Regulation of U.S. Capital Markets

On March 7, 2005, PIFS and Standard and Poor’s co-hosted a panel discussion entitled “The Current State of Regulation of the Capital Markets: Too Much, Too Little, or Just Right?” A panel of experts engaged in a Socratic discussion on the impact of regulation on the U.S. capital markets. The discussion integrated case studies to focus on specific industry issues. The case studies included the SEC’s National Market System proposal, the impact of Sarbanes-Oxley, IPO allocation rules, the adoption of international accounting standards, and the independence of research analysts.

Panelists included:

• Brandon Becker, Partner, Wilmer Cutler Pickering Hale & Dorr

• Roel Campos, Commissioner, U.S. Securities and Exchange Commission

• Peter Clapman, Senior Vice President and Chief Counsel, Corporate Governance, TIAA-CREF

• Robert Glauber, Chief Executive Officer and President, NASD

• Kenneth Griffin, Founder and Chief Executive Officer, Citadel Investment Group

• John Grout, Technical Director, The Association of Corporate Treasurers

• Richard Herring, Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania

• Suzanne Nora Johnson, Vice Chairman, Goldman Sachs

• Richard Ketchum, Chief Regulatory Officer, Regulation, New York Stock Exchange

• Marc Lackritz, President, Securities Industry Association

• Thomas Lehner, Director, Public Policy, The Business Roundtable

• William McDonough, Chairman, Public Company Accounting Oversight Board

• William Parrett, Chief Executive Officer, Deloitte Touche Tohmatsu

The panel discussion was moderated by PIFS Director Hal Scott. Harvard Law School Dean Elena Kagan extended a welcome greeting, followed by opening remarks offered by Vickie A. Tillman, Standard & Poor’s executive vice president.

The event was made possible through the sponsorship of Standard & Poor’s.

Media Coverage of the Panel Discussion
CFO Magazine, Tim Reason