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Trading and Markets (The SEC Speaks in 2019: Workshop B)


Speaker(s): Andrew R. Bernstein, David R. Dimitrious, Elizabeth A. Sandoe, Jenny L. Ogasawara, Randall W. Roy, Sheila Dombal Swartz, Timothy J. White, Jr., Tyler Raimo
Recorded on: Apr. 8, 2019
PLI Program #: 271401

Elizabeth A. Sandoe serves as a Senior Special Counsel in the Office of Trading Practices of the Division of Trading and Markets at the U.S. Securities and Exchange Commission.  Previously, she served in the role of Branch Chief.   Ms. Sandoe focuses on rules and regulations administered by the Office of Trading Practices, including anti-manipulation rules concerning securities offerings (Regulation M ), the safe harbor for issuer repurchases (Exchange Act Rule 10b-18), rules regarding short sales (Regulation SHO),  rules concerning research analysts (Regulation  Analyst Certification), and rules governing  the publication and submissions of quotations (Exchange  Act Rule 15c2-11).  

Prior to joining the Commission, Mrs. Sandoe worked as an Assistant General Counsel at PaineWebber, Inc.  Ms. Sandoe has a bachelor’s degree in Business Management from Providence College, a  J.D. from Suffolk University Law School, and an LL. M in Securities and Financial Regulation from Georgetown University Law Center.


Jenny L. Ogasawara serves as the Branch Chief for the Clearing Agency Risk Monitoring Group within the Office of Clearance Settlement/Division of Trading and Markets.  Jenny joined the Commission in 2012 as a Financial Economist and has worked on risk-based supervision and risk initiatives related to CCPs. Prior to joining the Commission, Jenny worked at the US Treasury, focusing on the monetization of TARP assets.  Jenny also worked as an investment banker at UBS and Goldman Sachs covering Global Industrials as well as Equity Capital Markets.  Jenny received her BA in Economics at Claremont McKenna College and an MBA from the University of Chicago, Booth School of Business.


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.  


Ms. Swartz, an attorney, joined the Commission in 2003 and has spent her 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. 

Prior to joining the Commission, Ms. Swartz was an attorney with Thacher Proffitt & Wood, and worked at a public accounting firm. Ms. Swartz received a J.D. from the American University, Washington College of Law and a B.B.A. in Accounting from the University of Notre Dame.


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.


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.


Timothy White, Jr. serves as a Special Counsel in the Office of Chief Counsel of the Division of Trading and Markets at the U.S. Securities and Exchange Commission.  Prior to joining the Division of Trading and Markets, Mr. White served as a Special Counsel in the Office of Compliance Inspections and Examinations at the SEC.  Mr. White’s expertise includes broker-dealer registration issues, crowdfunding initiatives under the JOBS Act, penny stock disclosures, peer-to-peer lending, and EB-5 immigration visa programs.  Prior to joining the Commission, Mr. White worked as a broker-dealer/investment adviser attorney at a Washington, D.C. law firm.  Mr. White received his J.D. from the Duke University School of Law, and his B.A. in Political Science from Wake Forest University.


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.