law school, Ms. Breslin was an emerging markets derivatives trading assistant at J.P. Morgan and Merrill Lynch. She received her law degree cum laude from Villanova University School of Law and her B.S.F.S. from the School of Foreign Service at Georgetown University.
Matt McNair is a Senior Special Counsel in the Office of Chief Counsel in the SEC’s Division of Corporation Finance, where he is responsible for providing legal and policy guidance on a wide range of matters involving the federal securities laws. He also specializes in Exchange Act Rule 14a-8 and leads the division’s task force on shareholder proposals. He received his law degree from the University of San Diego School of Law and his B.S. in accounting from Brigham Young University.
Melissa Raminpour is an Accounting Branch Chief in the Division of Corporation Finance at the U.S. Securities and Exchange Commission in the Office of Transportation and Leisure. Melissa’s previous role in the Division included a rotation in the Disclosure Standards Office. She joined the Division as a Staff Accountant in the Office of Information Technologies and Services in 2007. Before joining the Division, Melissa worked as an audit manager in KPMG’s Silicon Valley office. Melissa holds a Bachelor of Science degree in Business Administration with a Concentration in Accounting from California Polytechnic State University - San Luis Obispo, CA.
Michael A. Macchiaroli is an Associate Director, Office of Broker-Dealer Finances, Division of Trading and Markets, U.S. Securities and Exchange Commission, where he is responsible for the broker-dealer financial responsibility program, which deals with the capital record-keeping, reporting and customer protection Rules. Mr. Macchiaroli has been employed at the Commission since 1970 and in the Division of Trading and Markets since 1978.
Michael S. Piwowar was first appointed to the U.S. Securities and Exchange Commission (SEC) by President Barack Obama and was sworn in on August 15, 2013. Dr. Piwowar was designated Acting Chairman of the Commission by President Donald Trump from January 23, 2017, to May 4, 2017.
Previously, Dr. Piwowar was the Republican chief economist for the U.S. Senate Committee on Banking, Housing, and Urban Affairs under Senators Mike Crapo (R-ID) and Richard Shelby (R-AL). He was the lead Republican economist on the four SEC-related titles of the Dodd-Frank Act and the JOBS Act. Dr. Piwowar also worked on a number of important SEC-related oversight issues under the jurisdiction of the Committee, such as securities, over-the-counter derivatives, investor protection, market structure, and capital formation.
During the financial crisis and its immediate aftermath, Dr. Piwowar served in a one-year fixed-term position at the White House as a senior economist at the President’s Council of Economic Advisers (CEA) in both the George W. Bush and Barack Obama Administrations. While at the CEA, Dr. Piwowar also served as a staff economist for the Financial Regulatory Reform Working Group of the President’s Economic Recovery Advisory Board.
Before joining the White House, Dr. Piwowar worked as a Principal at the Securities Litigation and Consulting Group (SLCG). At SLCG, he provided economic consulting to law firms involved in complex securities litigation and technical assistance on market structure, regulatory policy, and risk management issues to domestic and international securities regulators and market participants.
Dr. Piwowar’s first tenure at the SEC was in the Office of Economic Analysis (now called the Division of Economic and Risk Analysis) as a visiting academic scholar on leave from Iowa State University and as a senior financial economist. In those roles, he provided economic analyses and other technical support to the Commission and other SEC Divisions and Offices on a wide range of rulemaking, compliance, and enforcement matters.
Dr. Piwowar was an assistant professor of finance at Iowa State University where he focused his research on market microstructure and taught undergraduate and graduate courses in corporate finance and investments. He published a number of articles in leading academic publications and received several teaching and research awards.
Dr. Piwowar received a B.A. in Foreign Service and International Politics from the Pennsylvania State University, an M.B.A. from Georgetown University, and a Ph.D. in Finance from the Pennsylvania State University.
Narahari Phatak is Associate Director for Policy in the Division of Economics and Risk Analysis of the Securities and Exchange Commission. Dr. Phatak received his Ph.D. in Financial Economics from the University of California – Berkeley, Haas School of Business, and B.S. in Economics and a B.A. in International Studies and Russian, summa cum laude, from the University of Pennsylvania. Prior to his doctoral work, Dr. Phatak worked as an Investment Associate at Putnam Investment for three years.
Paul Atkins founded Patomak Global Partners, LLC in 2009 and serves as the chief executive officer.
At Patomak, Mr. Atkins leads client work for financial services firms regarding an array of issues, including regulatory requirements, investigating and improving the effectiveness of compliance systems, and designing and implementing compliance policies and procedures. Mr. Atkins regularly serves as an independent compliance consultant and a court-appointed monitor in federal settlements. His expert witness engagements include federal, state, and foreign litigation, as well as SEC matters.
Since 2017, Mr. Atkins has led industry efforts to develop best practices for digital asset issuances and trading platforms as co-chair of the Token Alliance, an initiative of the Chamber of Digital Commerce. In 2017, Mr. Atkins served as a member of the President’s Strategic and Policy Forum advising on financial markets regulation and economic policy, and he led the President-elect’s transition team for independent financial regulatory agencies.
Prior to founding Patomak, Mr. Atkins served as a Commissioner of the U.S. Securities and Exchange Commission, 2002-2008. From 2009 to 2010, he was appointed by Congress to serve as a member of the Congressional Oversight Panel for the Troubled Asset Relief Program (TARP). He started his public service work in 1990, serving on the staffs of SEC chairmen Richard C. Breeden and Arthur Levitt as chief of staff and counsellor, respectively, until 1994.
In private practice, Mr. Atkins was a partner of PricewaterhouseCoopers and predecessor firm Coopers & Lybrand. Mr. Atkins began his career as a lawyer with Davis Polk & Wardwell in New York.
Mr. Atkins received his A.B., summa cum laude, Phi Beta Kappa, from Wofford College and his J.D. from Vanderbilt University School of Law.
Rachel McKenzie is a Senior Counsel in the Office of the General Counsel at the Securities and Exchange Commission. Rachel has served as a member of the Office’s Appellate Group since December 2016. Prior to joining the Commission, she was an Assistant General Counsel at Verizon Communications Inc., where she focused on regulatory affairs.
Rachel graduated from the University of Virginia School of Law (2005), where she was Order of the Coif and a member of the Virginia Law Review. She has practiced in the appellate litigation groups at Baker Botts LLP and Orrick, Herrington, and Sutcliffe LLP, and clerked for Judge Jerry E. Smith of the United States Court of Appeals for the Fifth Circuit.
Richard Breeden graduated with honors from Stanford University in 1972 and from the Harvard Law School in 1975.
After beginning his career practicing securities law and handling mergers and acquisitions in New York City, Mr. Breeden served in a series of government positions from 1981-1993 under Presidents Ronald Reagan, George H.W. Bush (41) and William Clinton.
Mr. Breeden worked in the White House for four years under Presidents Ronald Reagan and George H.W. Bush. During the Reagan Presidency, Mr. Breeden served as Deputy Counsel to then-Vice President George H.W. Bush and staff director of a cabinet-level group attempting to restructure federal banking regulation. Later, during the first year of the Bush Presidency, he served as Assistant to the President for Issues Analysis and co-head of Domestic Policy. In this capacity, Mr. Breeden was largely responsible for developing and winning Congressional enactment of the President’s program to create the Resolution Trust Corporation and restructure the U.S. savings and loan industry. He also helped coordinate the response to the Exxon Valdez oil spill and other long-term issues.
In late 1989, President Bush nominated Breeden to serve as the 24th Chairman of the Securities and Exchange Commission, where he served for nearly four years following unanimous Senate confirmation. As Chairman, he was a strong advocate of investor interests and of strengthening the SEC as an institution . Among other things, he achieved legislation authorizing stronger enforcement remedies, and he won significantly greater budgetary resources for both personnel and technology. At the same time, he sought to eliminate outmoded or ineffective regulations to promote increased economic growth and lower costs of raising capital. These steps included creating the Rule 144A market, licensing the first ETFs and authorizing many of the early electronic trading systems, along with reducing accounting and disclosure requirements for smaller businesses. Chairman Breeden launched the “Red Book” study of the Investment Company Act to chart a course for modernization of the Act, and took many other steps to help strengthen market stability and efficiency. For example, Chairman Breeden proposed eliminating artificial restrictions on the number of investors in hedge funds, overhauled SEC proxy rules, promoted greater transparency in many areas of corporate reporting and instituted the first market circuit breakers and T+3 settlement. He was also the first SEC Chairman to focus the Commission on globalization, and achieved hundreds of first time foreign listings in U.S. markets.
Since leaving the SEC in 1993, Mr. Breeden has served as a consultant to large and small businesses on a wide range of topics. In addition, he has handled a series of corporate bankruptcies and restructurings on behalf of various federal courts, the SEC or the U.S. Department of Justice. These assignments included serving as corporate monitor of WorldCom, Inc. for the U.S. District Court in Manhattan following one of history’s largest accounting frauds. He was also corporate monitor of the accounting firm KPMG LLC under its deferred prosecution agreement with the U.S. Department of Justice relating to promotion of fraudulent tax shelters. Through a claims administration firm that he owns, Mr. Breeden has also assisted the SEC and the DOJ on numerous occasions by administering financial recovery funds. He is currently distributing over $4 billion to approximately 40,000 global victims of the Madoff fraud on behalf of the Justice Department. By the end of the Madoff case Mr. Breeden and his firm will have returned well over $8 billion to more than 1.5 million victims of financial fraud.
In 2005, Mr. Breeden launched a series of equity investment funds focused on taking concentrated investment stakes in underperforming midcap companies and supporting steps necessary to generate improved shareholder value. After several years with assets under management of up to $1.6 billion, in 2013 Mr. Breeden closed his funds to outside investors but continues to manage a proprietary investment portfolio.
Mr. Breeden serves as chairman of the nominating and governance committee of the board of STERIS plc, a UK-domiciled medical device manufacturer focused on improving the safety, sterility and efficacy of hospital procedures around the world. He is also a Trustee of the George H.W. Bush Presidential Library Foundation and a member of the Standing Advisory Group of the Public Company Audit Oversight Board (PCAOB). During his years since leaving the SEC, Mr. Breeden has served as an outside director of more than 15 companies in the U.S., the U.K., Spain and Germany. In 2016, he was awarded the William O. Douglas award by the Association of SEC Alumni for lifetime achievements for investors.
Mr. Breeden and his wife Linda live in Greenwich, Connecticut.
Richard R. Best was named Regional Director of the U.S. Securities and Exchange Commission’s Atlanta Regional Office in February 2018. He was previously the Regional Director of the Salt Lake Regional Office, serving from July 2015 to February 2018.
Before coming to the Commission, Mr. Best was a Chief Counsel in the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA). Mr. Best was also a Director, Senior Trial Attorney and Trial Attorney at FINRA.
Mr. Best previously worked as an Assistant District Attorney in the Office of the Bronx County District Attorney. He was a supervisor in the Office’s Rackets Bureau where he managed high-profile public integrity and organized crime prosecutions, among other matters.
Mr. Best received his bachelor’s degree from the State University of New York, College at Old Westbury and a law degree from the Howard University School of Law.
Robert J. Jackson Jr. was appointed by President Donald Trump to the U.S. Securities and Exchange Commission (SEC) and was sworn in on January 11, 2018.
Commissioner Jackson has extensive experience as a legal scholar, policy professional, and corporate lawyer. He comes to the SEC from NYU School of Law , where he is a Professor of Law. Previously, he was Professor of Law at Columbia Law School and Director of its Program on Corporate Law and Policy. Commissioner Jackson’s academic work has focused on corporate governance and the use of advanced data science techniques to improve transparency in securities markets. He was the founding director of Columbia Law School’s Data Lab, which used cutting-edge technology to study the reliability of corporate disclosures. Commissioner Jackson has written more than 20 articles in the nation’s most prestigious legal and economics journals. His published work includes a study shining light on trading activity before the announcement of major corporate events, the first study of the effect of mandatory disclosure required by the JOBS Act on trading by individual investors, and the first comprehensive study of CEO pay in firms owned by private equity. In 2012, Columbia Law School students honored Commissioner Jackson with the Willis L.M. Reese Prize for Excellence in Teaching . He has testified on his scholarship before the U.S. Senate, and his work was previously the subject of rulemaking commentary before federal agencies, including the Federal Reserve and the SEC.
Before joining the Columbia Law School faculty in 2010, Commissioner Jackson served as a senior policy advisor at the U.S. Department of Treasury, working with Kenneth Feinberg, the Special Master for TARP Executive Compensation. In this role, he oversaw the development of policies designed to give shareholders a say on pay, improve the disclosure of executive bonuses, and encourage TARP recipients to more closely tie pay to performance. Earlier in his career, Commissioner Jackson practiced law in the executive compensation department of Wachtell, Lipton, Rosen & Katz.
Commissioner Jackson holds two bachelor’s degrees from the University of Pennsylvania, an MBA in Finance from the Wharton School of Business, a master’s degree from Harvard’s Kennedy School of Government, and a law degree from Harvard Law School. He was born in the Bronx, New York, and is a lifelong Yankees fan.
Robert Telewicz is an Accounting Branch Chief in the Office of Real Estate and Commodities within the Division of Corporation Finance. His responsibilities at the SEC include reviewing 1933 and 1934 Act filings submitted by companies in the Real Estate and Commodities industries. Mr. Telewicz has also spent time as a rotator in the Division’s Disclosure Standards Office. Prior to joining the staff of the SEC in 2004, Mr. Telewicz was a Senior Corporate Accountant at the Rouse Company and he began his career with KPMG LLP.
Mr. Telewicz received his B.B.A. in Accounting and from Loyola University, Maryland.
Roberta S. Karmel is Centennial Professor of Law and Co-Director of the Dennis J. Block Center for the Study of International Business Law at Brooklyn Law School. She was engaged in the private practice of law in New York City for over thirty years. She was a Commissioner of the Securities and Exchange Commission from 1977-80, a public director of the New York Stock Exchange, Inc. from 1983-89, and a member of the National Adjudicatory Council of the NASDR from 1998-2001. Professor Karmel was a Trustee of the Practising Law Institute from 1983-2013 and Chair of the Board of Trustees from 2012-13. Her book Life at the Center: Reflections on Fifty Years of Securities Regulation was published by PLI in 2014. Her book Regulation by Prosecution: The Securities and Exchange Commission Versus Corporate America was published by Simon & Schuster in 1984. She has also authored over 50 articles in legal journals.
Sarah R. Prins is an attorney in the Office of the General Counsel at the Securities and Exchange Commission. Sarah has served as a member of the Office’s Appellate Group since March 2015. She joined the Commission’s staff from Robbins Russell in Washington, D.C., where she was an associate.
Sarah graduated from Duke University in 2009, where she was an Executive Editor of the Duke Law Journal. After graduating, she clerked for Judge E. Grady Jolly of the United States Court of Appeals for the Fifth Circuit.
Scott Bauguess is the SEC’s Deputy Chief Economist and Deputy Director of the Division of Economic and Risk Analysis (DERA). He oversees the Division’s risk assessment and data-driven, predictive analytics development, designed to detect fraud and misconduct in the Commission’s investigation and examination programs, specifically in the areas of corporate issuers, broker- dealers, and asset managers. As part of this, he directs economic analyses in recommendations to the Commission on issues related to the form and manner of registrant disclosures and governance. Scott received his Ph.D. in Finance from Arizona State University in 2004. He also holds a B.S. and M.S. in Electrical Engineering and prior to his doctoral studies spent six years working as an engineer in the high tech industry.
Stephen G. Yoder is Senior Litigation Counsel at the Securities and Exchange Commission, a position that he has held since July 2015. In that position, Mr. Yoder handles appellate litigation for the Appellate Litigation and Bankruptcy Group, with emphases in accounting cases and whistleblower cases. He came to the Commission in 2001 and served in the Division of Enforcement until 2011, when he joined the Appellate Group.
Mr. Yoder graduated in 1998 from Yale Law School. He clerked for Judge Sidney H. Stein of the United States District Court for the Southern District of New York and for Judge Richard J. Cardamone of the United States Court of Appeals for the Second Circuit.
Valerie Dahiya is the Branch Chief for the Regulation SHO Branch within the Division of Trading and Market’s Office of Trading Practices. The Regulation SHO Branch is responsible for administering the Commission’s short selling rules, in addition to Rules 10b-17, 15c2-11, 15c2-7, and Sections 12(j) and 12(k) of the Exchange Act. Before becoming Branch Chief, Valerie joined Trading Practices in November of 2012 after having served as a Senior Counsel in the Office of Compliance Inspections and Examinations, where she led broker-dealer examinations. She’s the recipient of the SEC’s Law and Policy Award and the Chairman’s Award for Excellence and the SEC’s Shannon D. Ayers Examination Award of Excellence. Prior to joining the Commission, Valerie worked for FINRA in Market Regulation.
Vanessa A. Countryman is Chief Counsel in the SEC’s Division of Economic and Risk Analysis, the Division tasked with providing economic analysis and data analytics to support the mission of the Commission. In that role, Ms. Countryman coordinates the integration of the Division’s economic analyses into Commission rulemakings and other Commission action, collaborating with staff from divisions and offices across the agency. Ms. Countryman also provides guidance and counsel to the Chief Economist and other division staff regarding legal issues implicated by the Division’s broad mandate. From July 2010 through February 2012, she was Counsel to Commissioners Kathleen L. Casey and then Daniel M. Gallagher, focusing on issues relevant to the Division of Investment Management. Prior to joining the Commission, she worked at the law firm Gibson Dunn & Crutcher LLP, where she participated in a variety of litigation matters before the U.S. Supreme Court and federal appellate and trial courts, including challenges to federal regulations. From 2005 to 2006, Ms. Countryman served as a law clerk to the Honorable Emilio M. Garza on the U.S. Court of Appeals for the Fifth Circuit, in San Antonio, Texas. She attended law school at the University of Chicago, after receiving an M.Phil. in Victorian Literature from Oxford University. She graduated with a B.A. in English from Columbia University.
Alison is the Chief Accountant of the Division of Investment Management at the U.S. Securities and Exchange Commission. In this role, Alison works closely with Commission staff to develop recommendations for policies to ensure the full and fair disclosure of financial information by investments companies, interpretations of rules relating to the form and content of financial statements, and the establishment of uniform standards of auditing and accounting practices with respect to investment companies. Alison also manages the accounting examination program within the Division of Investment Management which reviews and provides comments on thousands of registered investment company’s annual financial statements and regulatory filings each year. She frequently discusses investment company accounting rules and industry practice issues at regional and national conferences.
Alison joined the SEC in 2015 from KPMG LLP where she was as a Senior Manager in the audit practice specializing in the investment management industry, including investment companies registered under the Investment Company Act of 1940, private funds, commodity pools, family office trusts, and investment companies regulated by the Small Business Administration.
Alison has a Masters in Accounting from the Ohio State University Fisher College of Business. Alison is a Certified Public Accountant licensed in Ohio.
Carson manages a team that supervises three registered clearing agencies that have been designated systemically important financial market utilities for the debt and equity markets. In that role, he provides advice, counsel, and guidance on sensitive, complex, and often unprecedented issues, in furtherance of the Commission’s oversight of the national securities clearance and settlement system. Additionally, Carson and his team are charged with reviewing and analyzing, for consistency with applicable federal securities laws and risk management standards, certain proposals filed by clearing agencies.
Carson received his Bachelor of Arts from Dickinson College in 1999, his Juris Doctor from Syracuse University College of Law in 2006, and his Master of Laws in Securities and Financial Regulation from Georgetown University Law Center in 2010. Prior to joining the Commission in 2012, Carson was a Senior Attorney for FINRA’s Criminal Prosecution Assistance Group.
Giulio is a Supervisory Financial Economist at the Securities and Exchange Commission. His work involves developing analytical tools that are utilized across the Commission (i) to identify risks or securities law violations (ii) and to assist the Commission in efficiently allocating resources by prioritizing inspections on registrants with higher risk of deficiencies, manipulation and fraud. While at the SEC, Giulio has focused on developing a model currently used by the Office of Compliance Inspections and Examinations as part of their Broker-Dealers exam candidate selection process. Recently, Giulio worked on risk assessment initiatives in the Investment Companies space and started supporting the SEC’s Division of Enforcement in detection of insider trading in derivatives markets. Giulio holds a Ph.D. in Economics; he has published articles in peer-reviewed journals and was recently awarded the Graham-Dodd Award of excellence in research and financial writing for best paper in the Financial Analyst Journal in 2016.
Jan is the Legal Branch Chief in the Division of Corporation Finance where she manages and supervises attorneys engaged in the analysis and review of filings by technology companies made under the Securities Act of 1933 and the Securities Exchange Act of 1934. Previously, she worked in the Disclosure Standards Office in the Division of Corporation Finance and served as a Special Counsel in the Division of Trading and Markets. Prior to joining the Commission, Jan was in private practice in New York. She received her law degree from the Georgetown University Law Center, her M.P.A from New York University, and her B.A. from Barnard College.
Mr. Roy, an attorney, joined the Commission in February 1999 and has spent his entire tenure in the Office of Financial Responsibility within the Division of Trading and Markets. This office is responsible for administering the broker-dealer financial responsibility rules, including the net capital rule, customer protection rule, books and records rules, and financial reporting rule. The office also is responsible for administering the capital, margin, segregation, recordkeeping, and reporting rules for security-based swap dealers under Title VII of the Dodd-Frank Act. Other office responsibilities include reviewing the broker-dealer customer margin rules of the self-regulatory organizations and administering the Commission’s oversight of the Securities Investor Protection Corporation (SIPC).
Mr. Roy received a Bachelor of Arts degree from Middlebury College and a Juris Doctor degree from Catholic University.
Neel is an attorney adviser in the Division of Trading and Markets’ Office of Chief Counsel, where his work focuses on initial coin offerings, other blockchain-related matters, and broker-dealer issues. Prior to this, Neel was part of the team in the Office of Market Supervision which reviewed the first filings to list cryptocurrency-based exchange traded products. He has also worked on several novel types of exchange-traded funds, alternative trading systems for digital assets, liquidity and incentive programs for market makers, and issues arising from the European Union’s Markets in Financial Instruments Directive II.
Neel received a Bachelor of Civil Laws degree from Oxford University in 2004, and a Juris Doctor degree from Columbia Law School in 2010, where he was a Stone Scholar. Prior to joining the Commission in 2016, Neel worked in the Washington D.C. office of Sullivan and Cromwell LLP, where his work included capital markets offerings, derivatives and broker-dealer regulatory matters.
Raymond is the Assistant Director in the Office of Financial Responsibility (OFR) in the Division of Trading & Markets. His daily responsibilities focus on administering the Commission’s net capital, customer protection, notification, and recordkeeping and reporting rules governing broker-dealers. He is a staff representative on the Financial Stability Board Cross Border Crisis Management Group and serves as liaison for coordination with the U.S. banking regulators on matters such as resolution planning, information sharing, and other initiatives impacting broker-dealers. He joined the Commission staff in 2004 in the Office of Market Supervision within the Division of Trading & Markets where he worked on equity market structure matters such as Regulation NMS. He has also served as a Senior Counsel with the Commission’s Office of General Counsel where he provided the Commission with legal advice with respect to numerous rulemakings and enforcement matters. He is a graduate of Fordham University School of Law and Fordham College.
Scott is an Assistant Director and Financial Economist in the Division of Economic and Risk Analysis of the SEC. He is part of a team of economists that supports the SEC’s enforcement actions with economic and data analysis, such as designing processes to identify manipulative trading activities, using statistical tests to evaluate trading and investment outcomes, assessing the impacts of false disclosures by corporations and estimating ill-gotten gains and investor harm. The Office of Litigation Economics provides its expertise at all stages of the enforcement process, including analyzing referrals and whistleblower submissions during investigations, providing expert testimony in the context of litigation and supporting the distribution of recovered funds to harmed investors.
Scott received a Bachelor of Science degree in Finance and Economics from the University of Illinois at Chicago. Prior to joining the SEC in 2012, Scott was a Vice President at Global Economics Group, LLC, a consulting firm that specializes in the application of economic and finance principles in the context of litigation and regulation.
Tim is a senior financial analyst in the Division of Investment Management’s Analytics Office, where he focuses on analysis of investment advisers, private funds, and exchange traded funds. He conducts analysis of public and nonpublic data to provide insight to policymakers within the Division and across the Commission.
Tim received his PhD in Physics from the California Institute of Technology in 2011 as a National Science Foundation graduate research fellow and graduated from the University of Maryland with a BS in Mathematics and a BS in Physics in 2006. Prior to joining the SEC in 2014, Tim conducted analysis of complex financial products and strategies as a senior financial economist at the Securities Litigation and Consulting Group.