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SEC and CFTC Form Advisory Committee on Emerging Regulatory Issues

On Wednesday, the SEC and CFTC announced the formation of a joint committee charged with addressing emerging regulatory issues.  The joint committee was one of the recommendations in the agencies' report on regulatory harmonization issued last year.   According to the announcement, the joint committee will:

develop recommendations on emerging and ongoing issues relating to both agencies. The first item on the committee's agenda is conducting a review of last Thursday's market events and making recommendations related to market structure issues that may have contributed to the volatility, as well as disparate trading conventions and rules across various markets.

The Committee's charter provides for a broad scope of interest, including:

   1. Identifying of emerging regulatory risks.
   2. Assessing and quantifying of the impact of such risks and their implications for investors and market participants.
   3. Furthering the SEC's and CFTC's efforts on regulatory harmonization.

The first task the joint committee will undertake is advising courses of action and potential regulation in response to the unusual and acute market volatility experienced on May 6.  Chairman Schapiro and Chairman Gensler will serve as co-chairs of the Joint Committee.  Members of the Joint Committee include (additional members to join in coming days):

  • Brooksley Born, Former Chair of the CFTC
  • Jack Brennan, Former Chief Executive Officer and Chairman, Vanguard
  • Robert Engle, Michael Armellino Professor of Finance at the NYU Stern School of Business
  • Richard Ketchum, Chairman and Chief Executive Officer, FINRA
  • Maureen O’Hara, Professor of Management, Professor of Finance, Cornell University
  • Susan Phillips, Dean and Professor of Finance, The George Washington University School of Business
  • David Ruder, Former Chair of the SEC, Chairman Emeritus of the Mutual Fund Directors Forum

The full text of the announcement is available at:

The Notice of Federal Advisory Committee Establishment is available at: